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HOUSE 2206117th CongressReferred to the Subcommittee on Highways and Transit.

Equitable Transit Oriented Development Support Act

Last Action
3/29/2021

Actions

  • 2021-03-29Referred to the Subcommittee on Highways and Transit.
  • 2021-03-26Referred to the House Committee on Transportation and Infrastructure.
  • 2021-03-26Introduced in House
  • 2021-03-26Introduced in House

CRS Summary

As of 2021-03-26 (00)

Equitable Transit Oriented Development Support Act

This bill revises the transportation finance infrastructure and innovation (TIFIA) program to make community development financial institutions (CDFIs) eligible for federal transportation infrastructure loans.

The loans must be used for CDFI transit-oriented development projects located within one-half mile in an urban area or three-fourths of a mile in a rural area of a fixed guideway transit facility, passenger rail station, intercity bus station or intermodal facility that supports (1) commercial facilities or businesses that are located in low-income communities, (2) community facilities that are located in low-income communities or principally serve low-income persons, or (3) housing that is principally affordable to low-income persons.

The Department of Transportation (DOT) must require any CDFI participating in the TIFIA program to establish a CDFI transit-oriented development account into which the proceeds of a secured loan made to the CDFI and any loan repayments from public or private entities receiving loans made to fund CDFI transit-oriented development projects will be deposited.

DOT must set-aside not more than 10% of funding available to carry out the TIFIA program for CDFI transit-oriented development accounts.

Subjects

  • Community Development Financial Institutions Fund
  • Economic development
  • Government lending and loan guarantees
  • Infrastructure development
  • Public transit
  • Rural conditions and development
  • Transportation programs funding
  • Urban and suburban affairs and development
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