[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7074 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 7074
To establish an Office of Equitable Transit-Oriented Development and
Mobility to carry out an equitable transit-oriented development and
mobility grant program, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 1, 2020
Mr. Garcia of Illinois (for himself, Mrs. Watson Coleman, Mr. Cohen,
Ms. Pressley, Mr. Soto, Mr. Carson of Indiana, Mr. Thompson of
Mississippi, and Ms. Ocasio-Cortez) introduced the following bill;
which was referred to the Committee on Transportation and
Infrastructure, and in addition to the Committee on Ways and Means, for
a period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To establish an Office of Equitable Transit-Oriented Development and
Mobility to carry out an equitable transit-oriented development and
mobility grant program, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Promoting Equitable Transit-Oriented
Development and Mobility Corridors Act''.
SEC. 2. DEFINITIONS.
(a) In General.--In this Act, the following definitions apply:
(1) Equitable transit-oriented development.--The term
``equitable transit-oriented development'' means--
(A) the creation and support of communities of
opportunity, especially disadvantaged or low-income
communities where residents of all incomes, ages,
races, and ethnicities participate in, and benefit
from, living in connected, healthy, vibrant places
connected by public transportation; and
(B) including, in communities of opportunity, a
mixture of housing (including a significant level of
affordable housing), office, retail, and other
amenities as part of a walkable neighborhood generally
located within a half mile of quality public
transportation.
(2) eTOD and mobility plan.--The term ``eTOD and Mobility
Plan'' means a plan for equitable transit-oriented development
and mobility corridors developed under section 4.
(3) Mobility corridor.--The term ``mobility corridor''
means a major economic corridor that integrates safety,
mobility, and access for freight, active transportation, and
public transportation along the corridor while promoting
quality of life, economic development, and greenhouse gas
reduction, including, at a minimum--
(A) at least 125 acres with centrality to
employment and amenities;
(B) meets a location affordability as defined by a
household spending no more than 45 percent or more of
their income on housing and transportation as
determined by the Location Affordability Index
published by the Department of Transportation and the
Department of Urban Development;
(C) mixed commercial use or community-based
facility and residential use; and
(D) mobility options to reduce personal vehicle
miles used or green house gas emissions.
(4) Priority investment area.--The term ``priority
investment area'' means an area certified as a priority
investment area in an eTOD and Mobility Plan.
(5) Secretary.--The term ``Secretary'' means the Secretary
of Transportation.
(6) State transportation authority.--The term ``State
transportation authority'' means the State agency or official
responsible under the direction of the Governor of the State or
a State law for preparation, maintenance, coordination, and
administration of the State transportation, rail, and public
transportation plan.
(b) Applicability of Chapter 53 Definitions.--In this Act, any term
defined in chapter 53 of title 49, United States Code, has the meaning
given that term in that chapter.
SEC. 3. OFFICE OF EQUITABLE TRANSIT-ORIENTED DEVELOPMENT.
(a) Establishment.--The Secretary shall establish within the
Department of Transportation an Office of Equitable Transit-Oriented
Development and Mobility.
(b) Responsibilities.--The responsibilities of the Office of
Equitable Transit-Oriented Development and Mobility are--
(1) to establish and manage the eTOD and mobility grant
program established under section 5;
(2) to certify eTOD and Mobility Plans;
(3) to certify priority investment areas included in such
Plans; and
(4) to coordinate Federal resources for eligible projects
in certified priority investment areas.
SEC. 4. STATE PLANS.
(a) Establishment.--To be eligible for assistance under section 5
or any of sections 7 through 11, a State shall, in coordination with
metropolitan planning organizations, transit agencies and local
governments, including tribal governments, within the State, develop a
plan for equitable transit-oriented development and mobility corridors
that proposes priority investment areas and projects proposed to be
carried out in those areas.
(b) Purposes.--The purposes of the eTOD and Mobility Plan shall be
the following:
(1) To identify priority investment areas in the State with
a need for a comprehensive investment strategy to keep and
revitalize existing neighborhoods and corridors while
maintaining and enhancing housing and transportation
affordability and creating equal opportunity for existing
residents and businesses.
(2) Support implementation of local and community
transportation and land use plans consistent with sustainable
State, regional, and local growth plans, policies, and
strategies to achieve quality of life, economic vitality, and
greenhouse gas reduction goals.
(3) Encourage and create convenient, safe multi-modal
access to the public transportation system, with an emphasis on
non-motorized access and neighborhood walkability and mobility.
(4) To establish the period covered by the eTOD and
Mobility Plan.
(5) To serve as the basis for Federal and State investments
within the State.
(c) Criteria for State Plans.--The eTOD and Mobility Plan shall
contain the following:
(1) Clearly integrate State and regional housing and
transportation improvement plans and implement an
accountability mechanism that ensures an individual's average
combined housing and transportation cost does not exceed 40
percent of total household spending for such individual.
(2) Create a shared vision and implementation plan for
priority investment areas for infrastructure, climate
mitigation, and development.
(3) Increase the value and effectiveness of public
transportation by increasing ridership with a focus on people
of color and middle to low income individuals.
(4) Promote mutually beneficial partnerships between
public, private, and community-based nonprofit organizations
and disadvantaged business enterprises.
(5) Make equitable transit-oriented development an integral
component of, and supportive of, public transportation, land
use, climate resiliency, and economic development project
planning and delivery, especially in supporting the retention
of existing residents in developing communities.
(6) Reduce and mitigate social and economic impacts on
existing residents and businesses vulnerable to displacement
caused by economic pressures in stronger markets as well as
depopulations caused by disinvestment.
(7) Promote an increase in State, local, and private
investment in both public transportation and mobility options,
specifically through a value capture mechanism.
(8) Increase State, local, and private investment in
economic development especially in disadvantaged or low-income
communities and communities of color.
(9) Engage a broad cross-section of the community most
affected by future investments in an inclusive, effective,
transparent process.
(10) Create affordable housing and commercial options as
well as community facilities near public transportation with
priority given to affordability, and to community-based
ownership and entrepreneurship, with a focus on participation
of disadvantaged business enterprises.
(d) Priority Investment Area.--Each eTOD and Mobility Plan shall
propose priority investment areas that will serve as the eligible
locations for projects described under subsection (d) in the State. A
priority investment area shall be--
(1) within a half mile of a public transportation facility
that includes a fixed-guideway public transportation station,
designated high-speed rail or existing intercity rail station,
or a major local transit hub connecting more than 3 local
transit lines; or
(2) a mobility corridor designated by a state
transportation authority or metropolitan planning organization
in consultation with local governments that consists of
walkable rural main streets or a suburban economic center.
(e) Required Finance Plan.--A strategy created under this
subsection shall include an implementation plan that identifies a 5-
year financing plan for proposed improvements, including any financial
gap, and a timeline for adoption of the strategy by relevant local
governments.
(f) Public Comment.--In developing and reviewing an eTOD and
Mobility Plan, a State shall provide adequate and reasonable notice and
opportunity for comment and other input to--
(1) the public;
(2) community organizations, affordable housing agencies
and public transportation agencies;
(3) units of local government; and
(4) other interested parties.
(g) Coordination With Other State Plans.--In developing an eTOD and
Mobility Plan, a State shall ensure that such plan is coordinated
with--
(1) other State, regional planning agencies, metropolitan
planning organizations, and local transportation planning goals
and programs;
(2) economic and community development plans; and
(3) comprehensive State or regional housing plans.
(h) Intergovernmental Coordination.--In developing an eTOD and
Mobility Plan, a State shall--
(1) review the freight and passenger rail service
activities and initiatives of regional planning agencies,
regional transportation authorities, and municipalities within
the State or in the region in which the State is located; and
(2) include any recommendations made by such agencies,
authorities, and municipalities as considered appropriate by
the State.
(i) Certification of eTOD and Mobility Plans.--Upon submission of
an eTOD and Mobility Plan to the Office of Equitable Transit-Oriented
Development and Mobility, such Office shall--
(1) review the proposed priority investment areas and
projects in the eTOD and Mobility Plan;
(2) certify the eTOD and Mobility Plan if each priority
investment area meets the requirements of this section; and
(3) for each eTOD and Mobility Plan, determine whether each
proposed project included in such Plan meets the requirements
of this section and certify each such project for eligibility
for funding under this Act and the amendments made by this Act.
(j) Waiver.--The Secretary may grant certification waiver for
States with equitable development policies enacted prior to the
enactment of this Act that substantially meet the requirements set
forth this section.
SEC. 5. EQUITABLE TRANSIT-ORIENTED DEVELOPMENT AND MOBILITY GRANT AND
TECHNICAL ASSISTANCE PROGRAM.
(a) Establishment.--The Secretary shall establish a competitive
grant program to be administered by the Office of Equitable Transit-
Oriented Development and Mobility to provide technical assistance
grants for States carrying out equitable transit-oriented development
and mobility projects.
(b) Eligible Applicants.--The Secretary shall provide grants under
the program to eligible activities carried out by a State with regional
planning agencies, metropolitan planning organizations, local
governments, including tribal governments, and at least 1 community-
based nonprofit organization.
(c) Technical Assistance Grants.--
(1) In general.--A technical assistance grant provided
under this section shall be used to create a strategy for a
priority investment area to increase equitable economic
development (including mixed income and mixed use development),
including locally determined activities necessary to create the
conditions that will lead to successful equitable transit-
oriented development or a mobility corridor.
(2) Eligible activities.--The following activities may be
included in the strategy developed under paragraph (1):
(A) Reducing regulatory or procedural barriers to
private investment in areas near transit or in areas
with high walkability by revising local zoning
ordinances or completing area-wide environmental review
to increase the speed of development.
(B) Identifying public infrastructure needs.
(C) Community engagement efforts.
(d) Eligible Uses.--A grant provided under this section may be used
to--
(1) increase transit ridership from development within the
planning area;
(2) create an appropriate mix of uses for the station area,
determined by reference to local growth and development plans;
(3) promote community stability, especially for existing
residents and businesses during and after the development;
(4) increase transit accessible attainable housing within
the planning area;
(5) increase State, local, or private investment in public
infrastructure, including public transportation;
(6) coordinate with all relevant stakeholders, including
real-estate, retail, housing, commercial and economic
development, non-profit participants, public health, and anchor
institutions; or
(7) coordinate with relevant housing, economic development,
land use, and transportation plans.
(e) Funding.--
(1) Authorization of appropriations.--There is authorized
to be appropriated $15,000,000 to carry out this section.
(2) Administration of grants.--Of the amounts provided to a
State under this section, a State may use up to 2 percent of
any such amounts to provide capacity building and training for
public transportation personnel, private developers, or
community groups regarding planning and implementation of
equitable transit-oriented development and mobility corridors.
SEC. 6. ANNUAL REPORT.
Not later than 12 months after the date of enactment of this Act,
and annually thereafter, the Secretary shall submit to Congress a
report containing--
(1) the eTOD and Mobility Plans certified under section
4(i)(2);
(2) the certified priority investment areas contained in
eDOT and Mobility Plans; and
(3) a report tracking the outcomes of prior certified
plans.
SEC. 7. MODIFICATION OF REHABILITATION CREDIT.
(a) Reinstatement of Credit for Qualified Rehabilitated
Buildings.--
(1) In general.--Subsection (a) of section 47 of the
Internal Revenue Code of 1986 is amended to read as follows:
``(a) Determination of Credit.--
``(1) In general.--For purposes of section 46, the
rehabilitation credit for any taxable year is the sum of--
``(A) in the case of any qualified rehabilitated
building other than a certified historic structure
which is placed in service during such taxable year, 10
percent of the qualified rehabilitation expenditures
with respect to such building, and
``(B) in the case of any qualified rehabilitated
building which is a certified historic structure which
is placed in service during such taxable year or any of
the 4 immediately preceding taxable years, the ratable
share for such taxable year.
``(2) Ratable share.--For purposes of paragraph (1)(B), the
ratable share for any taxable year is an amount equal to 20
percent of the qualified rehabilitation expenditures with
respect to the certified historic structure, as allocated
ratably to each of the 5 years to which paragraph (1)(B)
applies.''.
(2) Conforming amendments.--
(A) Section 47(c) of such Code is amended--
(i) in paragraph (1)--
(I) in subparagraph (A), by
amending clause (iii) to read as
follows:
``(iii) in the case of any building other
than a certified historic structure, in the
rehabilitation process--
``(I) 50 percent or more of the
existing external walls of such
building are retained in place as
external walls,
``(II) 75 percent or more of the
existing external walls of such
building are retained in place as
internal or external walls, and
``(III) 75 percent or more of the
existing internal structural framework
of such building is retained in place,
and''; and
(II) by redesignating subparagraphs
(B) and (C) as subparagraphs (C) and
(D), respectively, and by inserting
after subparagraph (A) the following
new subparagraph:
``(B) Building must be first placed in service
before 1936.--In the case of a building other than a
certified historic structure, a building shall not be a
qualified rehabilitated building unless the building
was first placed in service before 1936.''; and
(ii) in paragraph (2)(B), by amending
clause (iv) to read as follows:
``(iv) Certified historic structure, etc.--
Any expenditure attributable to the
rehabilitation of a certified historic
structure or a building in a registered
historic district, unless the rehabilitation is
a certified rehabilitation (within the meaning
of subparagraph (C)). The preceding sentence
shall not apply to a building in a registered
historic district if--
``(I) such building was not a
certified historic structure,
``(II) the Secretary of the
Interior certified to the Secretary
that such building is not of historic
significance to the district, and
``(III) if the certification
referred to in subclause (II) occurs
after the beginning of the
rehabilitation of such building, the
taxpayer certifies to the Secretary
that, at the beginning of such
rehabilitation, he in good faith was
not aware of the requirements of
subclause (II).''.
(B) Paragraph (4) of section 145(d) of such Code is
amended--
(i) by striking ``of section 47(c)(1)(B)''
each place it appears and inserting ``of
section 47(c)(1)(C)''; and
(ii) by striking ``section 47(c)(1)(B)(i)''
and inserting ``section 47(c)(1)(C)(i)''.
(b) Increase in Credit Rate for Qualified Rehabilitated Buildings
Other Than Certified Historic Structures.--Section 47(a)(1) of such
Code, as amended by subsection (a), is amended by striking ``10
percent'' and inserting ``15 percent''.
(c) Modification of Date Before Which Buildings Other Than
Certified Historic Structures Must Be Placed in Service.--Section
47(c)(1)(B) of such Code, as amended by subsection (a), is amended by
striking ``1936'' and inserting ``the calendar year which is 50 years
prior to the calendar year in which the building is placed in service
(within the meaning of subsection (b)(1))''.
(d) Requirement That Buildings Other Certified Historic Structures
Must Be Close to Public Transportation Centers or Mobility Corridors.--
Section 47(c)(1) of such Code, as amended by subsection (a), is amended
by redesignating subparagraphs (C) and (D) as subparagraphs (D) and
(E), respectively, and by inserting after subparagraph (B) the
following new subparagraph:
``(C) Building must be close to public
transportation center.--
``(i) In general.--In the case of a
building other than a certified historic
structure, a building shall not be a qualified
rehabilitated building unless the building is
in a priority investment area of an eTOD and
Mobility Plan, as such terms are defined in
section 2 of the Promoting Equitable Transit-
Oriented Development and Mobility Corridors
Act, or not further than one-half mile from at
least one of the following:
``(I) A location which provides
passenger boarding on a fixed guideway
(as defined in section 5302(7) of title
49, United States Code), commuter rail
passenger transportation (as defined in
section 24102(3) of title 49, United
States Code), or intercity rail
passenger transportation (as defined in
section 24102(4) of title 49, United
States Code).
``(II) A planned site for a
location described in subclause (I) if
the Secretary of Transportation has
issued a full funding grant agreement
with respect to such location under
section 5309(k)(2) of title 49, United
States Code.
``(ii) Identification of qualified areas.--
The Secretary, in consultation with the
Secretary of Transportation, shall identify
areas which are described in clause (i).''.
(e) Elimination of Certain Lodging Restrictions on Buildings Other
Than Certified Historic Structures.--Section 50(b)(2)(C) of such Code
is amended by striking ``certified historic structure'' and inserting
``qualified rehabilitated building''.
(f) Requirement That Buildings That Are Not Certified Historic
Structures and Not in a Registered Historic District Receive
Certification of Status.--Section 47(c)(1) of such Code, as amended by
subsections (a) and (d), is amended by redesignating subparagraphs (D)
and (E) as subparagraphs (E) and (F), respectively, and by inserting
after subparagraph (C) the following new subparagraph:
``(D) Buildings that are not certified historic
structures and not in registered historic district must
receive certification of status.--
``(i) In general.--In the case of a
building which is neither a certified historic
structure nor located in a registered historic
district, such building shall not be a
qualified rehabilitated building unless the
Secretary of the Interior certifies to the
Secretary that such building is--
``(I) not a certified historic
structure, and
``(II) not in a registered historic
district.
``(ii) Determinations by national park
service.--To the maximum extent practicable,
the Secretary of the Interior shall make
certifications under clause (i) within 30 days
of the receipt of an application for such
certification.''.
(g) Credit for Certain Related Expenditures.--
(1) Credit for certain expenditures for public
infrastructure.--Section 47(c)(2) of such Code is amended by
adding at the end the following new subparagraph:
``(E) Treatment of certain expenditures for public
infrastructure.--
``(i) In general.--In the case of any
qualified rehabilitated building, expenditures
for qualified public infrastructure (or
improvements thereto) shall be treated for
purposes of this section as qualified
rehabilitation expenditures with respect to
such building if providing such qualified
public infrastructure is related to such
building and is required by any State or local
government.
``(ii) Limitation.--The amount treated as
qualified rehabilitation expenditures with
respect to any building under clause (i) shall
not exceed 25 percent of the qualified
rehabilitation expenditures with respect to
such building (determined after the application
of clause (i) and subparagraph (F)).
``(iii) Bonus credit amount.--In the case
of any amount treated as qualified
rehabilitation expenditures under clause (i),
subsection (a)(1) shall be applied by
substituting `25 percent' for `15 percent'.
``(iv) Qualified public infrastructure.--
For purposes of this subparagraph, the term
`qualified public infrastructure' means water
and sewer lines, electrical lines and
equipment, telecommunications lines and
equipment, and road and sidewalks, which are
located in the public right of way and are not
owned by the taxpayer.''.
(2) Credit for expansion and adjacent buildings with
respect to qualified rehabilitated buildings other than
certified historic structures.--Section 47(c)(2) of such Code,
as amended by paragraph (1), is amended by adding at the end
the following new subparagraph:
``(F) Treatment of building expansions and certain
adjacent buildings with respect to qualified
rehabilitated buildings other than certified historic
structures.--
``(i) In general.--In the case any
qualified rehabilitated building other than a
certified historic structure--
``(I) clause (iii) of subparagraph
(B) shall not apply, and
``(II) amounts described in
subparagraph (A)(i) which are in
connection with the rehabilitation or
construction of a qualified adjacent
building shall be treated as qualified
rehabilitation expenditures with
respect to such qualified rehabilitated
building.
``(ii) Limitation.--The amount treated as
qualified rehabilitation expenditures with
respect to any qualified rehabilitated building
under clause (i) shall not exceed 100 percent
of the qualified rehabilitation expenditures
with respect to such building (determined
without regard to clause (i) and subparagraph
(E)).
``(iii) Qualified adjacent building.--For
purposes of this subparagraph, the term
`qualified adjacent building' means, with
respect to any qualified rehabilitated
building, any building if such building and
such qualified rehabilitated building are both
on the same block.''.
(3) Related expenditures disregarded in determining if
rehabilitation is substantial.--Section 47(c)(1)(E), as
redesignated by subsections (a), (d), and (f), is amended by
adding at the end the following new clause:
``(iv) Certain expenditures disregarded.--
Amounts which are otherwise treated as
qualified rehabilitation expenditures by reason
of subparagraph (E) or (F) of paragraph (2)
shall not be treated as qualified
rehabilitation expenditures for purposes of
this subparagraph.''.
(h) Bonus Credit for Rent-Restricted Housing Units.--Section 47 of
such Code is amended by adding at the end the following new subsection:
``(e) Bonus Credit for Rent-Restricted Housing Units.--
``(1) In general.--Subsection (a)(1) shall be applied by
substituting `25 percent' for `15 percent' with respect to so
much of the qualified rehabilitation expenditures (determined
without regard to subsection (c)(2)(E)) with respect to any
qualified rehabilitated building as are properly allocable to
residential units which are--
``(A) rent-restricted (within the meaning of
section 42(g)(2)), and
``(B) occupied by individuals whose income is 100
percent or less of area median gross income (within the
meaning of section 42(g)(1)).
``(2) Failure to maintain rent-restriction subject to
recapture.--In the case of any failure to maintain any
residential unit taken into account under paragraph (1) as a
residential unit described in such paragraph during the
recapture period, section 50(a) shall apply as though the
qualified rehabilitated building ceased to be investment credit
property except that the recapture period and recapture
percentage shall be determined under paragraph (3) and in
determining the increase in tax under such section in lieu of
reducing the credit determined under this section to zero such
credit shall be determined without regard to paragraph (1). The
application of section 50(a) with respect to a building as
described in this paragraph shall not prevent the reapplication
of such section to such building if such building is disposed
of or otherwise ceases to be investment credit property and the
tax imposed under such section by reason of such reapplication
shall be reduced by the tax previously imposed as described in
this paragraph.
``(3) Recapture period; recapture percentage.--For purposes
of this subsection--
``(A) Recapture period.--The term `recapture
period' means the 10-year period beginning on the date
the building is placed in service.
``(B) Recapture percentage.--The term `recapture
percentage' means--
``(i) in the case of a failure described in
paragraph (2) that occurs during the first year
of the recapture period, 100 percent, and
``(ii) in the case of such a failure which
occurs during any subsequent year of the
recapture period, the percentage which is 10
percentage points less than the percentage
which applied for the previous year (as
determined under this subparagraph).''.
(i) Public Reporting.--Section 47 of such Code, as amended by
subsection (h), is amended by adding at the end the following new
subsection:
``(f) Public Reporting With Respect to Qualified Rehabilitated
Buildings Other Than Certified Historic Structures.--
``(1) In general.--No credit shall be allowed under this
section with respect to any qualified rehabilitated building
other than a certified historic structure unless the taxpayer
submits to the Secretary a report (at such time and in such
manner as the Secretary may provide) which includes the
information described in paragraph (2).
``(2) Information.--The report described in paragraph (1)
shall include the following:
``(A) The name of the building and, if applicable,
the name of the project of which such building is a
part.
``(B) Each of the following with respect to the
location of the building: city, State, zip code, 2010
census tract (and whether such tract is metropolitan
statistical area).
``(C) The total cost of the building and, if
applicable, the total cost of the project of which such
building is a part.
``(D) The total amount of credit allowed under this
section with respect to such building and, if
applicable, with respect to the project of which such
building is a part.
``(E) The year the building is placed in service.
``(F) The number of housing units in the building
and number of such housing units which are rent-
restricted (within the meaning of section 42(g)(2)).
``(G) The primary purpose of the building.
``(3) Reports made publicly available.--The Secretary shall
ensure that reports made under paragraph (1) are made available
to the public.''.
(j) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.
SEC. 8. CREDIT FACILITY TO SUPPORT EQUITABLE TRANSIT-ORIENTED
DEVELOPMENT AND MOBILITY.
(a) Definitions.--In this section:
(1) Eligible applicant.--The term ``eligible applicant''
means--
(A) a State;
(B) a unit of local government;
(C) a corporation, partnership, or joint venture;
(D) a regional planning agency;
(E) a tribal government; or
(F) a transit agency.
(2) Eligible borrower.--The term ``eligible borrower''
means--
(A) a governmental entity, authority, agency, or
instrumentality;
(B) a corporation, partnership, joint venture, or
trust on behalf of which an eligible applicant has
submitted an application under subsection (c); or
(C) any other legal entity undertaking an eligible
project on behalf of which an eligible applicant has
submitted an application under subsection (c).
(3) Eligible project.--The term ``eligible project'' means
an eligible equitable transit-oriented development or mobility
project, including--
(A) property enhancement, including conducting
environmental remediation, park development, and open
space acquisition;
(B) improvement of mobility and parking, including
rehabilitating, or providing for additional, streets,
transit stations, structured parking, walkways, and
bikeways;
(C) utility development, including rehabilitating
existing, or providing for new drinking water,
wastewater, electric, and gas utilities;
(D) economic development, including commercial and
residential development, located in a priority
investment area; or
(E) commercial and residential projects that
includes--
(i) a project for residential or mixed-use
development in which--
(I) not less than 30 percent of the
residential units in the project are,
or in the case of new construction, are
designated to be, rent-restricted; and
(II) the average of the designated
income limitations under clause (ii) of
all rent-restricted units does not
exceed 80 percent of the median gross
income in the area; and
(ii) a project for mixed-use development
for--
(I) affordable commercial space
dedicated to local businesses owned by
women or people of color;
(II) local businesses primarily
owned by individuals who are members of
historically underserved populations;
and
(III) non-profit organizations
which serve historically underserved
communities, including communities of
color.
(4) Essential community facility.--The term ``essential
community facility'' means a facility that provides an
essential service to the local community for the beneficial and
orderly development of the community, including--
(A) a facility that provides health services; and
(B) a facility that provides community, social, or
cultural services.
(b) Establishment.--The Secretary may make or guarantee loans under
this section to eligible borrowers for eligible projects.
(c) Application.--An eligible applicant may submit to the Secretary
an application for a loan or loan guarantee under this section--
(1) to fund an eligible project carried out by the eligible
applicant; or
(2) on behalf of an eligible borrower, to fund an eligible
project carried out by the eligible borrower.
(d) Minimum Project Costs.--An eligible project shall have project
costs that are reasonably anticipated to equal or exceed $2,500,000.
(e) Maximum Amount of Loan.--Federal assistance provided for a
project under this section may not exceed 75 percent of total project
costs. The Secretary may increase the maximum amount of a secured loan
from the amount described in the preceding sentence if the secured loan
is for an eligible project for residential or mixed-use development for
which--
(1) not more than 30 percent of the total square footage is
used for commercial development; or
(2)(A) not more than 50 percent of the total square footage
is used for commercial development; and
(B) not less than 50 percent of the square footage
described in subparagraph (A) is reserved for essential
community facilities.
(f) Eligible Sources of Repayment.--A loan made or guaranteed under
this section shall be repayable, in whole or in part, from dedicated
revenue sources, which may include--
(1) user fees;
(2) property tax revenues;
(3) sales tax revenues; or
(4) other revenue sources dedicated to the project by
property owners and businesses.
(g) Interest Rate.--The Secretary shall establish an interest rate
for loans made or guaranteed under this section with reference to a
benchmark interest rate yield on marketable Treasury securities with a
maturity that is similar to the loans made or guaranteed under this
section.
(h) Maximum Maturity.--The maturity of a loan made or guaranteed
under this section may not exceed the lesser of--
(1) 35 years; or
(2) 90 percent of the useful life of the project to be
financed by the loan or loan guarantee, as determined by the
Secretary.
(i) Maximum Loan Guarantee Rate.--
(1) In general.--The guarantee rate on a loan guaranteed
under this section may not exceed 75 percent of the amount of
the loan.
(2) Lower guarantee rate for low-risk borrowers.--The
Secretary shall establish a guarantee rate for loans to
eligible borrowers that the Secretary determines pose a lower
risk of default that is lower than the guarantee rate for loans
to other eligible borrowers.
(j) Fees.--The Secretary shall establish fees for loans made or
guaranteed under this section in amounts up to, but not exceeding, the
costs to the Federal Government of making or guaranteeing a loan under
this section.
(k) Nonsubordination.--A loan made or guaranteed under this section
for a project may not be subordinated to the claims of any holder of an
obligation relating to the project in the event of bankruptcy,
insolvency, or liquidation.
(l) Commencement of Repayment.--The scheduled repayment of
principal or interest on a loan made or guaranteed under this section
for a project shall commence not later than 5 years after the date of
substantial completion of the project.
(m) Repayment Deferral for Loans.--
(1) In general.--
(A) Loan made by secretary.--If, at any time after
the date of substantial completion of a project under
the program, the Secretary determines that dedicated
revenue sources of an eligible borrower are
insufficient to make the scheduled loan repayments of
principal and interest on a loan made or guaranteed
under this section, the Secretary may, subject to
criteria established by the Secretary, allow the
eligible borrower to defer payments and add unpaid
principal and interest to the outstanding balance of
the loan.
(B) Loan guaranteed by secretary.--If, at any time
after the date of substantial completion of a project,
the Secretary determines that dedicated revenue sources
of an eligible borrower are insufficient to make the
scheduled loan repayments of principal and interest on
a loan guaranteed by the Secretary under this section,
the Secretary may, subject to criteria established by
the Secretary--
(i) add unpaid principal and interest to
the outstanding balance of the loan; and
(ii) modify the terms of the loan guarantee
to reflect a modification made under clause
(i).
(2) Treatment of deferred payments.--Any payment deferred
under this section shall--
(A) continue to accrue interest until fully repaid;
and
(B) be scheduled to be amortized over the remaining
term of the loan.
(n) Consultation.--In carrying out this section, the Secretary
shall consult with the Secretary of Housing and Urban Development, as
appropriate.
(o) Requirement.--Of the funds made available to carry out this
section for each fiscal year, not less than 5 percent shall be used for
eligible projects in rural and disadvantage communities.
(p) Authorization of Appropriations.--There are authorized to be
appropriated for the cost of loans and loan guarantees under this
section--
(1) $300,000,000 for each of fiscal years 2021 and 2022;
and
(2) $500,000,000 for each of fiscal years 2023 and 2024.
SEC. 9. AMENDMENTS TO TIFIA AND RRIF.
(a) Determination of Eligibility and Project Selection.--Section
602(a)(5)(B)(ii) of title 23, United States Code, is amended by
inserting ``or section 5302(3)(G)'' after ``601(a)(12)(E)''.
(b) Secured Loans.--Section 603(b)(2) of title 23, United States
Code, is amended--
(1) in subparagraph (A) by striking ``subparagraph (A)''
and inserting ``subparagraphs (A) and (B)''; and
(2) by adding at the end the following:
``(C) eTOD and mobility projects.--
``(i) In general.--Notwithstanding
subparagraph (A), in the case of a project
described in clause (ii), the maximum amount of
a secured loan under this section shall be 49
percent of the reasonably anticipated eligible
project costs.
``(ii) Project description.--For purposes
of clause (i), a project eligible for the loan
described in clause (i) shall be a project
certified under section 4(i)(3) of the
Promoting Equitable Transit-Oriented
Development and Mobility Corridors Act.''.
(c) Creditworthiness.--Section 602(a)(2) of title 23, United States
Code, is amended by adding at the end the following:
``(C) Additional creditworthiness factors.--
Notwithstanding subparagraph (A), an applicant may
demonstrate creditworthiness under this paragraph by
providing--
``(i) collateral;
``(ii) the applicant's audited financial
data, including balance sheet, income
statement, and cash flow statements; or
``(iii) cash flow projections from a
project.''.
(d) Direct Loans and Loan Guarantees.--Section 502(b) of the
Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
822(b)) is amended--
(1) in paragraph (1)(E)--
(A) in clause (ii) by striking the semicolon and
inserting ``; and'';
(B) in clause (iii) by striking ``; and'' and
inserting a period; and
(C) by striking clause (iv); and
(2) by striking paragraph (3).
(e) Conditions of Assistance.--Section 502(h)(4) of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(h)(4))
is amended by inserting ``, except that a Federal match shall not be
required for any project certified under section 4(i)(3) of the
Promoting Equitable Transit-Oriented Development and Mobility Corridors
Act or for a project that has dedicated revenues for affordable housing
or public transportation.''
SEC. 10. LOCAL INFRASTRUCTURE BANK PROGRAM.
Section 610 of title 23, United States Code, is amended--
(1) in subsection (a)--
(A) by inserting ``or regional infrastructure
bank'' after ``State infrastructure bank'' each place
that it appears; and
(B) by adding at the end the following:
``(13) Local infrastructure bank.--The term `local
infrastructure bank' means an infrastructure bank of a city,
town, borough, county, parish, district, or other public body
created by, or pursuant to, State or Federal law.'';
(2) in subsection (b) by inserting ``or local
infrastructure banks'' after ``State infrastructure banks'';
(3) in subsection (d) by inserting ``or local
infrastructure bank'' after ``State infrastructure bank'' each
place that it appears; and
(4) in subsection (e) by inserting ``or local
infrastructure bank'' after ``State infrastructure bank'' each
place that it appears.
SEC. 11. FIXED GUIDEWAY CAPITAL INVESTMENT GRANTS.
Section 5309(a)(5) of title 49, United States Code, is amended--
(1) in subparagraph (A) by striking ``; or'' and inserting
a semicolon;
(2) in subparagraph (B) by striking the period and
inserting ``; or''; and
(3) by adding at the end the following:
``(C) a new affordable housing trust fund to
promote affordable housing.''.
SEC. 12. DEFINITIONS.
(a) Capital Project.--Section 5302(3)(G)(iii) of title 49, United
States Code, is amended by inserting ``or affordable housing'' after
``public transportation''.
(b) Affordable Housing.--Section 5302 of title 49, United States
Code, is amended by adding at the end the following:
``(25) Affordable housing.--The term `affordable housing'
means--
``(A) housing for which the household spends less
than 30 percent of income on housing costs; or
``(B) housing for which the household spends 45
percent or more of the income of the household on
housing and transportation combined as determined by
the Location Affordability Index published by the
Department of Transportation and the Department of
Housing and Urban Development.''.
<all>