Equitable Transit Oriented Development Support Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 26, 2021)
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.
What just happenedMar 29, 2021
Referred to the Subcommittee on Highways and Transit.
Who’s behind it
- Introduced in HouseMar 26, 2021
- Mar 29, 2021Committee
Referred to the Subcommittee on Highways and Transit.
Highways and Transit Subcommittee - Mar 26, 2021IntroReferralH11100
Referred to the House Committee on Transportation and Infrastructure.
Transportation and Infrastructure Committee - Mar 26, 2021IntroReferralIntro-H
Introduced in House
- Mar 26, 2021IntroReferral1000
Introduced in House