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HR 2206 117th Congress House Transportation and Public Works 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

Equitable Transit Oriented Development Support Act

Introduced: March 26, 2021 Introduced by: DeSaulnier, Mark Democratic · California See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 29, 2021
Referred to the Subcommittee on Highways and Transit.
Mar 26, 2021
Referred to the House Committee on Transportation and Infrastructure.
Mar 26, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now March 29, 2021

Referred to the Subcommittee on Highways and Transit.

 Committees of jurisdiction 2