,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gjgd ,,in ,,the ,,house ,,of ,,representatives ,june #a1 #bjbj ,mr4 ,garca of ,illinois 7for himself1 ,mrs4 ,watson ,coleman1 ,mr4 ,cohen1 ,ms4 ,pressley1 ,mr4 ,soto1 ,mr4 ,carson of ,indiana1 ,mr4 ,thompson of ,mississippi1 and ,ms4 ,ocasio-,cortez7 introduced the following bill2 which was referred to the ,committee on ,transportation and ,infrastructure1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 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 program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,promoting ,equitable ,transit-,oriented ,development and ,mobility ,corridors ,act4 #b4 ,definitions 7a7 ,in general ,in this ,act1 the following definitions apply3 7#a7 ,equitable transit-oriented development ,the term equitable transit-oriented development means-- 7,a7 the creation and support of communities of opportunity1 especially disadvantaged or low-income communities where residents of all incomes1 ages1 races1 and ethnicities participate in1 and benefit from1 living in connected1 healthy1 vibrant places connected by public transportation2 and 7,b7 including1 in communities of opportunity1 a mixture of housing 7including a significant level of affordable housing71 office1 retail1 and other amenities as part of a walkable neighborhood generally located within a half mile of quality public transportation4 7#b7 e,t,o,d and ,mobility ,plan ,the term e,t,o,d and ,mobility ,plan means a plan for equitable transit-oriented development and mobility corridors developed under section #d4 7#c7 ,mobility corridor ,the term mobility corridor means a major economic corridor that integrates safety1 mobility1 and access for freight1 active transportation1 and public transportation along the corridor while promoting quality of life1 economic development1 and greenhouse gas reduction1 including1 at a minimum-- 7,a7 at least #abe acres with centrality to employment and amenities2 7,b7 meets a location affordability as defined by a household spending no more than #de 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 ,development2 7,c7 mixed commercial use or community-based facility and residential use2 and 7,d7 mobility options to reduce personal vehicle miles used or green house gas emissions4 7#d7 ,priority investment area ,the term priority investment area means an area certified as a priority investment area in an e,t,o,d and ,mobility ,plan4 7#e7 ,secretary ,the term ,secretary means the ,secretary of ,transportation4 7#f7 ,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 preparation1 maintenance1 coordination1 and administration of the ,state transportation1 rail1 and public transportation plan4 7b7 ,applicability of chapter #ec definitions ,in this ,act1 any term defined in chapter #ec of title #di1 ,united ,states ,code1 has the meaning given that term in that chapter4 #c4 ,office of ,equitable ,transit-,oriented ,development 7a7 ,establishment ,the ,secretary shall establish within the ,department of ,transportation an ,office of ,equitable ,transit-,oriented ,development and ,mobility4 7b7 ,responsibilities ,the responsibilities of the ,office of ,equitable ,transit-,oriented ,development and ,mobility are-- 7#a7 to establish and manage the e,t,o,d and mobility grant program established under section #e2 7#b7 to certify e,t,o,d and ,mobility ,plans2 7#c7 to certify priority investment areas included in such ,plans2 and 7#d7 to coordinate ,federal resources for eligible projects in certified priority investment areas4 #d4 ,state plans 7a7 ,establishment ,to be eligible for assistance under section #e or any of sections #g through #aa1 a ,state shall1 in coordination with metropolitan planning organizations1 transit agencies and local governments1 including tribal governments1 within the ,state1 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 areas4 7b7 ,purposes ,the purposes of the e,t,o,d and ,mobility ,plan shall be the following3 7#a7 ,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 businesses4 7#b7 ,support implementation of local and community transportation and land use plans consistent with sustainable ,state1 regional1 and local growth plans1 policies1 and strategies to achieve quality of life1 economic vitality1 and greenhouse gas reduction goals4 7#c7 ,encourage and create convenient1 safe multi-modal access to the public transportation system1 with an emphasis on non-motorized access and neighborhood walkability and mobility4 7#d7 ,to establish the period covered by the e,t,o,d and ,mobility ,plan4 7#e7 ,to serve as the basis for ,federal and ,state investments within the ,state4 7c7 ,criteria for ,state plans ,the e,t,o,d and ,mobility ,plan shall contain the following3 7#a7 ,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 #dj percent of total household spending for such individual4 7#b7 ,create a shared vision and implementation plan for priority investment areas for infrastructure1 climate mitigation1 and development4 7#c7 ,increase the value and effectiveness of public transportation by increasing ridership with a focus on people of color and middle to low income individuals4 7#d7 ,promote mutually beneficial partnerships between public1 private1 and community-based nonprofit organizations and disadvantaged business enterprises4 7#e7 ,make equitable transit-oriented development an integral component of1 and supportive of1 public transportation1 land use1 climate resiliency1 and economic development project planning and delivery1 especially in supporting the retention of existing residents in developing communities4 7#f7 ,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 disinvestment4 7#g7 ,promote an increase in ,state1 local1 and private investment in both public transportation and mobility options1 specifically through a value capture mechanism4 7#h7 ,increase ,state1 local1 and private investment in economic development especially in disadvantaged or low-income communities and communities of color4 7#i7 ,engage a broad cross-section of the community most affected by future investments in an inclusive1 effective1 transparent process4 7#aj7 ,create affordable housing and commercial options as well as community facilities near public transportation with priority given to affordability1 and to community-based ownership and entrepreneurship1 with a focus on participation of disadvantaged business enterprises4 7d7 ,priority investment area ,each e,t,o,d and ,mobility ,plan shall propose priority investment areas that will serve as the eligible locations for projects described under subsection 7d7 in the ,state4 ,a priority investment area shall be-- 7#a7 within a half mile of a public transportation facility that includes a fixed-guideway public transportation station1 designated high-speed rail or existing intercity rail station1 or a major local transit hub connecting more than #c local transit lines2 or 7#b7 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 center4 7e7 ,required finance plan ,a strategy created under this subsection shall include an implementation plan that identifies a #e-year financing plan for proposed improvements1 including any financial gap1 and a timeline for adoption of the strategy by relevant local governments4 7f7 ,public comment ,in developing and reviewing an e,t,o,d and ,mobility ,plan1 a ,state shall provide adequate and reasonable notice and opportunity for comment and other input to-- 7#a7 the public2 7#b7 community organizations1 affordable housing agencies and public transportation agencies2 7#c7 units of local government2 and 7#d7 other interested parties4 7g7 ,coordination with other ,state plans ,in developing an e,t,o,d and ,mobility ,plan1 a ,state shall ensure that such plan is coordinated with-- 7#a7 other ,state1 regional planning agencies1 metropolitan planning organizations1 and local transportation planning goals and programs2 7#b7 economic and community development plans2 and 7#c7 comprehensive ,state or regional housing plans4 7h7 ,intergovernmental ,coordination ,in developing an e,t,o,d and ,mobility ,plan1 a ,state shall-- 7#a7 review the freight and passenger rail service activities and initiatives of regional planning agencies1 regional transportation authorities1 and municipalities within the ,state or in the region in which the ,state is located2 and 7#b7 include any recommendations made by such agencies1 authorities1 and municipalities as considered appropriate by the ,state4 7i7 ,certification of e,t,o,d and ,mobility ,plans ,upon submission of an e,t,o,d and ,mobility ,plan to the ,office of ,equitable ,transit-,oriented ,development and ,mobility1 such ,office shall-- 7#a7 review the proposed priority investment areas and projects in the e,t,o,d and ,mobility ,plan2 7#b7 certify the e,t,o,d and ,mobility ,plan if each priority investment area meets the requirements of this section2 and 7#c7 for each e,t,o,d and ,mobility ,plan1 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 ,act4 7j7 ,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 section4 #e4 ,equitable transit-oriented development and mobility grant and technical assistance program 7a7 ,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 projects4 7b7 ,eligible applicants ,the ,secretary shall provide grants under the program to eligible activities carried out by a ,state with regional planning agencies1 metropolitan planning organizations1 local governments1 including tribal governments1 and at least #a community-based nonprofit organization4 7c7 ,technical assistance grants 7#a7 ,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 7including mixed income and mixed use development71 including locally determined activities necessary to create the conditions that will lead to successful equitable transit-oriented development or a mobility corridor4 7#b7 ,eligible activities ,the following activities may be included in the strategy developed under paragraph 7#a73 7,a7 ,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 development4 7,b7 ,identifying public infrastructure needs4 7,c7 ,community engagement efforts4 7d7 ,eligible uses ,a grant provided under this section may be used to-- 7#a7 increase transit ridership from development within the planning area2 7#b7 create an appropriate mix of uses for the station area1 determined by reference to local growth and development plans2 7#c7 promote community stability1 especially for existing residents and businesses during and after the development2 7#d7 increase transit accessible attainable housing within the planning area2 7#e7 increase ,state1 local1 or private investment in public infrastructure1 including public transportation2 7#f7 coordinate with all relevant stakeholders1 including real-estate1 retail1 housing1 commercial and economic development1 non-profit participants1 public health1 and anchor institutions2 or 7#g7 coordinate with relevant housing1 economic development1 land use1 and transportation plans4 7e7 ,funding 7#a7 ,authorization of appropriations ,there is authorized to be appropriated #ae1jjj1jjj to carry out this section4 7#b7 ,administration of grants ,of the amounts provided to a ,state under this section1 a ,state may use up to #b percent of any such amounts to provide capacity building and training for public transportation personnel1 private developers1 or community groups regarding planning and implementation of equitable transit-oriented development and mobility corridors4 #f4 ,annual report ,not later than #ab months after the date of enactment of this ,act1 and annually thereafter1 the ,secretary shall submit to ,congress a report containing-- 7#a7 the e,t,o,d and ,mobility ,plans certified under section #d7;i77#b72 7#b7 the certified priority investment areas contained in e,d,o,t and ,mobility ,plans2 and 7#c7 a report tracking the outcomes of prior certified plans4 #g4 ,modification of rehabilitation credit 7a7 ,reinstatement of credit for qualified rehabilitated buildings 7#a7 ,in general ,subsection 7a7 of section #dg of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7a7 ,determination of credit 7#a7 ,in general ,for purposes of section #df1 the rehabilitation credit for any taxable year is the sum of-- 7,a7 in the case of any qualified rehabilitated building other than a certified historic structure which is placed in service during such taxable year1 #aj percent of the qualified rehabilitation expenditures with respect to such building1 and 7,b7 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 #d immediately preceding taxable years1 the ratable share for such taxable year4 7#b7 ,ratable share ,for purposes of paragraph 7#a77;,b71 the ratable share for any taxable year is an amount equal to #bj percent of the qualified rehabilitation expenditures with respect to the certified historic structure1 as allocated ratably to each of the #e years to which paragraph 7#a77;,b7 applies4 4 7#b7 ,conforming amendments 7,a7 ,section #dg7;c7 of such ,code is amended-- 7i7 in paragraph 7#a7-- 7,i7 in subparagraph 7,a71 by amending clause 7iii7 to read as follows3 7iii7 in the case of any building other than a certified historic structure1 in the rehabilitation process-- 7,i7 #ej percent or more of the existing external walls of such building are retained in place as external walls1 7,,ii7 #ge percent or more of the existing external walls of such building are retained in place as internal or external walls1 and 7,,iii7 #ge percent or more of the existing internal structural framework of such building is retained in place1 and 2 and 7,,ii7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,c7 and 7,d71 respectively1 and by inserting after subparagraph 7,a7 the following new subparagraph3 7,b7 ,building must be first placed in service before #aicf ,in the case of a building other than a certified historic structure1 a building shall not be a qualified rehabilitated building unless the building was first placed in service before #aicf4 2 and 7ii7 in paragraph 7#b77;,b71 by amending clause 7iv7 to read as follows3 7iv7 ,certified historic structure1 etc ,any expenditure attributable to the rehabilitation of a certified historic structure or a building in a registered historic district1 unless the rehabilitation is a certified rehabilitation 7within the meaning of subparagraph 7,c774 ,the preceding sentence shall not apply to a building in a registered historic district if-- 7,i7 such building was not a certified historic structure1 7,,ii7 the ,secretary of the ,interior certified to the ,secretary that such building is not of historic significance to the district1 and 7,,iii7 if the certification referred to in subclause 7,,ii7 occurs after the beginning of the rehabilitation of such building1 the taxpayer certifies to the ,secretary that1 at the beginning of such rehabilitation1 he in good faith was not aware of the requirements of subclause 7,,ii74 4 7,b7 ,paragraph 7#d7 of section #ade7;d7 of such ,code is amended-- 7i7 by striking of section #dg7;c77#a77;,b7 each place it appears and inserting of section #dg7;c77#a77;,c72 and 7ii7 by striking section #dg7;c77#a77;,b77i7 and inserting section #dg7;c77#a77;,c77i74 7b7 ,increase in credit rate for qualified rehabilitated buildings other than certified historic structures ,section #dg7;a77#a7 of such ,code1 as amended by subsection 7a71 is amended by striking #aj percent and inserting #ae percent4 7c7 ,modification of date before which buildings other than certified historic structures must be placed in service ,section #dg7;c77#a77;,b7 of such ,code1 as amended by subsection 7a71 is amended by striking #aicf and inserting the calendar year which is #ej years prior to the calendar year in which the building is placed in service 7within the meaning of subsection 7b77#a774 7d7 ,requirement that buildings other certified historic structures must be close to public transportation centers or mobility corridors ,section #dg7;c77#a7 of such ,code1 as amended by subsection 7a71 is amended by redesignating subparagraphs 7,c7 and 7,d7 as subparagraphs 7,d7 and 7,e71 respectively1 and by inserting after subparagraph 7,b7 the following new subparagraph3 7,c7 ,building must be close to public transportation center 7i7 ,in general ,in the case of a building other than a certified historic structure1 a building shall not be a qualified rehabilitated building unless the building is in a priority investment area of an e,t,o,d and ,mobility ,plan1 as such terms are defined in section #b of the ,promoting ,equitable ,transit-,oriented ,development and ,mobility ,corridors ,act1 or not further than one-half mile from at least one of the following3 7,i7 ,a location which provides passenger boarding on a fixed guideway 7as defined in section #ecjb7g7 of title #di1 ,united ,states ,code71 commuter rail passenger transportation 7as defined in section #bdajb7c7 of title #di1 ,united ,states ,code71 or intercity rail passenger transportation 7as defined in section #bdajb7d7 of title #di1 ,united ,states ,code74 7,,ii7 ,a planned site for a location described in subclause 7,i7 if the ,secretary of ,transportation has issued a full funding grant agreement with respect to such location under section #ecji7k77#b7 of title #di1 ,united ,states ,code4 7ii7 ,identification of qualified areas ,the ,secretary1 in consultation with the ,secretary of ,transportation1 shall identify areas which are described in clause 7i74 4 7e7 ,elimination of certain lodging restrictions on buildings other than certified historic structures ,section #ej7;b77#b77;,c7 of such ,code is amended by striking certified historic structure and inserting qualified rehabilitated building4 7f7 ,requirement that buildings that are not certified historic structures and not in a registered historic district receive certification of status ,section #dg7;c77#a7 of such ,code1 as amended by subsections 7a7 and 7d71 is amended by redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,e7 and 7,f71 respectively1 and by inserting after subparagraph 7,c7 the following new subparagraph3 7,d7 ,buildings that are not certified historic structures and not in registered historic district must receive certification of status 7i7 ,in general ,in the case of a building which is neither a certified historic structure nor located in a registered historic district1 such building shall not be a qualified rehabilitated building unless the ,secretary of the ,interior certifies to the ,secretary that such building is-- 7,i7 not a certified historic structure1 and 7,,ii7 not in a registered historic district4 7ii7 ,determinations by ,national ,park ,service ,to the maximum extent practicable1 the ,secretary of the ,interior shall make certifications under clause 7i7 within #cj days of the receipt of an application for such certification4 4 7g7 ,credit for certain related expenditures 7#a7 ,credit for certain expenditures for public infrastructure ,section #dg7;c77#b7 of such ,code is amended by adding at the end the following new subparagraph3 7,e7 ,treatment of certain expenditures for public infrastructure 7i7 ,in general ,in the case of any qualified rehabilitated building1 expenditures for qualified public infrastructure 7or improvements thereto7 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 government4 7ii7 ,limitation ,the amount treated as qualified rehabilitation expenditures with respect to any building under clause 7i7 shall not exceed #be percent of the qualified rehabilitation expenditures with respect to such building 7determined after the application of clause 7i7 and subparagraph 7,f774 7iii7 ,bonus credit amount ,in the case of any amount treated as qualified rehabilitation expenditures under clause 7i71 subsection 7a77#a7 shall be applied by substituting #be percent for #ae percent4 7iv7 ,qualified public infrastructure ,for purposes of this subparagraph1 the term qualified public infrastructure means water and sewer lines1 electrical lines and equipment1 telecommunications lines and equipment1 and road and sidewalks1 which are located in the public right of way and are not owned by the taxpayer4 4 7#b7 ,credit for expansion and adjacent buildings with respect to qualified rehabilitated buildings other than certified historic structures ,section #dg7;c77#b7 of such ,code1 as amended by paragraph 7#a71 is amended by adding at the end the following new subparagraph3 7,f7 ,treatment of building expansions and certain adjacent buildings with respect to qualified rehabilitated buildings other than certified historic structures 7i7 ,in general ,in the case any qualified rehabilitated building other than a certified historic structure-- 7,i7 clause 7iii7 of subparagraph 7,b7 shall not apply1 and 7,,ii7 amounts described in subparagraph 7,a77i7 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 building4 7ii7 ,limitation ,the amount treated as qualified rehabilitation expenditures with respect to any qualified rehabilitated building under clause 7i7 shall not exceed #ajj percent of the qualified rehabilitation expenditures with respect to such building 7determined without regard to clause 7i7 and subparagraph 7,e774 7iii7 ,qualified adjacent building ,for purposes of this subparagraph1 the term qualified adjacent building means1 with respect to any qualified rehabilitated building1 any building if such building and such qualified rehabilitated building are both on the same block4 4 7#c7 ,related expenditures disregarded in determining if rehabilitation is substantial ,section #dg7;c77#a77;,e71 as redesignated by subsections 7a71 7d71 and 7f71 is amended by adding at the end the following new clause3 7iv7 ,certain expenditures disregarded ,amounts which are otherwise treated as qualified rehabilitation expenditures by reason of subparagraph 7,e7 or 7,f7 of paragraph 7#b7 shall not be treated as qualified rehabilitation expenditures for purposes of this subparagraph4 4 7h7 ,bonus credit for rent-,restricted housing units ,section #dg of such ,code is amended by adding at the end the following new subsection3 7e7 ,bonus credit for rent-,restricted housing units 7#a7 ,in general ,subsection 7a77#a7 shall be applied by substituting #be percent for #ae percent with respect to so much of the qualified rehabilitation expenditures 7determined without regard to subsection 7c77#b77;,e77 with respect to any qualified rehabilitated building as are properly allocable to residential units which are-- 7,a7 rent-restricted 7within the meaning of section #db7;g77#b771 and 7,b7 occupied by individuals whose income is #ajj percent or less of area median gross income 7within the meaning of section #db7;g77#a774 7#b7 ,failure to maintain rent-restriction subject to recapture ,in the case of any failure to maintain any residential unit taken into account under paragraph 7#a7 as a residential unit described in such paragraph during the recapture period1 section #ej7;a7 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 7#c7 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 7#a74 ,the application of section #ej7;a7 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 paragraph4 7#c7 ,recapture period2 recapture percentage ,for purposes of this subsection-- 7,a7 ,recapture period ,the term recapture period means the #aj-year period beginning on the date the building is placed in service4 7,b7 ,recapture percentage ,the term recapture percentage means-- 7i7 in the case of a failure described in paragraph 7#b7 that occurs during the first year of the recapture period1 #ajj percent1 and 7ii7 in the case of such a failure which occurs during any subsequent year of the recapture period1 the percentage which is #aj percentage points less than the percentage which applied for the previous year 7as determined under this subparagraph74 4 7i7 ,public reporting ,section #dg of such ,code1 as amended by subsection 7h71 is amended by adding at the end the following new subsection3 7f7 ,public reporting with respect to qualified rehabilitated buildings other than certified historic structures 7#a7 ,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 7at such time and in such manner as the ,secretary may provide7 which includes the information described in paragraph 7#b74 7#b7 ,information ,the report described in paragraph 7#a7 shall include the following3 7,a7 ,the name of the building and1 if applicable1 the name of the project of which such building is a part4 7,b7 ,each of the following with respect to the location of the building3 city1 ,state1 zip code1 #bjaj census tract 7and whether such tract is metropolitan statistical area74 7,c7 ,the total cost of the building and1 if applicable1 the total cost of the project of which such building is a part4 7,d7 ,the total amount of credit allowed under this section with respect to such building and1 if applicable1 with respect to the project of which such building is a part4 7,e7 ,the year the building is placed in service4 7,f7 ,the number of housing units in the building and number of such housing units which are rent-restricted 7within the meaning of section #db7;g77#b774 7,g7 ,the primary purpose of the building4 7#c7 ,reports made publicly available ,the ,secretary shall ensure that reports made under paragraph 7#a7 are made available to the public4 4 7j7 ,effective date ,the amendments made by this section shall apply to property placed in service after the date of the enactment of this ,act4 #h4 ,credit facility to support equitable transit-oriented development and mobility 7a7 ,definitions ,in this section3 7#a7 ,eligible applicant ,the term eligible applicant means-- 7,a7 a ,state2 7,b7 a unit of local government2 7,c7 a corporation1 partnership1 or joint venture2 7,d7 a regional planning agency2 7,e7 a tribal government2 or 7,f7 a transit agency4 7#b7 ,eligible borrower ,the term eligible borrower means-- 7,a7 a governmental entity1 authority1 agency1 or instrumentality2 7,b7 a corporation1 partnership1 joint venture1 or trust on behalf of which an eligible applicant has submitted an application under subsection 7c72 or 7,c7 any other legal entity undertaking an eligible project on behalf of which an eligible applicant has submitted an application under subsection 7c74 7#c7 ,eligible project ,the term eligible project means an eligible equitable transit-oriented development or mobility project1 including-- 7,a7 property enhancement1 including conducting environmental remediation1 park development1 and open space acquisition2 7,b7 improvement of mobility and parking1 including rehabilitating1 or providing for additional1 streets1 transit stations1 structured parking1 walkways1 and bikeways2 7,c7 utility development1 including rehabilitating existing1 or providing for new drinking water1 wastewater1 electric1 and gas utilities2 7,d7 economic development1 including commercial and residential development1 located in a priority investment area2 or 7,e7 commercial and residential projects that includes-- 7i7 a project for residential or mixed-use development in which-- 7,i7 not less than #cj percent of the residential units in the project are1 or in the case of new construction1 are designated to be1 rent-restricted2 and 7,,ii7 the average of the designated income limitations under clause 7ii7 of all rent-restricted units does not exceed #hj percent of the median gross income in the area2 and 7ii7 a project for mixed-use development for-- 7,i7 affordable commercial space dedicated to local businesses owned by women or people of color2 7,,ii7 local businesses primarily owned by individuals who are members of historically underserved populations2 and 7,,iii7 non-profit organizations which serve historically underserved communities1 including communities of color4 7#d7 ,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 community1 including-- 7,a7 a facility that provides health services2 and 7,b7 a facility that provides community1 social1 or cultural services4 7b7 ,establishment ,the ,secretary may make or guarantee loans under this section to eligible borrowers for eligible projects4 7c7 ,application ,an eligible applicant may submit to the ,secretary an application for a loan or loan guarantee under this section-- 7#a7 to fund an eligible project carried out by the eligible applicant2 or 7#b7 on behalf of an eligible borrower1 to fund an eligible project carried out by the eligible borrower4 7d7 ,minimum project costs ,an eligible project shall have project costs that are reasonably anticipated to equal or exceed #b1ejj1jjj4 7e7 ,maximum amount of loan ,federal assistance provided for a project under this section may not exceed #ge percent of total project costs4 ,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-- 7#a7 not more than #cj percent of the total square footage is used for commercial development2 or 7#b7 7,a7 not more than #ej percent of the total square footage is used for commercial development2 and 7,b7 not less than #ej percent of the square footage described in subparagraph 7,a7 is reserved for essential community facilities4 7f7 ,eligible sources of repayment ,a loan made or guaranteed under this section shall be repayable1 in whole or in part1 from dedicated revenue sources1 which may include-- 7#a7 user fees2 7#b7 property tax revenues2 7#c7 sales tax revenues2 or 7#d7 other revenue sources dedicated to the project by property owners and businesses4 7g7 ,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 section4 7h7 ,maximum maturity ,the maturity of a loan made or guaranteed under this section may not exceed the lesser of-- 7#a7 #ce years2 or 7#b7 #ij percent of the useful life of the project to be financed by the loan or loan guarantee1 as determined by the ,secretary4 7i7 ,maximum loan guarantee rate 7#a7 ,in general ,the guarantee rate on a loan guaranteed under this section may not exceed #ge percent of the amount of the loan4 7#b7 ,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 borrowers4 7j7 ,fees ,the ,secretary shall establish fees for loans made or guaranteed under this section in amounts up to1 but not exceeding1 the costs to the ,federal ,government of making or guaranteeing a loan under this section4 7k7 ,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 bankruptcy1 insolvency1 or liquidation4 7l7 ,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 #e years after the date of substantial completion of the project4 7m7 ,repayment deferral for loans 7#a7 ,in general 7,a7 ,loan made by ,secretary ,if1 at any time after the date of substantial completion of a project under the program1 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 section1 the ,secretary may1 subject to criteria established by the ,secretary1 allow the eligible borrower to defer payments and add unpaid principal and interest to the outstanding balance of the loan4 7,b7 ,loan guaranteed by ,secretary ,if1 at any time after the date of substantial completion of a project1 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 section1 the ,secretary may1 subject to criteria established by the ,secretary-- 7i7 add unpaid principal and interest to the outstanding balance of the loan2 and 7ii7 modify the terms of the loan guarantee to reflect a modification made under clause 7i74 7#b7 ,treatment of deferred payments ,any payment deferred under this section shall-- 7,a7 continue to accrue interest until fully repaid2 and 7,b7 be scheduled to be amortized over the remaining term of the loan4 7n7 ,consultation ,in carrying out this section1 the ,secretary shall consult with the ,secretary of ,housing and ,urban ,development1 as appropriate4 7o7 ,requirement ,of the funds made available to carry out this section for each fiscal year1 not less than #e percent shall be used for eligible projects in rural and disadvantage communities4 7p7 ,authorization of appropriations ,there are authorized to be appropriated for the cost of loans and loan guarantees under this section-- 7#a7 #cjj1jjj1jjj for each of fiscal years #bjba and #bjbb2 and 7#b7 #ejj1jjj1jjj for each of fiscal years #bjbc and #bjbd4 #i4 ,amendments to ,,tifia and ,,rrif 7a7 ,determination of eligibility and project selection ,section #fjb7;a77#e77;,b77ii7 of title #bc1 ,united ,states ,code1 is amended by inserting or section #ecjb7c77;,g7 after #fja7;a77#ab77;,e74 7b7 ,secured loans ,section #fjc7;b77#b7 of title #bc1 ,united ,states ,code1 is amended-- 7#a7 in subparagraph 7,a7 by striking subparagraph 7,a7 and inserting subparagraphs 7,a7 and 7,b72 and 7#b7 by adding at the end the following3 7,c7 e,t,o,d and mobility projects 7i7 ,in general ,notwithstanding subparagraph 7,a71 in the case of a project described in clause 7ii71 the maximum amount of a secured loan under this section shall be #di percent of the reasonably anticipated eligible project costs4 7ii7 ,project description ,for purposes of clause 7i71 a project eligible for the loan described in clause 7i7 shall be a project certified under section #d7;i77#c7 of the ,promoting ,equitable ,transit-,oriented ,development and ,mobility ,corridors ,act4 4 7c7 ,creditworthiness ,section #fjb7;a77#b7 of title #bc1 ,united ,states ,code1 is amended by adding at the end the following3 7,c7 ,additional creditworthiness factors ,notwithstanding subparagraph 7,a71 an applicant may demonstrate creditworthiness under this paragraph by providing-- 7i7 collateral2 7ii7 the applicant's audited financial data1 including balance sheet1 income statement1 and cash flow statements2 or 7iii7 cash flow projections from a project4 4 7d7 ,direct loans and loan guarantees ,section #ejb7;b7 of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb7;b77 is amended-- 7#a7 in paragraph 7#a77;,e7-- 7,a7 in clause 7ii7 by striking the semicolon and inserting 2 and2 7,b7 in clause 7iii7 by striking 2 and and inserting a period2 and 7,c7 by striking clause 7iv72 and 7#b7 by striking paragraph 7#c74 7e7 ,conditions of assistance ,section #ejb7;h77#d7 of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb7;h77#d77 is amended by inserting 1 except that a ,federal match shall not be required for any project certified under section #d7;i77#c7 of the ,promoting ,equitable ,transit-,oriented ,development and ,mobility ,corridors ,act or for a project that has dedicated revenues for affordable housing or public transportation4 #aj4 ,local infrastructure bank program ,section #faj of title #bc1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a7-- 7,a7 by inserting or regional infrastructure bank after ,state infrastructure bank each place that it appears2 and 7,b7 by adding at the end the following3 7#ac7 ,local infrastructure bank ,the term local infrastructure bank means an infrastructure bank of a city1 town1 borough1 county1 parish1 district1 or other public body created by1 or pursuant to1 ,state or ,federal law4 2 7#b7 in subsection 7b7 by inserting or local infrastructure banks after ,state infrastructure banks2 7#c7 in subsection 7d7 by inserting or local infrastructure bank after ,state infrastructure bank each place that it appears2 and 7#d7 in subsection 7e7 by inserting or local infrastructure bank after ,state infrastructure bank each place that it appears4 #aa4 ,fixed guideway capital investment grants ,section #ecji7;a77#e7 of title #di1 ,united ,states ,code1 is amended-- 7#a7 in subparagraph 7,a7 by striking 2 or and inserting a semicolon2 7#b7 in subparagraph 7,b7 by striking the period and inserting 2 or2 and 7#c7 by adding at the end the following3 7,c7 a new affordable housing trust fund to promote affordable housing4 4 #ab4 ,definitions 7a7 ,capital project ,section #ecjb7c77;,g77iii7 of title #di1 ,united ,states ,code1 is amended by inserting or affordable housing after public transportation4 7b7 ,affordable housing ,section #ecjb of title #di1 ,united ,states ,code1 is amended by adding at the end the following3 7#be7 ,affordable housing ,the term affordable housing means-- 7,a7 housing for which the household spends less than #cj percent of income on housing costs2 or 7,b7 housing for which the household spends #de 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 ,development4 4