,,ii #aaith ,,congress #b;d ,session ,s4 #eeec ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bd1 #bjbf,mr4 ,booker introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for an increase in housing bonds and housing credit allocation for transit oriented developments1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,transit-,oriented ,housing ,development ,act of #bjbf4 #b4 ,increase and set aside for housing bonds for transit oriented developments 7a7 ,in general ,paragraph 7#e7 of section #adf7;d7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#e7 ,increase and set aside for certain housing bonds 7,a7 ,in general ,in the case of calendar years beginning after #bjbe1 the ,state ceiling for each ,state shall be increased by #cj percent4 7,b7 ,set aside 7i7 ,in general ,any amount of the ,state ceiling for any ,state which is attributable to an increase under this paragraph shall be allocated solely for one or more qualified housing issues4 7ii7 ,qualified housing issue 7,i7 ,in general ,for purposes of this paragraph1 the term qualified housing issue means an issue #ie percent or more of the net proceeds of which are to be used to provide projects for residential rental property 7within the meaning of section #adb7;d77#a771 if each qualified residential rental project with respect to such issue-- 7aa7 is located within a transit hub1 7bb7 is occupied solely by individuals whose income is #abj percent or less of area median gross income 7as determined under section #adb7;d77#b77;,b77i771 and 7cc7 meets the requirements of subclause 7,,ii74 7,,ii7 ,additional requirements ,a qualified residential rental project meets the requirements of this subclause if-- 7aa7 #bj percent or more of the residential units in such project are both rent-restricted 7as determined pursuant to rules similar to the rules under section #db7;g77#b77 and occupied by individuals whose income is #ej percent or less of area median gross income 7as determined under section #adb7;d77#b77;,b77i771 and 7bb7 #aj percent or more of the residential units in such project are both rent-restricted 7as determined pursuant to rules similar to the rules under section #db7;g77#b77 and occupied by individuals whose income does not exceed the higher of-- 7,,aa7 the poverty guidelines updated periodically by the ,department of ,health and ,human ,services under the authority of section #fgc7b7 of the ,community ,services ,block ,grant ,act applicable to a family of the size involved 7except that this clause shall not apply in the case of public housing agencies or projects located in ,puerto ,rico or any other territory or possession of the ,united ,states71 or 7,,bb7 an amount equal to #cj percent or less of area median gross income 7as determined under section #adb7;d77#b77;,b77i774 7iii7 ,transit hub ,for purposes of clause 7ii77,i77aa71 the term transit hub means an area such that any point in such area is not more than #a_/b mile from a fixed guideway public transportation station1 intercity bus station1 intercity bus stop1 or intercity passenger rail station4 4 7b7 ,effective date ,the amendment made by this section shall apply to bonds issued after ,december #ca1 #bjbe4 #c4 ,increase in credit for transit oriented developments 7a7 ,in general ,paragraph 7#e7 of section #db7;d7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,c7 ,increase in credit for transit oriented developments 7i7 ,in general ,in the case of any building described in clause 7iii7-- 7,i7 in the case of a new building1 the eligible basis of such building shall be #aej percent of such basis determined without regard to this subparagraph1 and 7,,ii7 in the case of an existing building1 the rehabilitation expenditures taken into account under subsection 7e7 shall be #aej percent of such expenditures determined without regard to this subparagraph4 7ii7 ,increase for projects meeting prevailing wage standards ,in the case of any building described in clause 7iii7 which pays workers employed in the construction of such building a wage not less than the prevailing wage for employment of a similar character in the locality in which such building is located1 as most recently determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code1 clause 7i7 shall be applied by substituting #bjj percent for #aej percent4 7iii7 ,buildings described ,for purposes of this subparagraph1 a building is described in this clause if #be percent or more of the aggregate basis of such building and the land on which the building is located is financed by an obligation described in subsection 7h77#d77;,a7 which is a qualified housing issue as defined in section #adf7;d77#e77;,b77ii74 4 7b7 ,effective date ,the amendment made by this section shall apply to buildings financed by bonds issued after ,december #ca1 #bjbe4 #d4 ,housing trust fund ,section #acch7;a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh7;a77 is amended by adding at the end the following3 7#c7 ,appropriations for projects within transit hub 7,a7 ,in general ,there is appropriated to the ,housing ,trust ,fund1 out of amounts in the ,treasury not otherwise appropriated1 #cj1jjj1jjj1jjj for each of fiscal years #bjbf through #bjce4 7,b7 ,priority to projects located within transit hub ,amounts allocated to a ,state pursuant to this section shall be distributed in a manner which gives priority to projects located within a transit hub 7as defined in section #adf7;d77#e77;,b77iii7 of the ,internal ,revenue ,code of #aihf74 7,c7 ,waiver ,the deadline under subsection 7c77#aj77;,b7 shall not apply to funds appropriated under subparagraph 7,a74 4