Bill > HR3680

This bill, the "Promoting Affordable Housing Near Transit Act," amends Title 49 of the United States Code to allow the Secretary of Transportation to authorize recipients of federal transit assistance to transfer their no-longer-needed assets to local governmental authorities, nonprofit organizations, or other third-party entities for the purpose of transit-oriented development. The key provisions of the bill include requiring that at least 40% of the housing units in the transit-oriented development be legally binding affordability restricted to low-income tenants and owners, and that the asset remain in use for at least 30 years after the transfer. The bill also outlines the criteria the Secretary must consider in approving such transfers, such as ensuring the asset will remain in public use and that the overall benefit of the transfer outweighs the government's financial interest in the asset.

Transportation and Infrastructure

https://www.congress.gov/bill/117th-congress/house-bill/3680/all-info