Bill > S3636

This bill, known as the Build HUBS Act, aims to address the housing crisis and promote transit-oriented development by modifying existing federal financing programs. It extends the authorization for the Transportation Infrastructure Finance and Innovation Act (TIFIA) program and the Railroad Rehabilitation and Improvement Financing (RRIF) program, which are federal programs that provide loans and credit assistance for transportation projects. Key changes include expanding the definition of eligible projects to specifically include "transit-oriented development projects" (TODs), which are developments located near transit facilities that incorporate housing, commercial, or mixed-use components and generate revenue. The bill also introduces the concept of "attainable housing projects" within TODs, focusing on units affordable to households at or below 120% of the area median income, with a majority affordable to those at or below 80%. To streamline the financing process for these projects, the bill allows for alternative methods to demonstrate creditworthiness beyond traditional investment-grade ratings, such as joint liability agreements or certifications from approved entities. Furthermore, it establishes a delegated origination and underwriting program, modeled after a Department of Housing and Urban Development system, to allow qualified private entities to handle loan origination, underwriting, and servicing under federal oversight, aiming to reduce processing times and administrative burdens. The bill also includes provisions to exempt certain land acquisition activities for TODs from the National Environmental Policy Act (NEPA) and allows for categorical exclusions for specific construction and rehabilitation activities. Finally, it clarifies that these changes do not override state or local zoning and land use laws.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/3636/all-info