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[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7074 Introduced in House (IH)]

<DOC>

116th CONGRESS
  2d Session
                                H. R. 7074

 To establish an Office of Equitable Transit-Oriented Development and 
  Mobility to carry out an equitable transit-oriented development and 
            mobility grant program, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              June 1, 2020

 Mr. Garcia of Illinois (for himself, Mrs. Watson Coleman, Mr. Cohen, 
    Ms. Pressley, Mr. Soto, Mr. Carson of Indiana, Mr. Thompson of 
  Mississippi, and Ms. Ocasio-Cortez) introduced the following bill; 
       which was referred to the Committee on Transportation and 
Infrastructure, and in addition to the Committee on Ways and Means, for 
a period to be subsequently determined by the Speaker, 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 program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Equitable Transit-Oriented 
Development and Mobility Corridors Act''.

SEC. 2. DEFINITIONS.

    (a) In General.--In this Act, the following definitions apply:
            (1) Equitable transit-oriented development.--The term 
        ``equitable transit-oriented development'' means--
                    (A) the creation and support of communities of 
                opportunity, especially disadvantaged or low-income 
                communities where residents of all incomes, ages, 
                races, and ethnicities participate in, and benefit 
                from, living in connected, healthy, vibrant places 
                connected by public transportation; and
                    (B) including, in communities of opportunity, a 
                mixture of housing (including a significant level of 
                affordable housing), office, retail, and other 
                amenities as part of a walkable neighborhood generally 
                located within a half mile of quality public 
                transportation.
            (2) eTOD and mobility plan.--The term ``eTOD and Mobility 
        Plan'' means a plan for equitable transit-oriented development 
        and mobility corridors developed under section 4.
            (3) Mobility corridor.--The term ``mobility corridor'' 
        means a major economic corridor that integrates safety, 
        mobility, and access for freight, active transportation, and 
        public transportation along the corridor while promoting 
        quality of life, economic development, and greenhouse gas 
        reduction, including, at a minimum--
                    (A) at least 125 acres with centrality to 
                employment and amenities;
                    (B) meets a location affordability as defined by a 
                household spending no more than 45 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 Development;
                    (C) mixed commercial use or community-based 
                facility and residential use; and
                    (D) mobility options to reduce personal vehicle 
                miles used or green house gas emissions.
            (4) Priority investment area.--The term ``priority 
        investment area'' means an area certified as a priority 
        investment area in an eTOD and Mobility Plan.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of Transportation.
            (6) 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 preparation, maintenance, coordination, and 
        administration of the State transportation, rail, and public 
        transportation plan.
    (b) Applicability of Chapter 53 Definitions.--In this Act, any term 
defined in chapter 53 of title 49, United States Code, has the meaning 
given that term in that chapter.

SEC. 3. OFFICE OF EQUITABLE TRANSIT-ORIENTED DEVELOPMENT.

    (a) Establishment.--The Secretary shall establish within the 
Department of Transportation an Office of Equitable Transit-Oriented 
Development and Mobility.
    (b) Responsibilities.--The responsibilities of the Office of 
Equitable Transit-Oriented Development and Mobility are--
            (1) to establish and manage the eTOD and mobility grant 
        program established under section 5;
            (2) to certify eTOD and Mobility Plans;
            (3) to certify priority investment areas included in such 
        Plans; and
            (4) to coordinate Federal resources for eligible projects 
        in certified priority investment areas.

SEC. 4. STATE PLANS.

    (a) Establishment.--To be eligible for assistance under section 5 
or any of sections 7 through 11, a State shall, in coordination with 
metropolitan planning organizations, transit agencies and local 
governments, including tribal governments, within the State, 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 areas.
    (b) Purposes.--The purposes of the eTOD and Mobility Plan shall be 
the following:
            (1) 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 businesses.
            (2) Support implementation of local and community 
        transportation and land use plans consistent with sustainable 
        State, regional, and local growth plans, policies, and 
        strategies to achieve quality of life, economic vitality, and 
        greenhouse gas reduction goals.
            (3) Encourage and create convenient, safe multi-modal 
        access to the public transportation system, with an emphasis on 
        non-motorized access and neighborhood walkability and mobility.
            (4) To establish the period covered by the eTOD and 
        Mobility Plan.
            (5) To serve as the basis for Federal and State investments 
        within the State.
    (c) Criteria for State Plans.--The eTOD and Mobility Plan shall 
contain the following:
            (1) 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 40 
        percent of total household spending for such individual.
            (2) Create a shared vision and implementation plan for 
        priority investment areas for infrastructure, climate 
        mitigation, and development.
            (3) Increase the value and effectiveness of public 
        transportation by increasing ridership with a focus on people 
        of color and middle to low income individuals.
            (4) Promote mutually beneficial partnerships between 
        public, private, and community-based nonprofit organizations 
        and disadvantaged business enterprises.
            (5) Make equitable transit-oriented development an integral 
        component of, and supportive of, public transportation, land 
        use, climate resiliency, and economic development project 
        planning and delivery, especially in supporting the retention 
        of existing residents in developing communities.
            (6) 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 disinvestment.
            (7) Promote an increase in State, local, and private 
        investment in both public transportation and mobility options, 
        specifically through a value capture mechanism.
            (8) Increase State, local, and private investment in 
        economic development especially in disadvantaged or low-income 
        communities and communities of color.
            (9) Engage a broad cross-section of the community most 
        affected by future investments in an inclusive, effective, 
        transparent process.
            (10) Create affordable housing and commercial options as 
        well as community facilities near public transportation with 
        priority given to affordability, and to community-based 
        ownership and entrepreneurship, with a focus on participation 
        of disadvantaged business enterprises.
    (d) Priority Investment Area.--Each eTOD and Mobility Plan shall 
propose priority investment areas that will serve as the eligible 
locations for projects described under subsection (d) in the State. A 
priority investment area shall be--
            (1) within a half mile of a public transportation facility 
        that includes a fixed-guideway public transportation station, 
        designated high-speed rail or existing intercity rail station, 
        or a major local transit hub connecting more than 3 local 
        transit lines; or
            (2) 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 center.
    (e) Required Finance Plan.--A strategy created under this 
subsection shall include an implementation plan that identifies a 5-
year financing plan for proposed improvements, including any financial 
gap, and a timeline for adoption of the strategy by relevant local 
governments.
    (f) Public Comment.--In developing and reviewing an eTOD and 
Mobility Plan, a State shall provide adequate and reasonable notice and 
opportunity for comment and other input to--
            (1) the public;
            (2) community organizations, affordable housing agencies 
        and public transportation agencies;
            (3) units of local government; and
            (4) other interested parties.
    (g) Coordination With Other State Plans.--In developing an eTOD and 
Mobility Plan, a State shall ensure that such plan is coordinated 
with--
            (1) other State, regional planning agencies, metropolitan 
        planning organizations, and local transportation planning goals 
        and programs;
            (2) economic and community development plans; and
            (3) comprehensive State or regional housing plans.
    (h) Intergovernmental Coordination.--In developing an eTOD and 
Mobility Plan, a State shall--
            (1) review the freight and passenger rail service 
        activities and initiatives of regional planning agencies, 
        regional transportation authorities, and municipalities within 
        the State or in the region in which the State is located; and
            (2) include any recommendations made by such agencies, 
        authorities, and municipalities as considered appropriate by 
        the State.
    (i) Certification of eTOD and Mobility Plans.--Upon submission of 
an eTOD and Mobility Plan to the Office of Equitable Transit-Oriented 
Development and Mobility, such Office shall--
            (1) review the proposed priority investment areas and 
        projects in the eTOD and Mobility Plan;
            (2) certify the eTOD and Mobility Plan if each priority 
        investment area meets the requirements of this section; and
            (3) for each eTOD and Mobility Plan, 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 Act.
    (j) 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 section.

SEC. 5. EQUITABLE TRANSIT-ORIENTED DEVELOPMENT AND MOBILITY GRANT AND 
              TECHNICAL ASSISTANCE PROGRAM.

    (a) 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 projects.
    (b) Eligible Applicants.--The Secretary shall provide grants under 
the program to eligible activities carried out by a State with regional 
planning agencies, metropolitan planning organizations, local 
governments, including tribal governments, and at least 1 community-
based nonprofit organization.
    (c) Technical Assistance Grants.--
            (1) 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 (including mixed income and mixed use development), 
        including locally determined activities necessary to create the 
        conditions that will lead to successful equitable transit-
        oriented development or a mobility corridor.
            (2) Eligible activities.--The following activities may be 
        included in the strategy developed under paragraph (1):
                    (A) 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 development.
                    (B) Identifying public infrastructure needs.
                    (C) Community engagement efforts.
    (d) Eligible Uses.--A grant provided under this section may be used 
to--
            (1) increase transit ridership from development within the 
        planning area;
            (2) create an appropriate mix of uses for the station area, 
        determined by reference to local growth and development plans;
            (3) promote community stability, especially for existing 
        residents and businesses during and after the development;
            (4) increase transit accessible attainable housing within 
        the planning area;
            (5) increase State, local, or private investment in public 
        infrastructure, including public transportation;
            (6) coordinate with all relevant stakeholders, including 
        real-estate, retail, housing, commercial and economic 
        development, non-profit participants, public health, and anchor 
        institutions; or
            (7) coordinate with relevant housing, economic development, 
        land use, and transportation plans.
    (e) Funding.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated $15,000,000 to carry out this section.
            (2) Administration of grants.--Of the amounts provided to a 
        State under this section, a State may use up to 2 percent of 
        any such amounts to provide capacity building and training for 
        public transportation personnel, private developers, or 
        community groups regarding planning and implementation of 
        equitable transit-oriented development and mobility corridors.

SEC. 6. ANNUAL REPORT.

    Not later than 12 months after the date of enactment of this Act, 
and annually thereafter, the Secretary shall submit to Congress a 
report containing--
            (1) the eTOD and Mobility Plans certified under section 
        4(i)(2);
            (2) the certified priority investment areas contained in 
        eDOT and Mobility Plans; and
            (3) a report tracking the outcomes of prior certified 
        plans.

SEC. 7. MODIFICATION OF REHABILITATION CREDIT.

    (a) Reinstatement of Credit for Qualified Rehabilitated 
Buildings.--
            (1) In general.--Subsection (a) of section 47 of the 
        Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) Determination of Credit.--
            ``(1) In general.--For purposes of section 46, the 
        rehabilitation credit for any taxable year is the sum of--
                    ``(A) in the case of any qualified rehabilitated 
                building other than a certified historic structure 
                which is placed in service during such taxable year, 10 
                percent of the qualified rehabilitation expenditures 
                with respect to such building, and
                    ``(B) 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 4 immediately preceding taxable years, the ratable 
                share for such taxable year.
            ``(2) Ratable share.--For purposes of paragraph (1)(B), the 
        ratable share for any taxable year is an amount equal to 20 
        percent of the qualified rehabilitation expenditures with 
        respect to the certified historic structure, as allocated 
        ratably to each of the 5 years to which paragraph (1)(B) 
        applies.''.
            (2) Conforming amendments.--
                    (A) Section 47(c) of such Code is amended--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (A), by 
                                amending clause (iii) to read as 
                                follows:
                            ``(iii) in the case of any building other 
                        than a certified historic structure, in the 
                        rehabilitation process--
                                    ``(I) 50 percent or more of the 
                                existing external walls of such 
                                building are retained in place as 
                                external walls,
                                    ``(II) 75 percent or more of the 
                                existing external walls of such 
                                building are retained in place as 
                                internal or external walls, and
                                    ``(III) 75 percent or more of the 
                                existing internal structural framework 
                                of such building is retained in place, 
                                and''; and
                                    (II) by redesignating subparagraphs 
                                (B) and (C) as subparagraphs (C) and 
                                (D), respectively, and by inserting 
                                after subparagraph (A) the following 
                                new subparagraph:
                    ``(B) Building must be first placed in service 
                before 1936.--In the case of a building other than a 
                certified historic structure, a building shall not be a 
                qualified rehabilitated building unless the building 
                was first placed in service before 1936.''; and
                            (ii) in paragraph (2)(B), by amending 
                        clause (iv) to read as follows:
                            ``(iv) Certified historic structure, etc.--
                        Any expenditure attributable to the 
                        rehabilitation of a certified historic 
                        structure or a building in a registered 
                        historic district, unless the rehabilitation is 
                        a certified rehabilitation (within the meaning 
                        of subparagraph (C)). The preceding sentence 
                        shall not apply to a building in a registered 
                        historic district if--
                                    ``(I) such building was not a 
                                certified historic structure,
                                    ``(II) the Secretary of the 
                                Interior certified to the Secretary 
                                that such building is not of historic 
                                significance to the district, and
                                    ``(III) if the certification 
                                referred to in subclause (II) occurs 
                                after the beginning of the 
                                rehabilitation of such building, the 
                                taxpayer certifies to the Secretary 
                                that, at the beginning of such 
                                rehabilitation, he in good faith was 
                                not aware of the requirements of 
                                subclause (II).''.
                    (B) Paragraph (4) of section 145(d) of such Code is 
                amended--
                            (i) by striking ``of section 47(c)(1)(B)'' 
                        each place it appears and inserting ``of 
                        section 47(c)(1)(C)''; and
                            (ii) by striking ``section 47(c)(1)(B)(i)'' 
                        and inserting ``section 47(c)(1)(C)(i)''.
    (b) Increase in Credit Rate for Qualified Rehabilitated Buildings 
Other Than Certified Historic Structures.--Section 47(a)(1) of such 
Code, as amended by subsection (a), is amended by striking ``10 
percent'' and inserting ``15 percent''.
    (c) Modification of Date Before Which Buildings Other Than 
Certified Historic Structures Must Be Placed in Service.--Section 
47(c)(1)(B) of such Code, as amended by subsection (a), is amended by 
striking ``1936'' and inserting ``the calendar year which is 50 years 
prior to the calendar year in which the building is placed in service 
(within the meaning of subsection (b)(1))''.
    (d) Requirement That Buildings Other Certified Historic Structures 
Must Be Close to Public Transportation Centers or Mobility Corridors.--
Section 47(c)(1) of such Code, as amended by subsection (a), is amended 
by redesignating subparagraphs (C) and (D) as subparagraphs (D) and 
(E), respectively, and by inserting after subparagraph (B) the 
following new subparagraph:
                    ``(C) Building must be close to public 
                transportation center.--
                            ``(i) In general.--In the case of a 
                        building other than a certified historic 
                        structure, a building shall not be a qualified 
                        rehabilitated building unless the building is 
                        in a priority investment area of an eTOD and 
                        Mobility Plan, as such terms are defined in 
                        section 2 of the Promoting Equitable Transit-
                        Oriented Development and Mobility Corridors 
                        Act, or not further than one-half mile from at 
                        least one of the following:
                                    ``(I) A location which provides 
                                passenger boarding on a fixed guideway 
                                (as defined in section 5302(7) of title 
                                49, United States Code), commuter rail 
                                passenger transportation (as defined in 
                                section 24102(3) of title 49, United 
                                States Code), or intercity rail 
                                passenger transportation (as defined in 
                                section 24102(4) of title 49, United 
                                States Code).
                                    ``(II) A planned site for a 
                                location described in subclause (I) if 
                                the Secretary of Transportation has 
                                issued a full funding grant agreement 
                                with respect to such location under 
                                section 5309(k)(2) of title 49, United 
                                States Code.
                            ``(ii) Identification of qualified areas.--
                        The Secretary, in consultation with the 
                        Secretary of Transportation, shall identify 
                        areas which are described in clause (i).''.
    (e) Elimination of Certain Lodging Restrictions on Buildings Other 
Than Certified Historic Structures.--Section 50(b)(2)(C) of such Code 
is amended by striking ``certified historic structure'' and inserting 
``qualified rehabilitated building''.
    (f) Requirement That Buildings That Are Not Certified Historic 
Structures and Not in a Registered Historic District Receive 
Certification of Status.--Section 47(c)(1) of such Code, as amended by 
subsections (a) and (d), is amended by redesignating subparagraphs (D) 
and (E) as subparagraphs (E) and (F), respectively, and by inserting 
after subparagraph (C) the following new subparagraph:
                    ``(D) Buildings that are not certified historic 
                structures and not in registered historic district must 
                receive certification of status.--
                            ``(i) In general.--In the case of a 
                        building which is neither a certified historic 
                        structure nor located in a registered historic 
                        district, such building shall not be a 
                        qualified rehabilitated building unless the 
                        Secretary of the Interior certifies to the 
                        Secretary that such building is--
                                    ``(I) not a certified historic 
                                structure, and
                                    ``(II) not in a registered historic 
                                district.
                            ``(ii) Determinations by national park 
                        service.--To the maximum extent practicable, 
                        the Secretary of the Interior shall make 
                        certifications under clause (i) within 30 days 
                        of the receipt of an application for such 
                        certification.''.
    (g) Credit for Certain Related Expenditures.--
            (1) Credit for certain expenditures for public 
        infrastructure.--Section 47(c)(2) of such Code is amended by 
        adding at the end the following new subparagraph:
                    ``(E) Treatment of certain expenditures for public 
                infrastructure.--
                            ``(i) In general.--In the case of any 
                        qualified rehabilitated building, expenditures 
                        for qualified public infrastructure (or 
                        improvements thereto) 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 
                        government.
                            ``(ii) Limitation.--The amount treated as 
                        qualified rehabilitation expenditures with 
                        respect to any building under clause (i) shall 
                        not exceed 25 percent of the qualified 
                        rehabilitation expenditures with respect to 
                        such building (determined after the application 
                        of clause (i) and subparagraph (F)).
                            ``(iii) Bonus credit amount.--In the case 
                        of any amount treated as qualified 
                        rehabilitation expenditures under clause (i), 
                        subsection (a)(1) shall be applied by 
                        substituting `25 percent' for `15 percent'.
                            ``(iv) Qualified public infrastructure.--
                        For purposes of this subparagraph, the term 
                        `qualified public infrastructure' means water 
                        and sewer lines, electrical lines and 
                        equipment, telecommunications lines and 
                        equipment, and road and sidewalks, which are 
                        located in the public right of way and are not 
                        owned by the taxpayer.''.
            (2) Credit for expansion and adjacent buildings with 
        respect to qualified rehabilitated buildings other than 
        certified historic structures.--Section 47(c)(2) of such Code, 
        as amended by paragraph (1), is amended by adding at the end 
        the following new subparagraph:
                    ``(F) Treatment of building expansions and certain 
                adjacent buildings with respect to qualified 
                rehabilitated buildings other than certified historic 
                structures.--
                            ``(i) In general.--In the case any 
                        qualified rehabilitated building other than a 
                        certified historic structure--
                                    ``(I) clause (iii) of subparagraph 
                                (B) shall not apply, and
                                    ``(II) amounts described in 
                                subparagraph (A)(i) 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 
                                building.
                            ``(ii) Limitation.--The amount treated as 
                        qualified rehabilitation expenditures with 
                        respect to any qualified rehabilitated building 
                        under clause (i) shall not exceed 100 percent 
                        of the qualified rehabilitation expenditures 
                        with respect to such building (determined 
                        without regard to clause (i) and subparagraph 
                        (E)).
                            ``(iii) Qualified adjacent building.--For 
                        purposes of this subparagraph, the term 
                        `qualified adjacent building' means, with 
                        respect to any qualified rehabilitated 
                        building, any building if such building and 
                        such qualified rehabilitated building are both 
                        on the same block.''.
            (3) Related expenditures disregarded in determining if 
        rehabilitation is substantial.--Section 47(c)(1)(E), as 
        redesignated by subsections (a), (d), and (f), is amended by 
        adding at the end the following new clause:
                            ``(iv) Certain expenditures disregarded.--
                        Amounts which are otherwise treated as 
                        qualified rehabilitation expenditures by reason 
                        of subparagraph (E) or (F) of paragraph (2) 
                        shall not be treated as qualified 
                        rehabilitation expenditures for purposes of 
                        this subparagraph.''.
    (h) Bonus Credit for Rent-Restricted Housing Units.--Section 47 of 
such Code is amended by adding at the end the following new subsection:
    ``(e) Bonus Credit for Rent-Restricted Housing Units.--
            ``(1) In general.--Subsection (a)(1) shall be applied by 
        substituting `25 percent' for `15 percent' with respect to so 
        much of the qualified rehabilitation expenditures (determined 
        without regard to subsection (c)(2)(E)) with respect to any 
        qualified rehabilitated building as are properly allocable to 
        residential units which are--
                    ``(A) rent-restricted (within the meaning of 
                section 42(g)(2)), and
                    ``(B) occupied by individuals whose income is 100 
                percent or less of area median gross income (within the 
                meaning of section 42(g)(1)).
            ``(2) Failure to maintain rent-restriction subject to 
        recapture.--In the case of any failure to maintain any 
        residential unit taken into account under paragraph (1) as a 
        residential unit described in such paragraph during the 
        recapture period, section 50(a) 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 (3) 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 (1). The 
        application of section 50(a) 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 paragraph.
            ``(3) Recapture period; recapture percentage.--For purposes 
        of this subsection--
                    ``(A) Recapture period.--The term `recapture 
                period' means the 10-year period beginning on the date 
                the building is placed in service.
                    ``(B) Recapture percentage.--The term `recapture 
                percentage' means--
                            ``(i) in the case of a failure described in 
                        paragraph (2) that occurs during the first year 
                        of the recapture period, 100 percent, and
                            ``(ii) in the case of such a failure which 
                        occurs during any subsequent year of the 
                        recapture period, the percentage which is 10 
                        percentage points less than the percentage 
                        which applied for the previous year (as 
                        determined under this subparagraph).''.
    (i) Public Reporting.--Section 47 of such Code, as amended by 
subsection (h), is amended by adding at the end the following new 
subsection:
    ``(f) Public Reporting With Respect to Qualified Rehabilitated 
Buildings Other Than Certified Historic Structures.--
            ``(1) 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 (at such time and in such 
        manner as the Secretary may provide) which includes the 
        information described in paragraph (2).
            ``(2) Information.--The report described in paragraph (1) 
        shall include the following:
                    ``(A) The name of the building and, if applicable, 
                the name of the project of which such building is a 
                part.
                    ``(B) Each of the following with respect to the 
                location of the building: city, State, zip code, 2010 
                census tract (and whether such tract is metropolitan 
                statistical area).
                    ``(C) The total cost of the building and, if 
                applicable, the total cost of the project of which such 
                building is a part.
                    ``(D) The total amount of credit allowed under this 
                section with respect to such building and, if 
                applicable, with respect to the project of which such 
                building is a part.
                    ``(E) The year the building is placed in service.
                    ``(F) The number of housing units in the building 
                and number of such housing units which are rent-
                restricted (within the meaning of section 42(g)(2)).
                    ``(G) The primary purpose of the building.
            ``(3) Reports made publicly available.--The Secretary shall 
        ensure that reports made under paragraph (1) are made available 
        to the public.''.
    (j) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 8. CREDIT FACILITY TO SUPPORT EQUITABLE TRANSIT-ORIENTED 
              DEVELOPMENT AND MOBILITY.

    (a) Definitions.--In this section:
            (1) Eligible applicant.--The term ``eligible applicant'' 
        means--
                    (A) a State;
                    (B) a unit of local government;
                    (C) a corporation, partnership, or joint venture;
                    (D) a regional planning agency;
                    (E) a tribal government; or
                    (F) a transit agency.
            (2) Eligible borrower.--The term ``eligible borrower'' 
        means--
                    (A) a governmental entity, authority, agency, or 
                instrumentality;
                    (B) a corporation, partnership, joint venture, or 
                trust on behalf of which an eligible applicant has 
                submitted an application under subsection (c); or
                    (C) any other legal entity undertaking an eligible 
                project on behalf of which an eligible applicant has 
                submitted an application under subsection (c).
            (3) Eligible project.--The term ``eligible project'' means 
        an eligible equitable transit-oriented development or mobility 
        project, including--
                    (A) property enhancement, including conducting 
                environmental remediation, park development, and open 
                space acquisition;
                    (B) improvement of mobility and parking, including 
                rehabilitating, or providing for additional, streets, 
                transit stations, structured parking, walkways, and 
                bikeways;
                    (C) utility development, including rehabilitating 
                existing, or providing for new drinking water, 
                wastewater, electric, and gas utilities;
                    (D) economic development, including commercial and 
                residential development, located in a priority 
                investment area; or
                    (E) commercial and residential projects that 
                includes--
                            (i) a project for residential or mixed-use 
                        development in which--
                                    (I) not less than 30 percent of the 
                                residential units in the project are, 
                                or in the case of new construction, are 
                                designated to be, rent-restricted; and
                                    (II) the average of the designated 
                                income limitations under clause (ii) of 
                                all rent-restricted units does not 
                                exceed 80 percent of the median gross 
                                income in the area; and
                            (ii) a project for mixed-use development 
                        for--
                                    (I) affordable commercial space 
                                dedicated to local businesses owned by 
                                women or people of color;
                                    (II) local businesses primarily 
                                owned by individuals who are members of 
                                historically underserved populations; 
                                and
                                    (III) non-profit organizations 
                                which serve historically underserved 
                                communities, including communities of 
                                color.
            (4) 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 community, including--
                    (A) a facility that provides health services; and
                    (B) a facility that provides community, social, or 
                cultural services.
    (b) Establishment.--The Secretary may make or guarantee loans under 
this section to eligible borrowers for eligible projects.
    (c) Application.--An eligible applicant may submit to the Secretary 
an application for a loan or loan guarantee under this section--
            (1) to fund an eligible project carried out by the eligible 
        applicant; or
            (2) on behalf of an eligible borrower, to fund an eligible 
        project carried out by the eligible borrower.
    (d) Minimum Project Costs.--An eligible project shall have project 
costs that are reasonably anticipated to equal or exceed $2,500,000.
    (e) Maximum Amount of Loan.--Federal assistance provided for a 
project under this section may not exceed 75 percent of total project 
costs. 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--
            (1) not more than 30 percent of the total square footage is 
        used for commercial development; or
            (2)(A) not more than 50 percent of the total square footage 
        is used for commercial development; and
            (B) not less than 50 percent of the square footage 
        described in subparagraph (A) is reserved for essential 
        community facilities.
    (f) Eligible Sources of Repayment.--A loan made or guaranteed under 
this section shall be repayable, in whole or in part, from dedicated 
revenue sources, which may include--
            (1) user fees;
            (2) property tax revenues;
            (3) sales tax revenues; or
            (4) other revenue sources dedicated to the project by 
        property owners and businesses.
    (g) 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 
section.
    (h) Maximum Maturity.--The maturity of a loan made or guaranteed 
under this section may not exceed the lesser of--
            (1) 35 years; or
            (2) 90 percent of the useful life of the project to be 
        financed by the loan or loan guarantee, as determined by the 
        Secretary.
    (i) Maximum Loan Guarantee Rate.--
            (1) In general.--The guarantee rate on a loan guaranteed 
        under this section may not exceed 75 percent of the amount of 
        the loan.
            (2) 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 borrowers.
    (j) Fees.--The Secretary shall establish fees for loans made or 
guaranteed under this section in amounts up to, but not exceeding, the 
costs to the Federal Government of making or guaranteeing a loan under 
this section.
    (k) 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 bankruptcy, 
insolvency, or liquidation.
    (l) 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 5 years after the date of 
substantial completion of the project.
    (m) Repayment Deferral for Loans.--
            (1) In general.--
                    (A) Loan made by secretary.--If, at any time after 
                the date of substantial completion of a project under 
                the program, 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 section, the Secretary may, subject to 
                criteria established by the Secretary, allow the 
                eligible borrower to defer payments and add unpaid 
                principal and interest to the outstanding balance of 
                the loan.
                    (B) Loan guaranteed by secretary.--If, at any time 
                after the date of substantial completion of a project, 
                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 section, 
                the Secretary may, subject to criteria established by 
                the Secretary--
                            (i) add unpaid principal and interest to 
                        the outstanding balance of the loan; and
                            (ii) modify the terms of the loan guarantee 
                        to reflect a modification made under clause 
                        (i).
            (2) Treatment of deferred payments.--Any payment deferred 
        under this section shall--
                    (A) continue to accrue interest until fully repaid; 
                and
                    (B) be scheduled to be amortized over the remaining 
                term of the loan.
    (n) Consultation.--In carrying out this section, the Secretary 
shall consult with the Secretary of Housing and Urban Development, as 
appropriate.
    (o) Requirement.--Of the funds made available to carry out this 
section for each fiscal year, not less than 5 percent shall be used for 
eligible projects in rural and disadvantage communities.
    (p) Authorization of Appropriations.--There are authorized to be 
appropriated for the cost of loans and loan guarantees under this 
section--
            (1) $300,000,000 for each of fiscal years 2021 and 2022; 
        and
            (2) $500,000,000 for each of fiscal years 2023 and 2024.

SEC. 9. AMENDMENTS TO TIFIA AND RRIF.

    (a) Determination of Eligibility and Project Selection.--Section 
602(a)(5)(B)(ii) of title 23, United States Code, is amended by 
inserting ``or section 5302(3)(G)'' after ``601(a)(12)(E)''.
    (b) Secured Loans.--Section 603(b)(2) of title 23, United States 
Code, is amended--
            (1) in subparagraph (A) by striking ``subparagraph (A)'' 
        and inserting ``subparagraphs (A) and (B)''; and
            (2) by adding at the end the following:
                    ``(C) eTOD and mobility projects.--
                            ``(i) In general.--Notwithstanding 
                        subparagraph (A), in the case of a project 
                        described in clause (ii), the maximum amount of 
                        a secured loan under this section shall be 49 
                        percent of the reasonably anticipated eligible 
                        project costs.
                            ``(ii) Project description.--For purposes 
                        of clause (i), a project eligible for the loan 
                        described in clause (i) shall be a project 
                        certified under section 4(i)(3) of the 
                        Promoting Equitable Transit-Oriented 
                        Development and Mobility Corridors Act.''.
    (c) Creditworthiness.--Section 602(a)(2) of title 23, United States 
Code, is amended by adding at the end the following:
                    ``(C) Additional creditworthiness factors.--
                Notwithstanding subparagraph (A), an applicant may 
                demonstrate creditworthiness under this paragraph by 
                providing--
                            ``(i) collateral;
                            ``(ii) the applicant's audited financial 
                        data, including balance sheet, income 
                        statement, and cash flow statements; or
                            ``(iii) cash flow projections from a 
                        project.''.
    (d) Direct Loans and Loan Guarantees.--Section 502(b) of the 
Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 
822(b)) is amended--
            (1) in paragraph (1)(E)--
                    (A) in clause (ii) by striking the semicolon and 
                inserting ``; and'';
                    (B) in clause (iii) by striking ``; and'' and 
                inserting a period; and
                    (C) by striking clause (iv); and
            (2) by striking paragraph (3).
    (e) Conditions of Assistance.--Section 502(h)(4) of the Railroad 
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(h)(4)) 
is amended by inserting ``, except that a Federal match shall not be 
required for any project certified under section 4(i)(3) of the 
Promoting Equitable Transit-Oriented Development and Mobility Corridors 
Act or for a project that has dedicated revenues for affordable housing 
or public transportation.''

SEC. 10. LOCAL INFRASTRUCTURE BANK PROGRAM.

    Section 610 of title 23, United States Code, is amended--
            (1) in subsection (a)--
                    (A) by inserting ``or regional infrastructure 
                bank'' after ``State infrastructure bank'' each place 
                that it appears; and
                    (B) by adding at the end the following:
            ``(13) Local infrastructure bank.--The term `local 
        infrastructure bank' means an infrastructure bank of a city, 
        town, borough, county, parish, district, or other public body 
        created by, or pursuant to, State or Federal law.'';
            (2) in subsection (b) by inserting ``or local 
        infrastructure banks'' after ``State infrastructure banks'';
            (3) in subsection (d) by inserting ``or local 
        infrastructure bank'' after ``State infrastructure bank'' each 
        place that it appears; and
            (4) in subsection (e) by inserting ``or local 
        infrastructure bank'' after ``State infrastructure bank'' each 
        place that it appears.

SEC. 11. FIXED GUIDEWAY CAPITAL INVESTMENT GRANTS.

    Section 5309(a)(5) of title 49, United States Code, is amended--
            (1) in subparagraph (A) by striking ``; or'' and inserting 
        a semicolon;
            (2) in subparagraph (B) by striking the period and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(C) a new affordable housing trust fund to 
                promote affordable housing.''.

SEC. 12. DEFINITIONS.

    (a) Capital Project.--Section 5302(3)(G)(iii) of title 49, United 
States Code, is amended by inserting ``or affordable housing'' after 
``public transportation''.
    (b) Affordable Housing.--Section 5302 of title 49, United States 
Code, is amended by adding at the end the following:
            ``(25) Affordable housing.--The term `affordable housing' 
        means--
                    ``(A) housing for which the household spends less 
                than 30 percent of income on housing costs; or
                    ``(B) housing for which the household spends 45 
                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 Development.''.
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