This bill creates a federal grant program to help states and local governments develop value capture strategies that fund public transportation and affordable housing near transit stations. Value capture is a financing approach that captures some of the increased property value created when the government invests in transit infrastructure, using that value to fund transit improvements and affordable housing. To qualify for grants, recipients must show how the funding will increase transit ridership and capacity while reducing carbon emissions, vehicle miles traveled, and traffic congestion, and they must maintain their existing spending levels on these programs. The bill requires the Department of Transportation to publish a report within 15 months cataloging existing state and local value capture policies, and to establish voluntary standards and best practices by October 1, 2025. Grantees must evaluate their results within three years and ensure that construction workers are paid prevailing wages under the Davis-Bacon Act.
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