To amend title 23, United States Code, to modify the transportation finance infrastructure and innovation program with respect to community development financial institutions, and for other purposes.
About This Bill
Committee
Latest Action · July 26, 2023
Referred to the Subcommittee on Highways and Transit.
The Equitable Transit Oriented Development Support Act modifies the federal Transportation Infrastructure Finance and Innovation Act program to enable Community Development Financial Institutions, or CDFIs, to participate in financing transit-oriented development projects that benefit low-income communities. Under the bill, the Department of Transportation would provide secured loans to CDFIs, which would then establish dedicated accounts to make loans to developers of projects near transit stations that support affordable housing, community facilities, or businesses serving or owned by low-income residents. The bill sets aside up to 10 percent of annual TIFIA program funding for these CDFI accounts, with any unobligated funds revert available for other projects after June 1. CDFIs participating in the program would be required to establish loan accounts with repayments cycling back into additional lending, creating a revolving fund structure, and must submit annual reports to the Transportation Department. The Secretary of Transportation would work with the Treasury Department to assess the creditworthiness of CDFI applicants and oversee program implementation, which must begin within 180 days of enactment.
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