This bill creates a federal grant program to help states and local governments develop and implement "value capture" policies, which are mechanisms that reinvest increased property values created by public transportation investments back into transit systems and affordable housing. The legislation requires applicants to demonstrate how grant funds will increase transit ridership and capacity while reducing vehicle miles traveled, greenhouse gas emissions, and congestion. Recipients must maintain their existing funding levels for transit and affordable housing programs and comply with prevailing wage requirements for construction work. The Transportation Secretary is required to develop voluntary national standards for value capture policies within two years of enactment and publish a report on successful state and local examples within 15 months. Grantees must evaluate their results within three years to show whether the funding achieved its intended goals of boosting public transportation usage and reducing emissions.
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