The Build HUBS Act addresses the housing affordability crisis by streamlining federal financing for transit-oriented development—mixed-use housing and commercial projects built near public transportation—and affordable housing initiatives. The bill extends and expands the Transportation Infrastructure Finance and Innovation Act (TIFIA) program through fiscal year 2031, establishes new definitions for eligible projects, and creates an alternative creditworthiness assessment that allows smaller and innovative projects to access federal loans without traditional investment-grade credit ratings. To reduce delays and red tape, the bill authorizes qualified private lenders to originate and underwrite TIFIA loans on behalf of the federal government, similar to existing HUD programs, with the Secretary of Transportation required to issue implementing regulations within 180 days. The legislation preserves state and local zoning authority, ensuring it does not override existing land use laws. Overall, the act aims to make federal financing more accessible and faster for communities seeking to develop affordable housing near transit hubs.
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