H.R. 8607, the Equitable Transit Oriented Development Support Act, amends federal transportation financing law to help Community Development Financial Institutions (CDFIs) support affordable housing and development projects near public transit in low-income communities. The bill modifies the existing TIFIA federal credit program to allow CDFIs to qualify for federal loans, establishes a dedicated CDFI Transit-Oriented Development account, and sets aside 10% of funding specifically for CDFI projects. Under the program, CDFIs can lend up to 80% of project costs to developers, with loan repayment beginning within 5 years and maturing within 30 years at rates covering only administrative costs, while CDFIs are capped at spending 2% of federal assistance on administrative expenses. The legislation includes annual reporting requirements and oversight provisions to ensure funds are properly managed and deployed to support equitable development near transit that expands affordable housing and economic opportunity in underserved areas.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.