Build HUBS Act

Increased Housing Affordability: The bill defines "attainable housing projects" to serve households with incomes not more than 120 percent of the area median income, with the majority of units being affordable to those at or below 80 percent of the area median income (Section 3(b)(2); Section 4(b)(2)).

Lower Interest Rates for Housing: For "attainable housing projects," the interest rate on loans provided under the TIFIA program will be set at 1/2 of the Treasury Rate in effect on the date of the loan agreement (Section 3(d)(4)(D)). Similar interest rate rules are applied to eligible projects under the RRIF program (Section 4(b)(1)(B)).

Easier Access to Financing: The bill introduces "investment-creditworthiness assessment alternatives," which allow projects to demonstrate fiscal soundness without needing a traditional investment-grade rating (Section 3(b)(2)(5); Section 3(c)(1)).

Streamlined Project Development: By establishing a delegated origination and underwriting program, the bill aims to reduce administrative burdens and processing times for transit-oriented development projects (Section 3(g)(1); Section 4(o)(1)).

Environmental Review Relief: The bill provides categorical exclusions from the National Environmental Policy Act of 1969 for certain activities, such as the rehabilitation or conversion of existing office buildings to residential or mixed use (Section 3(c)(3); Section 4(p)(2)).

Funding Restrictions for Housing: For "attainable housing projects" assisted under the TIFIA program, not less than 75 percent of the total financial assistance must be used specifically for residential components (Section 3(c)(1)(D)).

Loan Limitations: For transit-oriented development projects that include significant housing components or partnerships, the amount of a secured loan shall not exceed 75 percent of the reasonably anticipated eligible project costs (Section 3(d)(2)(B)).