Build HUBS Act

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

Lower Interest Rates for Housing: Attainable housing projects would receive interest rates at one-half of the Treasury Rate in effect on the date the loan agreement is executed (Section 3(d)(4)(D) and Section 4(b)(1)(B)).

Improved Financing Access: The bill introduces an "investment-creditworthiness assessment alternative," allowing projects to access financing without needing a traditional investment-grade rating (Section 3(b)(2)(5) and Section 3(c)(1)).

Streamlined Project Development: Transit-oriented development projects can benefit from categorical exclusions from the National Environmental Policy Act of 1969 for certain activities, such as converting existing office buildings or building on land disturbed for transportation use (Section 3(c)(3)(ii) and Section 4(d)(2)).

Greater Economic Opportunity: The bill notes that transit-oriented development can improve access to jobs and services while spurring neighborhood revitalization (Section 2(2)).

Increased Financial Risk Requirements: For TIFIA projects, the bill mandates that not less than 75 percent of the total financial assistance must be used for residential components in the case of attainable housing projects (Section 3(c)(1)(D)).

New Coordination Burdens: Project sponsors for transit-oriented development must now coordinate with metropolitan planning organizations by providing timely notification and sharing project details and impacts (Section s 3(c)(1)(B)(ii) and Section 4(o)(1)).

Project Restrictions: A secured loan for a transit-oriented development project that includes significant housing or attainable housing components shall not exceed 75 percent of the reasonably anticipated eligible project costs (Section 3(d)(1)(C)).