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119-hr-7062119th CongressWALLET

Build HUBS Act

Sponsored By: Representative Friedman, Laura [D-CA-30]

In Committee

Summary

This bill expands federal credit for building attainable housing near transit. It extends TIFIA and RRIF through 2027–2031, creates a delegated origination and underwriting program to speed lending, and narrows some NEPA reviews for transit-oriented development.

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Bill Overview

Analyzed Economic Effects

9 provisions identified: 6 benefits, 1 costs, 2 mixed.

Definitions for transit-oriented projects

If enacted, the bill would define which development counts as transit-oriented (within one-half mile of qualifying stations and able to generate new revenue for the station or service). It would also define railroad-serviced transportation-oriented projects with a similar one-half mile rule and a requirement that value be reinvested in the rail station or service. These definitions would decide which projects can use the bill's lending and review rules.

More TIFIA help for affordable units

If enacted, the bill would define "attainable housing projects" as transit-area projects that serve households up to 120% of AMI and have a majority of units affordable to households at or below 80% of AMI. For such TIFIA projects, at least 75% of total TIFIA assistance would have to be used for the residential components. These rules would direct more TIFIA support to housing near transit.

Delegated lenders and new credit tests

If enacted, the bill would create a delegated origination, underwriting, and servicing program for TIFIA and RRIF. Approved private originator-servicers would underwrite and certify creditworthiness under Secretary oversight and must service loans for their life. The bill would also allow alternatives to an investment-grade rating, including joint liability with a rated government, an alternative rating for Federal credit instruments $150,000,000 or less, or certification by an approved originator-servicer.

TIFIA and RRIF authorization extended

If enacted, the bill would extend the statutory authorization windows for both TIFIA and RRIF so each program is authorized for fiscal years 2027 through 2031. That keeps the credit programs available to finance transit and rail-related development in those years.

Lower loan rates for attainable housing

If enacted, the bill would set TIFIA and RRIF loan interest for qualifying "attainable housing" projects at one-half of the Treasury rate on the loan execution date. This applies only to projects that meet the bill's attainable housing definition. The lower rate would reduce borrowing costs for developers and may help lower rents or sale prices for housing built near transit.

TIFIA loan size capped at 75%

If enacted, the bill would limit secured TIFIA loans for qualifying transit-oriented development projects with significant housing components or public partners to no more than 75 percent of reasonably anticipated eligible project costs. Project sponsors would need other financing for the remaining costs.

Streamlined NEPA rules for transit projects

If enacted, the bill would limit NEPA review for some pre-award land acquisitions for TOD and create categorical exclusions for office-to-residential conversions and certain construction on previously disturbed transportation land. The pre-award exemption would not apply to parcel parts that a public entity will own for most of the loan term. These rules would speed some projects but narrow environmental review in specific cases.

Clear fees and underwriting guidance

If enacted, the bill would require the Secretary and approved originator-servicers to publish clear fee schedules and underwriting guidance for TIFIA and RRIF transit-oriented projects. Guidance must cover debt-service coverage ratios, loan-to-cost and loan-to-value limits, and distribution covenants. The bill would also broadly prohibit fees for some RRIF loans except as the law allows.

RRIF projects must coordinate with MPOs

If enacted, the bill would require RRIF applicants for transportation-oriented projects to notify and coordinate with the local metropolitan planning organization. Applicants must share project details, transportation impacts, and mitigation and show either a link to the local TIP/STIP or compatibility with the MPO long-range plan. These steps would become conditions of RRIF eligibility.

Sponsors & CoSponsors

Sponsor

Friedman, Laura [D-CA-30]

CA • D

Cosponsors

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 1/14/2026

  • Rep. Garbarino, Andrew R. [R-NY-2]

    NY • R

    Sponsored 2/4/2026

  • Rep. Peters, Scott H. [D-CA-50]

    CA • D

    Sponsored 2/11/2026

Roll Call Votes

No roll call votes available for this bill.

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