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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 26, 2021.
Equitable Transit Oriented Development Support Act
This bill revises the transportation finance infrastructure and innovation (TIFIA) program to make community development financial institutions (CDFIs) eligible for federal transportation infrastructure loans.
The loans must be used for CDFI transit-oriented development projects located within one-half mile in an urban area or three-fourths of a mile in a rural area of a fixed guideway transit facility, passenger rail station, intercity bus station or intermodal facility that supports (1) commercial facilities or businesses that are located in low-income communities, (2) community facilities that are located in low-income communities or principally serve low-income persons, or (3) housing that is principally affordable to low-income persons.
The Department of Transportation (DOT) must require any CDFI participating in the TIFIA program to establish a CDFI transit-oriented development account into which the proceeds of a secured loan made to the CDFI and any loan repayments from public or private entities receiving loans made to fund CDFI transit-oriented development projects will be deposited.
DOT must set-aside not more than 10% of funding available to carry out the TIFIA program for CDFI transit-oriented development accounts.