Transit Oriented Development Act of 2022

Hozzl · 2022-12-29T18:18:47Z

Explore the details of House Bill 8401 Transit Oriented Development Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 6:18 PM

Summary of Bill HR 8401

Bill 117 HR 8401, also known as the Transit Oriented Development Act of 2022, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to promote and support the development of transit-oriented communities across the country.

The bill aims to encourage the construction of mixed-use developments, such as residential buildings, commercial spaces, and public amenities, in close proximity to public transportation hubs. By doing so, the bill seeks to reduce reliance on cars, decrease traffic congestion, and improve access to affordable housing and job opportunities.

Key provisions of the Transit Oriented Development Act of 2022 include providing grants and funding to local governments and developers to support the planning and construction of transit-oriented projects. The bill also includes incentives for the creation of affordable housing units within these developments, as well as measures to ensure that new developments are accessible to people of all income levels. Additionally, the bill emphasizes the importance of community engagement and collaboration in the planning and implementation of transit-oriented projects. It encourages partnerships between government agencies, private developers, and community organizations to ensure that the needs and preferences of local residents are taken into account. Overall, the Transit Oriented Development Act of 2022 aims to promote sustainable, equitable, and vibrant communities by leveraging public transportation infrastructure to support smart growth and economic development.

Congressional Summary of HR 8401

Transit Oriented Development Act of 2022

This bill increases the low-income housing tax credit for buildings in transit-oriented development areas. The bill defines a transit-oriented development area as a designated area located within 1/2 mile from a rail, bus, harbor, or waterway station and zoned for high density. It also provides for an increase in the credit for buildings in high cost areas in non-contiguous states (i.e., Alaska and Hawaii) and U.S. possessions.

The bill directs the Department of Housing and Urban Development to study cost-of-living differences throughout the United States based on geographic location and proximity and accessibility to transit.

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Current Status of Bill HR 8401

Bill HR 8401 is currently in the status of Bill Introduced since July 15, 2022. Bill HR 8401 was introduced during Congress 117 and was introduced to the House on July 15, 2022. Bill HR 8401's most recent activity was Referred to the House Committee on Ways and Means. as of July 15, 2022

Bipartisan Support of Bill HR 8401

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 8401

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8401

Transit Oriented Development Act of 2022

To amend the Internal Revenue Code of 1986 to modify the low-income housing tax credit to incentivize affordable and transit-oriented development and development in certain difficult development areas, and for other purposes.