The bill would let the Secretary of Transportation authorize recipients of certain transportation assistance to transfer property that is no longer needed for its original purpose. The property could go to a local government or nonprofit for transit-oriented housing. A third-party entity could receive it if local governments and nonprofits cannot, the transfer’s overall benefit is greater than the Government’s interest in selling the property, and the entity has a satisfactory record in affordable housing.
For 30 years after transfer, at least 40 percent of housing units built on the property would have to be reserved for families with incomes at or below 60 percent of the area median income. Rent for those units could not exceed 30 percent of a family’s adjusted income. At least 20 percent of the units in that reserved group would have to be for families with incomes at or below 30 percent of area median income.
If you are part of a qualifying family, the bill could require some homes built on transferred property to be reserved for families with incomes within the stated limits. The bill does not guarantee that housing will be built in any specific location.
The bill does not specify program costs or funding amounts. It allows an authorized transfer with no further obligation to the Government.
No publicly available information.
No publicly available information.