Build Housing, Unlock Benefits and Services Act; Build HUBS Act
Summary
The Build Housing, Unlock Benefits and Services Act, or Build HUBS Act, aims to address the housing availability and affordability crisis by amending titles 23 and 49 of the United States Code. It focuses on modifying rules related to eligible projects under the Transportation Infrastructure Finance and Innovation Act (TIFIA) program and the Railroad Rehabilitation and Improvement Financing (RRIF) program. The bill also seeks to establish a transit-oriented development financing program for projects of a certain size.
Key provisions include extending the TIFIA program through 2031, defining 'attainable housing projects,' and introducing 'investment-creditworthiness assessment alternatives.' It also streamlines environmental review processes for transit-oriented development projects and promotes public-private partnerships.
Ultimately, the bill intends to boost housing production and improve economic development near transit nodes nationwide by making financing more accessible and efficient.
Expected Effects
This act will likely increase the number of transit-oriented development projects by providing more accessible financing options through the TIFIA and RRIF programs. It could lead to more affordable housing options near transit facilities.
The streamlined processes and extended program durations may encourage more public-private partnerships in housing and transportation infrastructure. The delegated origination and underwriting programs could reduce processing times and administrative burdens.
Potential Benefits
- Increased housing availability and affordability, particularly near transit hubs.
- Stimulated economic development and revitalization of neighborhoods.
- Improved access to transit, jobs, and services for residents.
- More efficient use of federal financing programs for infrastructure and housing.
- Streamlined environmental review processes for certain development projects.
Potential Disadvantages
- Potential for increased development density in areas near transit, which may strain local resources.
- Risk of prioritizing transit-oriented development over other community needs.
- Possible displacement of existing residents due to increased property values.
- Complexity in navigating the application processes for the financing programs.
- Reliance on public-private partnerships, which may not always align with community interests.
Constitutional Alignment
The bill's focus on infrastructure and economic development aligns with the General Welfare Clause (Article I, Section 8) of the Constitution, which empowers Congress to provide for the well-being of the nation. The bill does not appear to infringe upon any specific individual liberties or rights protected by the Bill of Rights.
However, the delegation of underwriting authority to private entities raises questions about accountability and oversight, which could potentially implicate due process concerns if not properly managed. The Commerce Clause (Article I, Section 8) provides a basis for federal regulation of activities that substantially affect interstate commerce, which could justify federal involvement in transit-oriented development projects.
Overall, the bill appears to be within the constitutional powers of Congress, provided that the delegated authority is exercised with appropriate safeguards and oversight.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).