Sec. 2. Affordable housing incentives in capital investment grants
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Section 5309 of title 49, United States Code, is amended— in subsection (g)— in paragraph (2)(B)— in clause
(i)by striking ; and and inserting a semicolon; in clause
(ii)by striking the period and inserting ; and ; and by adding at the end the following: allow a weighting of up to five percentage points greater to the criteria relating to economic development under subsection (d)(2)(A)(iii) or (e)(2)(A)(iv), as applicable, and up to five percentage points lesser to the lowest scoring criteria under either such subsection, if the applicant demonstrates substantial effort to preserve or encourage affordable housing near the project by— providing documentation of policies that allow for the approval of multi-family housing, single room occupancy units, and accessory dwelling units without a discretionary review process; providing local capital sources for transit-oriented development; or other methods, as determined appropriate by the Secretary. ; in paragraph (3)— in subparagraph
(C)by striking and at the end; by redesignating subparagraph
(D)as subparagraph (E); and by inserting after subparagraph
(C)the following: in the case of a warrant that applies to the criteria relating to economic development under subsection (d)(2)(A)(iii) or (e)(2)(A)(iv), the applicant that requests the use of such warrant has completed and submitted a housing feasibility assessment; and ; and by adding at the end the following: In this subsection, the term housing feasibility assessment means an analysis of the physical, legal, and financial viability of developing additional housing along a project corridor. ; and in subsection (l)(4)— in subparagraph
(B)by striking ; or and inserting a semicolon; in subparagraph
(C)by striking the period at the end and inserting ; or ; and by adding at the end the following: from grant proceeds distributed under section 103 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5303 ) or section 201 of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3141 ), except that— such proceeds are used in conjunction with the planning or development of affordable housing; and such affordable housing is located within one-half of a mile of a new defined station. .
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