November 20, 2025
Ms. Scholten (for herself, Mr. Bresnahan, and Ms. McBride) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure
To amend titles 23 and 49, United States Code, to direct the Secretary of Transportation to establish creditworthiness standards for residential and mix-use development projects to be eligible for TIFIA funds and RRIF funds, and for other purposes.
Section 1. Short title
This Act may be cited as the Unlocking Affordable Housing Act
.
Sec. 2. Creditworthiness of residential and mixed-use development activities for purposes of eligibility for TIFIA and RRIF funds
(a) TIFIA creditworthiness of residential and mixed-Use development activities
(1) In general
Section 602(a)(2) of title 23, United States Code, is amended—
(A)
in subparagraph (A) by striking To be eligible
and inserting Except as provided in subparagraph (C), to be eligible
;
(B)
in subparagraph (B), by striking Notwithstanding subparagraph (A)
and inserting Except as provided in subparagraph (C), notwithstanding subparagraph (A)
; and
(C)
by adding at the end the following new subparagraph:
(C) Residential development activities
To be eligible for assistance under the TIFIA program, a project described in section 601(a)(12)(E) that includes residential development activities (which may include mixed-use development activities) shall satisfy such creditworthiness standards as the Secretary, in consultation with the Secretary of Housing and Urban Development, determines to be appropriate to—
(i)
safeguard the financial stability of the TIFIA program; and
(ii)
align, to the extent practicable, such creditworthiness standards with any similar requirements established by the Secretary of Housing and Urban Development with respect to eligibility for assistance for such activities under programs of the Department of Housing and Urban Development.
(2) Conforming amendments
(A) TIFIA Definitions
Section 601(a) of title 23, United States Code, is amended—
(i)
in paragraph (6)(D) by striking TIFIA program
and inserting TIFIA program applicable to the project
;
(ii)
in paragraph (10)(D) by striking agreement, including
and inserting agreement, including, if applicable
; and
(iii)
in paragraph (12)(E)(ii) by striking , by not later than September 30, 2026,
.
(B) Rating letter requirements
(i) In general
Section 602(b)(3) of title 23, United States Code, is amended by striking each project applicant
and inserting each applicant for TIFIA assistance for a project for which an investment-grade rating is required under subsection (a)(2)
.
(ii) Secured loans requirements
Section 603(a)(3) of title 23, United States Code, is amended by striking each rating letter
and inserting any rating letters
.
(iii) Lines of credit requirements
Section 604(a) of title 23, United States Code, is amended—
(I)
in paragraph (3)—
(aa)
by striking section 602(b)(3)
and inserting section 602(b)(3), if any
; and
(bb)
by striking the rating opinion letter
and inserting any such rating opinion letters
; and
(II)
in paragraph (4) to read as follows:
(4) Creditworthiness of senior obligations
(A) Investment-grade rating requirement
Except as provided in subparagraph (B), the funding of a line of credit under this section shall be contingent on the senior obligations of the project receiving an investment-grade rating from 2 rating agencies.
(B) Requirements for residential development activities
The funding of a line of credit under this section for a project described in section 601(a)(12)(E) that includes residential development activities (which may include mixed-use development activities) shall be contingent on such evidence of creditworthiness of the senior obligations of the project as the Secretary, in consultation with the Secretary of Housing and Urban Development, determines appropriate to—
(i)
safeguard the financial stability of the TIFIA program; and
(ii)
align, to the extent practicable, requirements relating to such evidence of creditworthiness with any similar requirements established by the Secretary of Housing and Urban Development with respect to assistance for such activities under programs of the Department of Housing and Urban Development.
(b) RRIF Creditworthiness of residential and mixed-Use development activities
Section 22402(f)(3) of title 49, United States Code, is amended—
(1)
in subparagraph (C) by striking guarantee is greater
and inserting guarantee for any project other than a project described in subsection (b)(1)(F) that includes residential development (which may include mixed-use development) is greater
; and
(2)
by adding at the end the following new subparagraph:
(E)
With respect to any project described in subsection (b)(1)(F) that includes residential development (which may include mixed-use development), such evidence of creditworthiness as the Secretary, in consultation with the Secretary of Housing and Urban Development, determines to be appropriate—
(i)
to align, to the extent practicable, such creditworthiness standards with any similar requirements established by the Secretary of Housing and Urban Development with respect to eligibility for assistance for such activities under programs of the Department of Housing and Urban Development; and
(ii)
to safeguard the financial stability of the program under this chapter.
(c) Regulations
Not later than 180 days after the date of enactment of this section, the Secretary of Transportation, in consultation with the Secretary of Housing and Urban Development, shall prescribe regulations to carry out—
(1)
sections 602(a)(2)(C) and 604(a)(4)(B) of title 23, United States Code, as added by this section; and
(2)
section 22402(f)(3)(E) of title 49, United States Code, as added by this section.
(d) Effective date; applicability
The amendments made by subsections (a) and (b) shall take effect on the date that is 180 days after the date of enactment of this section and shall apply with respect to any loan or line of credit issued under the TIFIA program or chapter 224 of title 49, United States Code, on or after such date.
(e) TIFIA program defined
The term TIFIA program shall have the meaning given such term in section 601(a) of title 23, United States Code.