A new law seeks to create more affordable housing near transit-served communities. Here’s what you need to know.
Thanks to the diligent efforts of the National Apartment Association’s (NAA) advocates nationwide, the Promoting Affordable Housing Near Transit Act was recently included in the National Defense Authorization Act (NDAA) and signed into law by President Biden. The legislation, which is a critical step in resolving the nation’s housing affordability crisis, will create more affordable housing near transit-served communities.
The Promoting Affordable Housing Near Transit Act establishes a process by which a non-profit organization or other third-party entities can receive a land transfer from a federal transit grant recipient at zero cost for the purposes of affordable housing development. The provision requires recipients to have a demonstrated track record of developing affordable housing and requires the Secretary of Transportation to certify that at least 40 percent of the units are affordable to households with incomes at or below 60 percent of AMI and that the housing will remain affordable for 30 years.
Introduced by Congressman Adam Smith (D-WA) and championed in the Senate by Sen. Patty Murray (D-WA), the new law largely parallels the Build More Housing Near Transit Act, which is still under consideration in Congress. NAA actively supports this piece of legislation too as it also strives to spur the development of housing in transit-served locations.
NAA remains steadfast in its commitment to pursue sustainable and responsible solutions to our nation’s housing affordability crisis, and is pleased that this critical piece of legislation has now become law.