Amends the Infrastructure Investment and Jobs Act to include affordable housing considerations in the reconnecting communities pilot program.
Defines “community land trust” as a nonprofit or government entity focused on providing long-term affordable housing for low- and moderate-income individuals.
Expands the definition of “eligible facility” to include the preservation or creation of long-term affordable housing units around existing facilities.
Requires evaluation of the impact of facility mitigation, retrofit, or removal on affordable housing supply in the surrounding area.
Mandates housing planning activities to ensure the preservation of affordable housing around eligible facilities, including:
Incorporation of long-term affordability measures through community land trusts and other shared equity programs.
Planning for property use by community land trusts or nonprofits to create affordable housing.
Implementation of land value taxes or tax increment financing for affordable housing funding.
Emphasizes the importance of preserving existing affordable housing and preventing resident displacement.
Requires a joint report by the Secretary and the Secretary of Housing and Urban Development by January 1, 2027, evaluating the program’s impact on rent, homeownership costs, demographic changes, and partnerships with affordable housing organizations.