Build HUBS Act

Adds a new definition for "transportation-oriented development project", redesignates existing paragraphs (5)–(15) as (6)–(16), and inserts a new definition for "attainable housing project" after paragraph (4).

Modifies provisions governing direct loans, guarantees, and creditworthiness: updates cross-references in subsection (b)(1)(E); revises subsection (e)(1) to separate out "The interest rate" and to exempt "Attainable Housing Project" eligible projects from the standard interest rate provision (specifying the rate shall be at of the Treasury Rate in effect on the date of execution of the loan agreement); adds subsection (f)(3)(E) providing alternative demonstrations of fiscal soundness for transportation-oriented development projects; and adds subsection (o) establishing a delegated origination and underwriting program (with requirements for approved originator-servicers, regulations, and an interagency agreement with HUD).

Removes existing subsection (m) and replaces it with a new subsection (m) prohibiting the Secretary from assessing any fees or charges in connection with a direct loan or loan guarantee under section 22402 (with a requirement to publish a fee structure), adds subsection (n) requiring the Secretary and approved originator-servicers to publish guidance on eligibility requirements for transportation-oriented development projects, adds subsection (o) requiring coordination with metropolitan planning organizations and demonstration of nexus or compatibility with applicable TIP or long‑range transportation plans, and adds subsection (p) creating a limited NEPA exception and categorical exclusions for certain activities.

Extends the authorization period by striking "2022 through 2026" and inserting "2027 through 2031".

Creates a statutory provision in title 49 stating that the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) shall not apply to land acquisition activities with respect to a transportation-oriented development project, except for project components located within the geographic boundaries of the parcel acquired that will be owned, in full or in part, by a public entity for the majority of the loan term, and establishes categorical exclusions for specified activities.

Redesignates existing definition paragraphs and inserts new definitions, including 'attainable housing project', 'investment-creditworthiness assessment alternative', and 'transit-oriented development project'; makes related minor wording changes.

Modifies eligibility and project selection rules to add special provisions for transit-oriented development (TOD) and attainable housing projects, including planning compatibility and coordination requirements, NEPA pre-award acquisition treatment for TOD, categorical exclusion authority for certain TOD activities, and a requirement that at least 75% of TIFIA financial assistance for an attainable housing project be used for residential components. Also adjusts language related to investment-creditworthiness assessment alternatives and adds cross-reference to 49 U.S.C. 5333(a).

Updates secured loan provisions to allow use of an investment-creditworthiness assessment alternative (in addition to investment-grade ratings), caps secured loans for certain TOD projects at 75% of reasonably anticipated eligible project costs, requires development of a public fee structure, and directs publication of guidance on project requirements (debt-service coverage ratios, loan-to-cost/value thresholds, distribution covenants). Also adds an interest-rate provision for attainable housing projects (ties to the Treasury Rate as stated).

Section 604(a)(4) is amended by inserting additional text (the amendment is indicated in the section but the inserted text fragment is not shown in the provided excerpt).

Modifies funding limitations: replaces language for paragraph (4) to create a 'Limitation for airport-related projects' and redesignates internal clauses; and extends the fiscal year applicability in paragraph (6) from 'fiscal years 2022 through 2026' to 'fiscal years 2027 through 2031'.