Introduction of the Public Buildings Renewal Act of 2021

Floor Speech

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Mr. BLUMENAUER. Madam Speaker, today I introduced the Revitalizing Economies, Housing, and Businesses (REHAB) Act of 2021. This legislation incentivizes equitable transit-oriented development by providing a 15 percent tax credit for expenses related to the rehabilitation of buildings that are more than 50 years old, including adjacent development on the same block, provided that the project is within a half-mile of an existing or planned public transportation center. The legislation also provides a bonus credit of 25 percent for expenses associated with the provision of affordable housing and public infrastructure.

While existing community development incentives do an excellent job at targeting their segment of the market, there is a noticeable gap in equitable transit-oriented development. As more Americans move to urban areas, communities face difficult decisions in accommodating increased congestion and affordability concerns, all while seeking to keep their carbon footprint light. By focusing on the rehabilitation of existing assets that are near public transportation, projects are lighter on the land and residents can more easily access jobs and services via transit. Encouraging affordable housing investments in transit-rich areas will transform areas that are often some of the least affordable. Taken together, provisions in the REHAB Act encourage preservation, accessibility, and affordability and will create more livable communities.

I look forward to working with my colleagues in the House and Senate to include this legislation in an upcoming infrastructure investment package.

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