Value capture policy and planning program

(a) In general Chapter 53 of title 49, United States Code, is amended by adding at the end the following: 5341. Technical assistance and value capture policy (a) Technical assistance and policy development (1) Technical assistance The Secretary may make grants to States and local governments to— (A) develop State and local value capture mechanisms for long-term funding that promote mobility, public transportation, and affordable transit-oriented development; (B) improve public transportation and mobility for individuals; and (C) develop strategic partnerships that lead to greater long-term and robust investments in public transportation, mobility, inclusive economic development, and affordable transit-oriented development. (2) Value capture policy Not later than October 1 of the fiscal year that begins 2 years after the date of enactment of this section, the Secretary, in collaboration with State departments of transportation, metropolitan planning organizations, and regional governments, shall establish voluntary value capture standards for value capture mechanisms that promote greater investments into public transportation and affordable transit-oriented development. (3) Technical assistance The Secretary, through a competitive bid process, may enter into contracts, cooperative agreements, and other agreements with nonprofit organizations that have a demonstrated capacity to provide value capture-related technical assistance to grant recipients. (b) Report Not later than 15 months after the date of enactment of this section, the Secretary shall create a report, and make such report available to the public, that contains examples of State and local law and policy that provide for value capture that promotes greater investment in public transportation and affordable transit-oriented development. (c) Best practices Based on the report required under subsection (b), the Secretary shall identify and disseminate to State departments of transportation, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on Environment and Public Works, and the Committee on Appropriations of the Senate, and the Committee on Transportation and Infrastructure, the Committee on Ways and Means, and the Committee on Appropriations of the House of Representatives examples of best practices where States and local governments have adopted value capture mechanisms that have successfully provided for greater investment in public transportation and affordable transit-oriented development. (d) Definitions In this section: (1) Value capture The term value capture means collecting from an entity a portion of the economic value created by government investments, activities, and policies that have generated alternative revenue streams, assets, or other financial value and repurposing such economic value to assist in funding government investments and activities. (2) Affordable transit-oriented development The term affordable transit-oriented development means development of commercial and residential areas located near public transportation stations that promotes affordable housing and affordable commercial space. (3) Local government The term local government means— (A) any county, city, town, township, parish, village, or other general purpose political subdivision of a State; and (B) any combination of political subdivisions or appropriate government entities including special assessment districts. (4) Public Transportation The term public transportation has the meaning given the term in section 5302 of title 49, United States Code.. (b) Clerical amendment The analysis for chapter 53 of title 49, United States Code, is amended by adding at the end the following: 5341. Technical assistance and value capture policy..