Rep. Earl L. “Buddy” Carter (R-GA) and Rep. Greg Stanton (D-AZ) have introduced the Catalyzing Housing and American Ready Growth and Expansion (CHARGE) Investments Act. The bill aims to promote economic development by updating eligibility criteria for Transit Oriented Development (TOD) projects, potentially creating jobs, adding housing, revitalizing urban areas, and boosting long-term economic growth without increasing the federal deficit.
Current federal regulations restrict TOD loans to projects within a half-mile radius of intercity rail stations, which primarily benefits older Northeast cities. The CHARGE Investments Act seeks to expand this eligibility radius for cities where the central business district is more than half a mile from intercity or light rail stations. Under the new act, projects within a two-mile radius of intercity rail stations or a quarter-mile radius from light rail stations will be eligible.
Rep. Carter stated that modernizing the Railroad Rehabilitation and Improvement Financing program through this act could stimulate economic activity across Georgia and nationwide, ensuring equal opportunities for all regions.
Rep. Stanton emphasized the impact of light rail on Arizona’s economy and highlighted the need for tools to develop affordable housing near city centers as living costs rise in Arizona.
The CHARGE Investments Act maintains fiscal responsibility by requiring at least 25% private or non-federal investment while expanding access to cities previously excluded due to outdated rules. These investments typically generate substantial returns for the Treasury via growth in construction, housing, hospitality, and retail sectors.
Rosanna Maietta from the American Hotel & Lodging Association praised the legislation as a pathway for hotel industry development projects meeting local demand. Kamalesh Patel from AAHOA supported its market-driven investment approach while safeguarding taxpayer dollars through loan-based financing with private capital contributions.
Chris Hardman from the Georgia Hotel and Lodging Association commended Carter’s leadership on this pro-growth legislation facilitating redevelopment near transit corridors.
