H.R. 6228 — Unlocking Affordable Housing Act

This section modifies creditworthiness requirements under the TIFIA program (i.e., federal loans, loan guarantees, and lines of credit for surface transportation projects) and the RRIF program (i.e., direct loans and loan guarantees for railroad infrastructure) to permit assistance for eligible projects under 23 U.S.C. §601(a)(12)(E) and 49 U.S.C. §22402(b)(1)(F), respectively, that include residential development activities (which may include mixed-use development). (1) For TIFIA, it excepts such projects from standard investment-grade rating requirements under 23 U.S.C. §602(a)(2), instead requiring standards determined by the Secretary of Transportation, in consultation with the Secretary of Housing and Urban Development, to safeguard TIFIA's financial stability and align with HUD's similar eligibility requirements; (2) for TIFIA lines of credit under 23 U.S.C. §604(a)(4), it similarly conditions funding on such evidence of creditworthiness for senior obligations; and (3) for RRIF under 49 U.S.C. §22402(f)(3), it establishes comparable creditworthiness evidence requirements for such projects. The Secretary of Transportation, in consultation with the Secretary of Housing and Urban Development, must prescribe implementing regulations within 180 days after enactment. The amendments take effect 180 days after enactment and apply to loans and lines of credit issued on or after that date. It makes conforming amendments to TIFIA definitions, rating letter requirements, and related provisions (including removing the September 30, 2026, date limitation on eligible projects under 23 U.S.C. §601(a)(12)(E)). (Thus, these projects may access TIFIA or RRIF assistance without a full investment-grade rating if they meet the tailored standards.)