Incentivizing Value Capture for Greener Transportation Act

HR 4609, the *Incentivizing Value Capture for Greener Transportation Act*, provides federal grants to state and local governments to develop "value capture" systems that fund public transit and affordable housing near transit hubs. The bill requires grantees to demonstrate increased transit ridership and reduced emissions/VMT (vehicle miles traveled) while maintaining their own funding levels for transit programs. Key provisions include technical assistance grants, performance benchmarks, and rules to prevent local governments from cutting transit funding after receiving federal support. This directly affects cities and counties seeking to use rising property values near transit investments to finance greener transportation, aiming to reduce congestion, emissions, and car dependency.