To amend title 23 and title 49, United States Code, to remove transit-oriented development projects as projects eligible for assistance under the transportation infrastructure finance and innovation program and the railroad rehabilitation and improvement financing program, and for other purposes.

On April 9, 2026, Rep. Scott Perry (R-PA) introduced HR 8230, the NO TOD Act, in the House. The bill was referred to the House Committee on Transportation and Infrastructure — standard first-step procedure. As of April 30, 2026, the bill has seen no additional action. This is an authorizing bill that does not allocate or appropriate any funds; its mechanism is to remove a specific project category (transit-oriented development) from eligibility under two existing credit programs, TIFIA (Transportation Infrastructure Finance and Innovation Act) and RRIF (Railroad Rehabilitation and Improvement Financing). No funding is authorized or appropriated by this bill — it merely restricts access to existing credit facilities.

The money trail: TIFIA and RRIF are federal credit programs that provide direct loans, loan guarantees, and lines of credit to eligible infrastructure projects. The bill would not reduce the total amount of credit available under these programs but would reallocate it by disqualifying TOD projects. Traditional infrastructure borrowers (highway, bridge, rail, port projects) would face slightly less competition for the same pool of federal credit. However, because TOD projects are a relatively small portion of TIFIA/RRIF lending, the reallocation effect is marginal.

Structural winners and losers: The primary losers are developers and real estate companies that finance TOD projects through these federal credit programs. Public homebuilders like NVR (NVR) and Lennar (LEN) have some exposure through mixed-use TOD communities, but most of their financing comes from conventional bank loans and bond markets, not TIFIA/RRIF. PulteGroup (PHM) similarly has limited direct exposure. The bill's impact on Kinder Morgan (KMI) is negligible — KMI's pipeline and energy infrastructure projects rarely qualify as TOD under TIFIA/RRIF definitions. No pure-play TOD financing companies are publicly traded.

Real market data analysis: Over the 7 days ending April 30, 2026, homebuilders have experienced notable declines: NVR down 3.53%, LEN down 4.63%, PHM down 4.01%. The broader 30-day picture is mixed: NVR -4.78%, LEN +3.29%, PHM +4.11%. However, these moves are primarily driven by interest rate expectations, housing market dynamics, and broader macroeconomic factors — not by the introduction of HR 8230, which has received minimal media or investor attention.

Timeline: The bill is in early legislative stages. It must pass the House Transportation Committee, the full House, the Senate, and be signed by the President. With a Republican sponsor in a closely divided 119th Congress, and given the bill's narrow scope targeting a constituency (transit-oriented development) that has limited political clout, passage probability is low in the current session. No hearing or markup has been scheduled.