Transit Oriented Development Act of 2022 This bill increases the low-income housing tax credit for buildings in transit-oriented development areas. The bill defines a transit-oriented development area as a designated area located within 1/2 mile from a rail, bus, harbor, or waterway station and zoned for high density. It also provides for an increase in the credit for buildings in high cost areas in non-contiguous states (i.e., Alaska and Hawaii) and U.S. possessions. The bill directs the Department of Housing and Urban Development to study cost-of-living differences throughout the United States based on geographic location and proximity and accessibility to transit.