This bill aims to address significant environmental and economic challenges, including rising greenhouse gas emissions from the transportation sector, increasing vehicle miles traveled, and costly traffic congestion, by promoting value capture as an innovative solution. It authorizes the Secretary of Transportation to establish a grant program, offering financial assistance to state and local governments to develop more effective value capture mechanisms for long-term funding. These grants are designed to improve public transportation and mobility, and foster strategic partnerships that drive robust investments in public transportation, inclusive economic development, and affordable transit-oriented development. To be eligible for these grants, applicants must demonstrate how the funds will lead to a demonstrable increase in transit capacity and ridership and a reduction in carbon dioxide emissions , vehicle miles traveled , and congestion . Grantees must also certify a maintenance of effort , ensuring they sustain or increase their existing funding levels for value capture initiatives, public transportation, or affordable transit-oriented development programs. The bill also mandates adherence to Davis-Bacon Act prevailing wage requirements for construction work funded by these grants, with the Secretary having the authority to revoke funds for non-compliance. Furthermore, the Secretary is directed to establish voluntary and consensus-based value capture standards, policies, and best practices in collaboration with state and regional entities. The Secretary must also report on existing state and local value capture laws and policies, and subsequently identify and disseminate examples of successful best practices. The bill defines value capture as capturing incremental economic value from government investments to generate alternative revenue streams for funding, and also provides definitions for transit-oriented development , affordable housing , and affordable commercial space .