This legislation amends Title 23, United States Code, to facilitate the development of transit-oriented dwelling units on underutilized land. It authorizes the Secretary to permit recipients of federal assistance to transfer real property, originally acquired with such aid but no longer needed for its intended purpose, to specific entities. These entities can include local governmental authorities or nonprofit organizations, or, under certain conditions, third-party developers. A crucial provision for any transfer is the contractual requirement for the receiving entity to ensure long-term affordability. Specifically, at least 40 percent of the housing units developed on the property must be reserved for families earning 60 percent or less of the area median income , with rent not exceeding 30 percent of their adjusted income. Of these reserved units, 20 percent must be set aside for families earning 30 percent or less of the area median income , with these affordability stipulations lasting for a 30-year period .