,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dagc ,,in ,,the ,,house ,,of ,,representatives ,march #f1 #bjad ,ms4 ,hahn 7for herself and ,mr4 ,gibson7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to establish the ,brownfield ,redevelopment and ,economic ,development ,innovative ,financing program to promote urban renewal1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,brownfield ,redevelopment and ,economic ,development ,innovative ,financing ,act of #bjad4 #b4 ,brownfield ,redevelopment and ,economic ,development ,innovative ,financing ,program 7a7 ,establishment and purpose ,the ,secretary of ,housing and ,urban ,development1 in consultation with the ,secretary of the ,treasury1 shall establish a program1 to be known as the ,brownfield ,redevelopment and ,economic ,development ,innovative ,financing program1 under which the ,secretary may guarantee1 and make commitments to guarantee1 the repayment of principal and interest on loans made by lenders to local governments1 local redevelopment agencies1 or ,,brac redevelopment projects for the purposes of carrying out projects for redeveloping brownfields and promoting urban renewal4 7b7 ,eligibility requirements 7#a7 ,application ,a local government1 local redevelopment agency1 or ,,brac redevelopment project shall be eligible to receive a loan guarantee under the ,program only if such government1 agency1 or project submits to the ,secretary 7at such time and in such form as the ,secretary may require7-- 7,a7 a master plan that meets the requirements under subsection 7c72 7,b7 a certification from the ,environmental ,protection ,agency1 or an entity designated by the ,environmental ,protection ,agency1 that the brownfield to be redeveloped under the master plan requires environmental remediation2 and 7,c7 any other information as the ,secretary may require4 7#b7 ,loan eligibility ,a loan may be guaranteed under the ,program only if the loan meets the following requirements3 7,a7 ,use ,such loan shall be used for costs of carrying out a project to redevelop brownfields and promote urban renewal1 which may include-- 7i7 acquisition of a brownfield site2 7ii7 remediation of a brownfield site2 7iii7 relocation of existing facilities in operation on the redevelopment site2 or 7iv7 site preparation1 including the installation of utilities1 sewers1 storm drains1 and transportation facilities4 7,b7 ,contamination ,a local government1 local redevelopment agency1 or ,,brac redevelopment project may not receive a loan guarantee under the ,program if the applying agency was responsible for contaminating a brownfield to be redeveloped using such loan4 7,c7 ,number of loans ,a local government1 local redevelopment agency1 or ,,brac redevelopment project may not at any time have more than one outstanding loan that is guaranteed under the ,program4 7,d7 ,amount of principal ,the original principal amount of such loan shall not-- 7i7 be less than #be1jjj1jjj2 and 7ii7 exceed the lesser of-- 7,i7 the total cost of the redevelopment project for which the loan is to be used2 or 7,,ii7 #aej1jjj1jjj4 7,e7 ,interest rate ,such loan shall bear interest at a rate negotiated between the lender and the borrower1 subject to any limitations that the ,secretary may establish4 7,f7 ,duration ,the term to maturity of such loan shall not be shorter than #bj years nor longer than #cj years4 7,g7 ,repayment ,such loan-- 7i7 shall not require any repayment of principal or interest within #aj years after the date that the lender makes the loan to the borrower2 and 7ii7 shall require that repayment shall begin not later than #ae years after the date that such loan is made4 7c7 ,master plan ,a master plan under this subsection shall describe the proposed brownfield redevelopment project for which the loan guarantee is to be made1 and shall include-- 7#a7 a description of the project to be funded by the loan1 including a schedule of activities to be undertaken and a budget for such project2 7#b7 a demonstration that the brownfield redevelopment project will result in major redevelopment1 based on economic development and environmental quality and restoration1 in the community in which such project is located1 which shall include information regarding-- 7,a7 the extent of non-,federal funds committed to the project2 7,b7 the number of long-term jobs created by the project2 7,c7 the environmental remediation of brownfield sites due to the project2 7,d7 a description of the environmental and economic impact of the project on the community2 7,e7 the amount of affordable housing created by the project2 7,f7 the reduction of vehicle congestion and emissions expected to result from the project2 7,g7 the extent of integration of green technology into developments and buildings created by the project2 7,h7 the extent of improvement in air quality expected to result from the project2 and 7,i7 the extent to which complete streets planning and transit-oriented development is incorporated into the project2 7#c7 evidence of the commitments of investment from non-,federal entities1 established through zoning or other documentation2 and 7#d7 a remediation action plan that has been approved by the ,environmental ,protection ,agency1 or its designee4 7d7 ,selection criteria ,the ,secretary shall establish criteria for selecting local governments1 local redevelopment agencies1 and ,,brac redevelopment projects to receive loan guarantees under the ,program4 ,such criteria shall take into consideration the information required under subsection 7c77#b74 ,such criteria shall provide that existing ,,brac redevelopment projects having existing ,federal grants1 loans1 or other assistance or commitments for ,federal grants1 loans1 or other assistance1 shall be given additional favorable consideration toward such selection4 7e7 ,full faith and credit ,the full faith and credit of the ,united ,states is pledged to the payment of all guarantees made under this section4 ,any such guarantee made by the ,secretary shall be conclusive evidence of the eligibility of the obligations for such guarantee with respect to principal and interest1 and the validity of any such guarantee so made shall be incontestable in the hands of a holder of the guaranteed obligations4 7f7 ,protection against liability for environmental remediation ,the ,federal ,government shall not be liable under the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifja et seq47 or any other ,federal1 ,state1 or local law as a result of a loan guarantee made under this section4 7g7 ,processing2 repayment and collateral2 congressional oversight 7#a7 ,processing ,the ,secretary shall consider1 process1 and approve all requests for loan guarantees under this section using an approval process that is substantially identical to the approval process used for loan guarantees provided under section #ajh of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjh74 7#b7 ,repayment schedule and collateralization ,to be eligible for a loan guarantee under this section1 an applicant shall demonstrate a viable repayment schedule and shall provide sufficient collateral to ensure repayment of loans so guaranteed1 which may be in the form of a pledge of grants for which the applicant may become eligible under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq471 except that the ,secretary may not require a pledge of such grants as collateral and shall provide for applicants to provide collateral in other forms1 at the option of the applicant4 7#c7 ,congressional oversight ,before final approval of any loan guarantee under this section1 the ,secretary shall notify the ,committees on ,financial ,services and ,appropriations of the ,house of ,representatives and ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,appropriations of the ,senate of such approval4 7h7 ,definitions ,for purposes of this section the following definitions shall apply3 7#a7 ,,brac redevelopment project ,the term ,,brac redevelopment project means a project to redevelop a site that has been designated as a ,base ,realignment and ,closure ,site by the ,secretary of ,defense1 through the ,defense ,base ,closure and ,realignment ,commission1 and is listed on the website of the ,department of ,defense as such a site4 7#b7 ,brownfield ,the term brownfield has the meaning given such term in section #aja7ci7 of the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifja7ci74 7#c7 ,local redevelopment agency ,the term local redevelopment agency means any agency1 office1 or division of a ,state government whose purpose includes improving blighted1 deteriorated1 or otherwise economically depressed areas4 7#d7 ,remediation action plan ,the term remediation action plan means1 with respect to a brownfield redevelopment project1 a document that describes how the project site will be remediated1 what technology will be used to accomplish such remediation1 and when the remediation actions will take place4 7#e7 ,program ,the term ,program means the ,brownfield ,redevelopment and ,economic ,development ,innovative ,financing program established under this section4 7#f7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7i7 ,regulations ,not later than #f months after the date of enactment of this section1 the ,secretary shall issue regulations as may be necessary to carry out the ,program4 7j7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary #ajj1jjj1jjj for fiscal year #bjae for costs 7as such term is defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 of loans guaranteed under this section1 which amounts shall remain available through fiscal year #bjai4