,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cfcf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #ad1 #bjbf,ms4 
,blunt ,ro*e/] 7= h]self & ,mr4 ,curtis7
 introduc$ ! foll[+ bill2 :i* 0 read    
twice & ref]r$ to ! ,committee on       
,environm5t & ,public ,works  ,a ,,bill 
,to am5d titles #bc & #di1 ,unit$ ,/ates
 ,code1 to modify ! rules relat+ to     
eligible projects "u ! ,,tifia program &
 ! railroad rehabilitation & f9anc+     
program1 to e/abli% a transit-ori5t$    
developm5t f9anc+ program = projects ( a
 c]ta9 size1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,build ,h\s+1 ,unlock ,b5efits &        
,s]vices ,act or ! ,build ,,hubs ,act4  
#b4 ,f9d+s ,congress f9ds t-- 7#a7 !    
,unit$ ,/ates is fac+ a h\s+            
availability & af=dability crisis1 m>k$ 
by an inability ( _m citiz5s to f9d     
homes 9 _! desir$ communities at a price
 af=dable to !m2  7#b7 transit-ori5t$   
developm5t b5efits communities1 transit 
ag5cies1 & ! p ( ! ,unit$ ,/ates by     

improv+ access to transit1 jobs1 &      
s]vices1 spurr+ revitalization (        
neighborhoods & economic developm5t1 &  
boo/+ transit rid]%ip2  7#c7 !          
transportation infra/ructure f9ance &   
innovation program "u *apt] #f ( title  
#bc1 ,unit$ ,/ates ,code 7ref]r$ to 9   
?is section z ! ,,tifia program71 & !   
railroad rehabilitation & improvem5t    
f9anc+ program "u *apt] #bbd ( title    
#di1 ,unit$ ,/ates ,code 7ref]r$ to 9   
?is section z ! ,,rrif program71 c help 
respond to ! urg5t ne$ = additional h\s+
 by f9anc+ transit-ori5t$ developm5t    
projects ) mix$ use or h\s+ compon5ts & 
h already be5 au?oriz$ to d s "u ! ,,fa/
 ,act 7,public ,law #aad-id2 #abi ,/at4 
#acab72  7#d7 if made m effici5t1 !     
transit-ori5t$ developm5t provisions ( !
 ,,tifia program & ! ,,rrif program w\ld
 (f] attractive f9anc+ /rategies t c\ld 
be us$ to =ge public-private p>tn]%ips  
to deliv] accel]at$ h\s+ production &   
improv$ economic developm5t & community 
vitality ne> transit nodes nationwide2  

7#e7 improv+ ! in=mation available ab\t 
! application process1 %ort5+ !         
und]writ+ timel9e1 improv+ int]nal      
delib]ation processes & gov]nm5t        
effici5cy1 & execut+ ! adju/m5ts requir$
 to make transit-ori5t$ developm5t      
projects easi] to f9ance ?r\gh ! program
 w\ld b5efit communities across !       
c\ntry1 especially 9 small] communities 
) less robu/ developm5t environm5ts2 &  
7#f7 :ile significant adm9i/rative re=ms
 h improv$ ! programs1 ! ,dep>tm5t (    
,transportation has be5 limit$ 9 its    
ability to facilitate su* developm5t "u 
! con/ra9ts ( ! curr5t law gov]n+ !     
,,tifia program & ! ,,rrif program4  #c4
 ,ext5sion ( & improvem5ts to ! ,,tifia 
program  7a7 ,ext5sion ,section         
#aaaja7;a77#b7 ( ! ,infra/ructure       
,inve/m5t & ,jobs ,act 7,public ,law    
#aag-eh2 #ace ,/at4 #ddc7 is am5d$ by   
/rik+ fiscal ye>s #bjbb ?r\gh #bjbf &   
ins]t+ fiscal ye>s #bjbg ?r\gh #bjca4   
7b7 ,def9itions ,section #fja7;a7 (     
title #bc1 ,unit$ ,/ates ,code1 is      

am5d$-- 7#a7 9 ! matt] prec$+ p>agraph  
7#a71 by ins]t+ & section #fab aft]     
#fji2  7#b7 by r$esignat+ p>agraphs 7#a7
 ?r\gh 7#bb7 z p>agraphs 7#b71 7#c71    
7#d71 7#f71 7#g71 7#h71 7#i71 7#aj71    
7#aa71 7#ab71 7#ac71 7#ad71 7#ae71      
7#af71 7#ag71 7#ah71 7#ai71 7#bj71      
7#ba71 7#bb71 7#bc71 & 7#bd71           
respectively2  7#c7 by ins]t+ be=e      
p>agraph 7#b7 7z s r$esignat$7 ! foll[+3
  7#a7 ,atta9able h\s+ project ,! t]m   
atta9able h\s+ project means a          
transit-ori5t$ developm5t project-- 7,a7
 t s]ves h\seholds ) an income t is n m 
?an #abj p]c5t ( ! area m$ian income2 & 
7,b7 9 :i* ! majority ( ! h\s+ units 9 !
 project are af=dable to h\seholds ) an 
income t is n m ?an #hj p]c5t ( ! area  
m$ian income4  2  7#d7 by ins]t+ aft]   
p>agraph 7#d7 7z s r$esignat$7 ! foll[+3
  7#e7 ,inve/m5t-cr$itwor?9ess assessm5t
 alt]native ,! t]m                      
inve/m5t-cr$itwor?9ess assessm5t        
alt]native means1 ) respect to project  
obligations = a transit-ori5t$          

developm5t project1 a suffici5t         
demon/ration ( fiscal s\ndness & l[ risk
 ( cr$it default t is n an              
inve/m5t-grade rat+1 su* z-- 7,a7 a jo9t
 liability agreem5t or equival5t betwe5 
! project lead & a ,/ate or unit ( local
 gov]nm5t ) a suffici5t cr$it rat+2     
7,b7 an alt]native rat+ suffici5t to    
acc\nt = ! risk assum$ by ! ,dep>tm5t ( 
,transportation = a project 9 :i* !     
,f$]al cr$it in/rum5t is #aej1jjj1jjj or
 less1 z det]m9$ by ! ,secret>y2 or     
7,c7 a c]tification t a project is deem$
 cr$itwor?y by an approv$               
orig9ator-s]vic] "u section #fab4  2    
7#e7 9 p>agraph 7#ab7 7z s r$esignat$71 
9 subp>agraph 7,d77ii7-- 7,a7 by /rik+  
inve/m5t grade rat+ & ins]t+            
inve/m5t-grade rat+2 &  7,b7 by ins]t+  
or an inve/m5t-cr$itwor?9ess assessm5t  
alt]native aft] rat+ ag5cy2  7#f7 9     
p>agraph 7#ad7 7z s r$esignat$71 by     
/rik+ subp>agraph 7,e7 & ins]t+ !       
foll[+3  7,e7 a transit-ori5t$          
developm5t project2  2 &  7#g7 by add+  

at ! end ! foll[+3  7#be7               
,transit-ori5t$ developm5t project ,!   
t]m transit-ori5t$ developm5t project   
means a project locat$ )9 #a_/b mile    
walk+ di/ance ( a fix$ guideway transit 
facility1 bus rapid transit facility1   
pass5g] rail /ation1 or multimodal      
facility1 includ+ a transportation1     
public utility1 or capital project      
describ$ 9 section #ecjb7d77;,g77vi7 (  
title #di1 & relat$ infra/ructure-- 7,a7
 t consi/s entirely (1 or includes1     
resid5tial1 comm]cial1 public           
infra/ructure1 or mix$-us$ developm5t or
 o!r relat$ infra/ructure1 includ+      
public or community space2  7,b7 t      
incorporates private inve/m5t2 &  7,c7 =
 :i* ! project sponsor demon/rates !    
ability to g5]ate new rev5ue = !        
relevant /ation1 facility1 or s]vice by 
increas+ rid]%ip1 increas+ t5ant lease  
paym5ts1 or c>ry+ out o!r activities t  
g5]ate rev5ue exce$+ co/s4  4  7c7      
,det]m9ation ( eligibility & project    
selection ,section #fjb ( title #bc1    

,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
subsection 7a7-- 7,a7 9 p>agraph 7#b7-- 
7i7 9 subp>agraph 7,a7-- 7,i7 9 clause  
7iii7-- 7aa7 by /rik+ inve/m5t grade    
rat+ & ins]t+ inve/m5t-grade rat+2 &    
7bb7 by ins]t+ or an                    
inve/m5t-cr$itwor?9ess assessm5t        
alt]native aft] cr$it in/rum5t2 &       
7,,ii7 9 clause 7iv71 by ins]t+ 1 or an 
inve/m5t-cr$itwor?9ess assessm5t        
alt]native aft] suffici5t2 &  7ii7 9    
subp>agraph 7,b7-- 7,i7 by /rik+        
inve/m5t grade rat+ & ins]t+            
inve/m5t-grade rat+2 &  7,,ii7 by ins]t+
 1 or an inve/m5t-cr$itwor?9ess         
assessm5t alt]native aft] suffici5t2    
7,b7 9 p>agraph 7#c7-- 7i7 by /rik+ ,a  
project & ins]t+ ! foll[+3  7,a7 ,9     
g5]al ,except z provid$ 9 subp>agraph   
7,b71 a project  2 &  7ii7 by add+ at ! 
end ! foll[+3  7,b7 ,transit-ori5t$     
developm5t projects  7i7 ,compatibility 
) plann+ ,9 ! case ( a transit-ori5t$   
developm5t project1 ! project sponsor   
%all be requir$-- 7,i7 to provide       

evid5ce ( a significant nexus ) a       
project includ$ 9 ! transportation      
improvem5t program develop$ by !        
applicable metropolitan plann+          
organization "u section #acd7;j7 & !    
/atewide transportation improvem5t      
program develop$ by ! applicable ,/ate  
"u section #ace7;g72 or  7,,ii7 to      
demon/rate compatibility ) ! long-range 
transportation plan develop$ by !       
applicable metropolitan plann+          
organization "u section #acd7;i74  7ii7 
,coord9ation ,9 ! case ( a              
transit-ori5t$ developm5t project t is  
locat$ )9 a metropolitan plann+ area1 ! 
project sponsor %all coord9ate ) !      
applicable metropolitan plann+          
organization1 includ+ by provid+ timely 
notification to ! metropolitan plann+   
organization dur+ ! plann+ & entitlem5t 
process1 & by %>+ in=mation on project  
details1 transportation impacts1 &      
mitigation measures4  2  7,c7 9 p>agraph
 7#e77;,b77ii71 by /rik+ project        
describ$ 9 section #fja7;a77#ab77;,e7 & 

ins]t+ transit-ori5t$ developm5t        
project2 &  7,d7 by add+ at ! end !     
foll[+3  7#ab7 ,requirem5t = atta9able  
h\s+ projects ,9 ! case ( an atta9able  
h\s+ project1 n less ?an #ge p]c5t ( !  
total f9ancial assi/ance provid$ = !    
project "u ! ,,tifia program %all be us$
 = resid5tial compon5ts ( ! project4  2 
7#b7 9 subsection 7b77#c71 9 ! matt]    
prec$+ subp>agraph 7,a71 by /rik+ ,!    
,secret>y & ins]t+ ,except 9 a case 9   
:i* a project int5ds to use an          
inve/m5t-cr$itwor?9ess assessm5t        
alt]native1 ! ,secret>y2  7#c7 9        
subsection 7c77#b7-- 7,a7 by /rik+ ,no  
fund+ & ins]t+ ! foll[+3  7,a7 ,9 g5]al 
,no fund+  2 &  7,b7 by add+ at ! end ! 
foll[+3  7,b7 ,transit-ori5t$ developm5t
  7i7 ,pre-aw>d acquisition exemption ,!
 ,national ,environm5tal ,policy ,act ( 
#aifi 7#db ,u4,s4,c4 #dcba et seq47 %all
 n apply to l& acquisition activities   
prior to an application = assi/ance "u !
 ,,tifia program ) respect to a         
transit-ori5t$ developm5t project1      

except = compon5ts ( ! project locat$ )9
 ! geographic b\nd>ies ( ! p>cel ( l&   
acquir$ t w be own$1 9 full or 9 "p1 by 
a public entity = ! majority ( ! loan   
t]m4  7ii7 ,categorical exclusions  7,i7
 ,9 g5]al ,a transit-ori5t$ developm5t  
project t involves an activity describ$ 
9 subclause 7,,ii7 %all be categorically
 exclud$ f ! requirem5ts ( ! ,national  
,environm5tal ,policy ,act ( #aifi 7#db 
,u4,s4,c4 #dcba et seq474  7,,ii7       
,activities describ$ ,an activity ref]r$
 to 9 subclause 7,i7 is any ( ! foll[+3 
7aa7 ,rehabilitation or conv]sion ( an  
exi/+ (fice build+ to resid5tial or mix$
 use )9 sub/antially ! same footpr9t4   
7bb7 ,recon/ruction or con/ruction ( a  
new comm]cial build+ prim>ily us+ l&    
di/urb$ = transportation use z describ$ 
9 section #gga4aah7;c77#i7 ( title #bc1 
,code ( ,f$]al ,regulations 7or         
successor regulations71 or di/urb$ l&   
adjac5t to l& di/urb$ = transportation  
use4  2  7#d7 9 subsection 7d77#a7--    
7,a7 by /rik+ & to ! maximum ext5t      

practicable2 &  7,b7 by /rik+ 1 to !    
maximum ext5t practicable12  7#e7 9     
subsection 7e71 by /rik+ section        
#fja7;a77#b77;,a7 & ins]t+ section      
#fja7;a77#c77;,a72 &  7#f7 by add+ at ! 
end ! foll[+3  7f7 ,o!r requirem5ts     
,transit-ori5t$ developm5t projects &   
atta9able h\s+ projects assi/$ "u !     
,,tifia program1 %all be subject to !   
/&>ds ( section #eccc7;a7 ( title #di1  
,u4,s4 ,code4  4  7d7 ,secur$ loans     
,section #fjc ( title #bc1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7a77#c71 by ins]t+ or an                
inve/m5t-cr$itwor?9ess assessm5t        
alt]native1 z applicable aft]           
#fjb7;b77#c77;,b72 &  7#b7 9 subsection 
7b7-- 7,a7 9 p>agraph 7#b7-- 7i7 9      
subp>agraph 7,a7-- 7,i7 by /rik+        
subp>agraph 7,b7 & ins]t+ subp>agraphs  
7,b7 & 7,c72 &  7,,ii7 by /rik+ inve/m5t
 grade rat+ & ins]t+ inve/m5t-grade rat+
 or an inve/m5t-cr$itwor?9ess assessm5t 
alt]native2 &  7ii7 by add+ at ! end !  
foll[+3  7,c7 ,transit-ori5t$ developm5t

 projects ,! am\nt ( a secur$ loan "u   
?is section = a transit-ori5t$          
developm5t project t conta9s a          
significant g5]al h\s+ or atta9able h\s+
 compon5t 7z det]m9$ by ! ,secret>y7 or 
involves a p>tn]%ip ) a transit ag5cy1  
,/ate1 local gov]nm5t p>tn]1 or nonpr(it
 f9anc+ entity %all n exce$ #ge p]c5t ( 
! reasonably anticipat$ eligible project
 co/s4  2  7,b7 9 p>agraph 7#d7-- 7i7 9 
subp>agraph 7,a71 by /rik+ subp>agraphs 
7,b7 & 7,c7 & ins]t+ 8subp>agraphs 7,b71
 7,c71 & 7,d72 &  7ii7 by add+ at ! end 
! foll[+3  7,d7 ,atta9able h\s+ projects
 ,! int]e/ rate ( a loan (f]$ to an     
atta9able h\s+ project "u ! ,,tifia     
program %all be at #a_/b ( ! ,treasury  
,rate 9 effect on ! date ( execution ( !
 loan agreem5t4  2 &  7,c7 9 p>agraph   
7#g7-- 7i7 by /rik+ ,! ,secret>y &      
ins]t+ ! foll[+3  7,a7 ,9 g5]al ,!      
,secret>y  2 &  7ii7 by add+ at ! end ! 
foll[+3  7,b7 ,disclosure ( fees ,!     
,secret>y %all develop & make publicly  
available a /raight=w>d1 scalable1 &    

reasonable fee /ructure ) respect to    
fees t may apply "u ?is section4  7,c7  
,guidance on project requirem5ts ,!     
,secret>y %all develop & make publicly  
available guidance on eligibility       
requirem5ts = transit-ori5t$ developm5t 
projects1 includ+ guidance relat+ to--  
7i7 m9imum debt s]vice cov]age ratios by
 project type2  7ii7 maximum loan-to-co/
 & loan-to-value ?re%olds2 &  7iii7     
di/ribution cov5ants4  4  7e7 ,l9es (   
cr$it ,section #fjd7;a77#d7 ( title #bc1
 ,unit$ ,/ates ,code1 is am5d$ by ins]t+
 or secur+ an inve/m5t-cr$itwor?9ess    
assessm5t alt]native aft] rat+ ag5cies4 
7f7 ,fund+ ,section #fjh7;a7 ( title    
#bc1 ,unit$ ,/ates ,code1 is am5d$--    
7#a7 9 p>agraph 7#d7-- 7,a7 by /rik+ !  
p>agraph designation & head+ & all t    
foll[s ?r\gh describ$ 9 section         
#fja7;a77#ab77;,g7 9 subp>agraph 7,b71 9
 ! matt] prec$+ clause 7i71 & ins]t+ !  
foll[+3  7#d7 ,limitation =             
airport-relat$ projects ,! ,secret>y may
 use to c>ry out projects describ$ 9    

section #fja7;a77#ad77;,g7  2 &  7,b7 by
 r$esignat+ clauses 7i7 & 7ii7 z        
subp>agraphs 7,a7 & 7,b71 respectively1 
& ind5t+ appropriately2 &  7#b7 9       
p>agraph 7#f71 by /rik+ fiscal ye>s     
#bjbb ?r\gh #bjbf & ins]t+ fiscal ye>s  
#bjbg ?r\gh #bjca4  7g7 ,delegat$       
orig9ation & und]writ+ program = ,,tod  
projects  7#a7 ,9 g5]al ,*apt] #f (     
title #bc1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+3  #fab4      
,delegat$ orig9ation & und]writ+ program
 = ,,tod projects  7a7 ,9 g5]al ,9 c>ry+
 out ! ,,tifia program1 ! ,secret>y %all
 e/abli% a delegat$ orig9ation &        
und]writ+ program = ! purpose ( provid+ 
cr$it assi/ance "u ! ,,tifia program =  
transit-ori5t$ developm5t projects "u   
:i* a qualifi$ orig9ator-s]vic]1 act+ on
 behalf ( & "u ! ov]sight ( ! ,secret>y1
 c>ries out ! orig9ation1 und]writ+1 &  
s]vic+ ( loans & loan gu>antees & l9es (
 cr$it provid$ "u ! ,,tifia program1    
includ+ assessm5ts ( cr$itwor?9ess =    
applicants & projects4  7b7 ,/ructure ,!

 program "u subsection 7a7 %all be bas$ 
on ! l5d] approval1 quality control1 &  
basel9e cr$itwor?9ess /&>ds e/abli%$ "u 
! ,multifamily ,accel]at$ ,process+     
sy/em e/abli%$ by ! ,dep>tm5t ( ,h\s+ & 
,urban ,developm5t4  7c7 ,cr$itwor?9ess 
,not)/&+ any o!r provision ( law1 a     
project t receives assi/ance "u !       
program "u subsection 7a7 %all n be     
requir$ to h an inve/m5t-grade rat+4    
7d7 ,regulations ,n lat] ?an #ahj days  
aft] ! date ( enactm5t ( ?is section1 ! 
,secret>y %all promulgate regulations to
 c>ry out ?is section1 includ+-- 7#a7   
requirem5ts = qualifi$                  
orig9ators-s]vic]s to assume            
responsibilities ( ! ,secret>y "u !     
,,tifia program ) respect to orig9ation1
 und]writ+1 & s]vic+1 includ+           
requirem5ts t a qualifi$                
orig9ator-s]vic] %all-- 7,a7 orig9ate1  
und]write1 & s]vice a loan "u ! ,,tifia 
program = ! life ( ! loan2  7,b7 be 9   
good /&+ )1 & n h be5 assess$ any f9e   
relat$ to l5d+ activity by ! ,dep>tm5t (

 ,h\s+ & ,urban ,developm5t dur+ !      
previ\s #e ye>s2 &  7,c7 demon/rate     
exp]tise 9 provid+ f9anc+ = a v>iety (  
project types t align ) projects        
describ$ 9 subsection 7a71 su* z        
comm]cial & mix$ use projects2  7#b7    
proc$ures = qualifi$ orig9ators-s]vic]s 
to assess cr$itwor?9ess2  7#c7 ov]sight 
proc$ures2 &  7#d7 o!r provisions       
necess>y = ! implem5tation ( ?is        
section4  7e7 ,int]ag5cy agreem5t ,9    
c>ry+ out ?is section1 ! ,secret>y %all 
ent] into an int]ag5cy agreem5t ) !     
,secret>y ( ,h\s+ & ,urban ,developm5t--
 7#a7 to assi/ ! ,secret>y 9 lev]ag+    
l5d]s & l5d] approval processes us$ 9 ! 
,multifamily ,accel]at$ ,process+ sy/em 
e/abli%$ by ! ,dep>tm5t ( ,h\s+ & ,urban
 ,developm5t1 includ+ by help+ to       
develop an exp$it$ pa? to approval z a  
qualifi$ orig9ator-s]vic] "u ?is section
 = l5d]s op]at+ "u t section2 &  7#b7 to
 provide guidance & assi/ance to !      
,secret>y on ways1 ?r\gh ! use ( ?is    
section-- 7,a7 to r$uce ! ov]all        

process+ "t & adm9i/rative burd5 requir$
 to deliv] cr$it assi/ance "u ! ,,tifia 
program2 &  7,b7 to pres]ve ! ability ( 
! ,secret>y to ma9ta9 ?or\gh ov]sight ( 
orig9at+1 und]writ+1 & s]vic+ loans     
provid$ "u ! ,,tifia program4  4  7#b7  
,cl]ical am5dm5t ,! analysis = *apt] #f 
( title #bc1 ,unit$ ,/ates ,code1 is    
am5d$ by add+ at ! end ! foll[+3  #fab4 
,delegat$ orig9ation & und]writ+ program
 = ,,tod projects4  4  #d4 ,ext5sion ( &
 adju/m5ts to ,railroad ,rehabilitation 
& ,improvem5t ,f9anc+ ,program  7a7     
,transportation-,ori5t$ developm5t      
project ,section #bbdja ( title #di1    
,unit$ ,/ates ,code1 is am5d$ by add+   
aft] p>agraph 7#ae7 ! foll[+3  7#af7    
,transportation-ori5t$ developm5t       
project  ,! t]m transportation-ori5t$   
developm5t project means a project      
locat$ )9  mile walk+ di/ance ( a fix$  
guideway transit facility1 bus rapid    
transit facility1 pass5g] rail /ation1  
or multimodal facility1 includ+ a       
transportation1 public utility1 or      

capital project describ$ 9 section      
#ecjb7d77;,g77v7 ( title #di1 & relat$  
infra/ructure--  7,a7 t is s]vic$ by a  
railroad2  7,b7 t consi/s entirely ( or 
includes resid5tial1 comm]cial1 public  
infra/ructure1 or mix$-use developm5t or
 o!r relat$ infra/ructure1 includ+      
public or community space2  7,c7 t      
incorporates private inve/m5t2  7,d7 =  
:i* ! project sponsor demon/rates !     
ability to g5]ate new rev5ue = !        
relevant pass5g] rail /ation1 facility1 
or s]vice by increas+ rid]%ip1 increas+ 
t5ant lease paym5ts1 or c>ry+ out o!r   
activities t g5]ate rev5ue exce$+ co/s2 
&  7,e7 bas$ on ! application = :i*1 !  
,secret>y det]m9es t an appropriate     
value ( ! project w be re9ve/$ 9 !      
relevant pass5g] rail /ation or s]vice4 
4  7b7  ,direct loans1 gu>antees1 &     
cr$itwor?9ess  7#a7  ,9 g5]al  ,section 
#bbdjb ( title #di1 ,unit$ ,/ates ,code1
 is am5d$--  7,a7 9 subsection          
7b77#a77;,e71 by /rik+ subp>agraph 7,a71
 7,b71 or 7,c7 & ins]t+ subp>agraph     

7,a71 7,b71 7,c71 or 7,f72  7,b7 9      
subsection 7e77#a7-- 7i7 by /rik+ ,!    
int]e/ rate & ins]t+ ! foll[+3  7,a7 ,! 
int]e/ rate  2 &  7ii7 by ins]t+ aft]   
subp>agraph 7,a71 z add$ by subp>agraph 
7,a71 ! foll[+3  7,b7 ,subp>agraph 7,a7 
%all n apply to eligible projects "u ?is
 section t meet ! def9ition ( an        
,atta9able ,h\s+ ,project1 = :i* ! rate 
%all be at  ( ! ,treasury ,rate 9 effect
 on ! date ( execution ( ! loan         
agreem5t4  2  7,c7 9 subsection 7f77#c71
 by add+ at ! end ! foll[+3  7,e7 ,= a  
transportation-ori5t$ developm5t        
project1 an alt]native demon/ration (   
equival5t fiscal s\ndness & l[ risk (   
cr$it default1 su* z--  7i7 a jo9t      
liability agreem5t or equival5t betwe5 !
 project lead & a division ( a ,/ate or 
local organization ) a suffici5t cr$it  
rat+2  7ii7 an alt]native rat+ suffici5t
 to acc\nt = ! risk assum$ by !         
,dep>tm5t = a project 9 :i* ! ,f$]al    
cr$it in/rum5t is #aej1jjj1jjj or less1 
subject to ! ,secret>y's discretion2 or 

7iii7 a c]tification t ! project is     
deem$ cr$it wor?y by an approv$         
orig9ator-s]vic] act+ on behalf ( !     
,secret>y "u ! delegat$ l5d+ program    
develop$ "u subsection 7o74  2 &  7,d7  
by add+ at ! end ! foll[+3  7o7         
,delegat$ orig9ation & und]writ+ program
 = transportation-,ori5t$ developm5t    
projects  7#a7 ,9 g5]al ,= ! purposes ( 
grant+ assi/ance "u ?is section1 !      
,secret>y %all e/abli% a delegat$       
orig9ation & und]writ+ program =        
transportation-ori5t$ developm5t        
projects t is model$ f ! ,multifamily   
,accel]at$ ,process+ sy/em e/abli%$ by !
 ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1
 "u :i* an approv$ orig9ator-s]vic]1    
act+ on behalf ( & "u ! ov]sight ( !    
,secret>y1 c>ries out ! orig9ation1     
und]writ+1 & s]vic+ ( loans & loan      
gu>antees & l9es ( cr$it provid$ "u ?is 
section1 includ+ assessm5ts (           
cr$itwor?9ess = applicants & projects4  
7#b7  ,requirem5ts = orig9ator-s]vic]s  
,to be approv$ z a orig9ator-s]vic] "u !

 program e/abli%$ "u p>agraph 7#a71 !   
p]son mu/--  7,a7 agree to orig9ate1    
und]write1 & s]vice ! loan = ! life ( ! 
loan2  7,b7 demon/rate good /&+ ) !     
,dep>tm5t ( ,h\s+ & ,urban ,developm5t &
 h n be5 f9$ = any l5d+ relat$ activity 
= ! pa/ five ye>s2 &  7,c7 demon/rate   
evid5ce ( exp]tise 9 provid+ f9anc+ = a 
v>iety ( project types t align )        
transportation-ori5t$ developm5t        
projects1 su* z comm]cial & mix$ use    
projects4  7#c7  ,regulations  ,!       
,secret>y %all promulgate regulations to
 c>ry out ?is subsection1 includ+--     
7,a7 requirem5ts = qualifi$             
orig9ator-s]vic]s2  7,b7 proc$ures =    
qualifi$ orig9ator-s]vic]s to assess    
cr$itwor?9ess1 :i* %all n include any   
requirem5t t a transportation-ori5t$    
developm5t project demon/rate an        
inve/m5t-grade rat+2  7,c7 ov]sight     
proc$ures2 &  7,d7 o!r provisions       
necess>y = ! implem5tation ( ?is        
section4  7#d7  ,int]ag5cy ,agreem5t  ,9
 c>ry+ out ?is subsection1 ! ,secret>y  

%all ent] into an int]ag5cy agreem5t ) !
 ,secret>y ( ,h\s+ & ,urban             
,developm5t--  7,a7 to assi/ ! ,secret>y
 9 lev]ag+ l5d]s & l5d] approval        
processes us$ 9 c>ry+ out ! ,multifamily
 ,accel]at$ ,process+ sy/em e/abli%$ by 
! ,dep>tm5t ( ,h\s+ & ,urban            
,developm5t1 includ+ by help+ to develop
 an exp$it$ pa? to approval z an        
orig9ator-s]vic] "u ?is section = l5d]s 
op]at+ "u t section2 &  7,b7 to provide 
guidance & assi/ance to ! ,secret>y on  
ways1 ?r\gh ! use ( ?is subsection--    
7i7 to r$uce ! ov]all process+ "t &     
adm9i/rative burd5 requir$ to deliv]    
assi/ance "u ?is section2 &  7ii7 to    
pres]ve ! ability ( ! ,secret>y to      
ma9ta9 ?or\gh ov]sight ( orig9at+1      
und]writ+1 & s]vic+ activities provid$  
"u ?is section4  4  7#b7  ,modification 
to def9itions  ,section #bbdja ( title  
#di1 ,unit$ ,/ates ,code1 is am5d$--    
7,a7 by r$esignat+ p>agraphs 7#e7 ?r\gh 
7#ae7 z p>agraphs 7#f7 ?r\gh 7#af71     
respectively2 &  7,b7 by ins]t+ aft]    

p>agraph 7#d7 ! foll[+3  7#e7 ,atta9able
 ,h\s+ ,project ,! t]m atta9able h\s+   
project means a transportation-ori5t$   
developm5t project--  7,a7 t s]ves      
h\seholds ) an income ( n m ?an #abj    
p]c5t ( ! area m$ian income2 &  7,b7 9  
:i* ! majority ( ! h\s+ units 9 !       
project are af=dable to h\seholds ) an  
income t is n m ?an #hj p]c5t ( ! area  
m$ian income4  4  7c7 ,adm9i/ration (   
direct loans & gu>antees ,section #bbdjc
 ( title #di1 ,unit$ ,/ates ,code1 is   
am5d$ by /rik+ subsection 7m7 & add+ at 
! end ! foll[+3  7m7 ,fees & *>ges  7#a7
 ,9 g5]al ,except z provid$ 9 ?is *apt]1
 ! ,secret>y may n assess any fees1     
includ+ us] fees1 or *>ges 9 connection 
) a direct loan or loan gu>antee provid$
 "u section #bbdjb4  7#b7 ,disclosure ,!
 ,secret>y %all develop & make publicly 
available a /raight=w>d1 scalable1 &    
reasonable fee /ructure ) respect to any
 fees t may apply "u ?is section4  7n7  
,guidance on eligibility requirem5ts ,! 
,secret>y1 & any approv$                

orig9ator-s]vic] "u section #bbdjb7o71  
%all develop & make publicly available  
guidance on requirem5ts = a             
transportation-ori5t$ developm5t project
 to be eligible = assi/ance "u section  
#bbdjb1 includ+ guidance relat+ to !    
foll[+3 7#a7 ,! m9imum debt s]vice      
cov]age ratio by project type4  7#b7 ,! 
m9imum loan-to-co/ & loan-to-value      
?re%olds = a project4  7#c7 ,di/ribution
 cov5ants4  7o7 ,compatibility ) ,local 
,plans & coord9ation ) metropolitan     
plann+ organizations ,to be eligible =  
assi/ance "u section #bbdjb1 an         
applicant = a transportation-ori5t$     
developm5t project %all-- 7#a7 coord9ate
 ) ! relevant metropolitan plann+       
organization1 includ+ by-- 7,a7 provid+ 
timely notification to ! metropolitan   
plann+ organization dur+ ! plann+ or    
entitlem5t process2 &  7,b7 %>+         
in=mation on project details1           
transportation impacts1 & mitigation    
measures2 &  7#b7 7,a7 provide evid5ce (
 a significant nexus ) a project on !   

applicable transportation improvem5t    
program develop$ by a metropolitan      
plann+ organization "u section #acd7;j7 
( title #bc or section #ecjc7;j7 ( ?is  
title1 & ! applicable /atewide          
transportation improvem5t program       
develop$ by a ,/ate "u section #ace7;g7 
( title #bc or section #ecjd7;g7 ( ?is  
title2 or  7,b7 demon/rate compatibility
 ) ! long-range transportation plan     
develop$ by ! applicable metropolitan   
plann+ organization "u section #acd7;i7 
( title #bc or section #ecjc7;i7 ( ?is  
title4  7p7 ,application ( ! ,national  
,environm5tal ,policy ,act ( #aifi  7#a7
 ,9 g5]al ,! ,national ,environm5tal    
,policy ,act ( #aifi 7#db ,u4,s4,c4     
#dcba et seq47 %all n apply to l&       
acquisition activities ) respect to a   
transportation-ori5t$ developm5t        
project1 except = compon5ts ( ! project 
locat$ )9 ! geographic b\nd>ies ( !     
p>cel ( l& acquir$ t w be own$1 9 full  
or 9 "p1 by a public entity = ! majority
 ( ! loan t]m4  7#b7 ,categorical       

exclusions  7,a7 ,9 g5]al ,a            
transportation-ori5t$ developm5t project
 t involves an activity describ$ 9      
subp>agraph 7,b7 %all be categorically  
exclud$ f ! requirem5ts ( ! ,national   
,environm5tal ,policy ,act ( #aifi 7#db 
,u4,s4,c4 #dcba et seq474  7,b7         
,activities describ$  ,an activity      
describ$ 9 ?is subp>agraph is any ( !   
foll[+3  7i7 ,rehabilitation or         
conv]sion ( an exi/+ (fice build+ to    
resid5tial or mix$ use )9 sub/antially !
 same footpr9t4  7ii7 ,recon/ruction or 
con/ruction ( a new comm]cial build+    
prim>ily us+ l& di/urb$ = transportation
 use z describ$ 9 section               
#gga4aah7;c77#i7 ( title #bc1 ,code (   
,f$]al ,regulations 7or successor       
regulations7 or di/urb$ l& adjac5t to l&
 di/urb$ = transportation use4  4  7d7  
,au?orization ( appropriations ,section 
#bbdjf7;a77#a7 ( title #di1 ,unit$      
,/ates ,code1 is am5d$ by /rik+ #bjbb   
?r\gh #bjbf & ins]t+ #bjbg ?r\gh #bjca4 
#e4 ,sav+s provision ,no?+ 9 ?is ,act1  

or an am5dm5t made by ?is ,act1 alt]s1  
sup]s$es1 or preempts any ,/ate or local
 zon+ or l& use law4