To promote transportation-oriented development and encourage dedicated revenue sources for urban and regional rail corridor development.

Summary: National High Performance Passenger Rail Transportation-Oriented Development Act of 2012 - Directs the Secretary of Transportation (DOT) to establish an initiative to promote passenger rail operations and transportation-oriented development by creating rail projects qualified for federal incentives for communities to encourage dedicated revenue sources for urban and regional rail corridor development.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to direct the Secretary to provide direct loans and loan guarantees for qualified rail projects. Authorizes the Secretary to make secured loans, loan guarantees, or lines of credit for such projects.

Directs the Secretary to provide technical assistance to: (1) states to identify transportation-oriented development opportunities, (2) states and regions outside the Northeast Corridor to establish Regional Advisory Committees and identify stations and potential stations within the region to maximize development and commercial revenue generation to support financially the development of a high performance rail passenger corridor, and (3) states and entities along the Northeast Corridor to establish a Northeast Corridor Transportation-Oriented Development Working Group and identify Northeast Corridor stations and potential stations to maximize development and commercial revenue generation to support financially the creation of a true high-speed rail corridor in the Northeast Corridor.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National High Performance Passenger 
Rail Transportation-Oriented Development Act of 2012''.

SEC. 2. TRANSPORTATION-ORIENTED DEVELOPMENT INITIATIVE.

    (a) Establishment.--The Secretary of Transportation (in this Act 
referred to as the ``Secretary'') shall establish an initiative to 
promote passenger rail operations and transportation-oriented 
development by creating incentives for communities to encourage 
dedicated revenue sources for urban and regional rail corridor 
development.
    (b) Implementation.--The Secretary shall appoint a Planning 
Developer to oversee implementation of this initiative. The Planning 
Developer shall report to the Secretary.
    (c) Coordinating Committee.--The Secretary shall harmonize planning 
requirements and direct coordination and administration of the 
initiative between the Federal Railroad Administration and the Federal 
Transit Administration. The Secretary shall appoint a Transportation-
Oriented Development Coordinating Committee composed of the Planning 
Developer as Chair, the Administrator of the Federal Railroad 
Administration, and the Administrator of the Federal Transit 
Administration.

SEC. 3. FEDERAL INCENTIVES.

    (a) Qualified Projects.--
            (1) Criteria.--The Secretary shall establish criteria for 
        the designation of projects qualified for Federal incentives 
        pursuant to this section and the amendments made by this 
        section.
            (2) Types of projects that may qualify.--Projects that may 
        qualify for Federal incentives pursuant to this section and the 
        amendments made by this section are those that contribute to 
        the generation of revenue by the capture of increasing value 
        from development around station areas, as defined by the 
        Secretary, which are likely to make long-term contributions to 
        rail corridor development funds or similar mechanisms that help 
        finance intercity and urban passenger rail infrastructure or 
        operating expenses. Such commercial development or other 
        projects designated as qualified by the Secretary may generate 
        revenue for transportation-oriented development and rail 
        operations in the region by increasing the tax base, promoting 
        job growth, promoting cost effectiveness, facilitating 
        intermodal connectivity, combining congestion relief with 
        station development, stimulating economic development, or any 
        other appropriate means. The capture of increased value shall 
        be through the establishment of special assessment districts or 
        similar mechanisms, and distribution of revenues shall be 
        through rail corridor development funds or similar mechanisms 
        established within the regions.
            (3) Designated coordinating authority.--The Secretary shall 
        designate a State authority, or regional commission in 
        appropriate regions of the country as defined by the Secretary, 
        that petitions the Secretary to participate in the initiative 
        established under section 2. Such designated entity shall 
        provide for coordination among stakeholders, local governments, 
        and private developers in the defined region, and shall endorse 
        each project of, and be the lead party in, an application for 
        Federal incentives pursuant to this section and the amendments 
        made by this section.
    (b) Railroad Rehabilitation Improvement Financing.--Section 502 of 
the Railroad Revitalization and Regulatory Reform Act of 1976 (45 
U.S.C. 822) is amended--
            (1) in subsection (a)--
                    (A) by striking ``and'' at the end of paragraph 
                (5);
                    (B) by striking the period at the end of paragraph 
                (6) and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(7) persons conducting a qualified project (as defined in 
        section 8 of the National High Performance Passenger Rail 
        Transportation-Oriented Development Act of 2012).''; and
            (2) in subsection (b)(1)--
                    (A) by striking ``and'' at the end of subparagraph 
                (B);
                    (B) by striking the period at the end of 
                subparagraph (C) and inserting ``; or''; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(D) conduct a qualified project (as defined by 
                the Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012.''.
    (c) Transportation Infrastructure Finance.--Section 601(a)(8) of 
title 23, United States Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (C);
            (2) by striking the period at the end of subparagraph (D) 
        and inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(E) a qualified project (as defined by the 
                Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012).''.
    (d) Application Priority.--In general, Federal applications to the 
Federal Railroad Administration and Federal Transit Administration for 
railroad projects that participate in the transportation-oriented 
development program under this Act shall receive a priority for funding 
in the application decision process.
    (e) Administrative Costs.--For administrative costs to carry out 
this Act, including contracting with and support for the Planning 
Developer and transportation-oriented development initial 
administrative costs of the Federal Railroad Administration and Federal 
Transit Administration for the first 5 years, the Secretary may use 
such funds as necessary which are appropriated for carrying out chapter 
6 of title 23, United States Code.
    (f) Revenue Neutral Program Cost.--The Secretary may establish a 
mechanism whereby amounts used under subsection (e) will be repaid to 
the Secretary for use in carrying out chapter 6 of title 23, United 
States Code. Repayment shall be derived from a small fee to all 
recipients of funding provided under subsection (e). The repayment 
shall commence upon substantial completion of qualified projects.

SEC. 4. TECHNICAL ASSISTANCE.

    (a) National Technical Assistance.--The program established under 
this Act shall provide technical assistance to the States with respect 
to--
            (1) identification of transportation-oriented development 
        opportunities;
            (2) establishment of special assessment districts in 
        regions;
            (3) establishment of rail corridor development funds; and
            (4) expediting Federal, State, and local regulatory 
        approvals.
    (b) States and Regions Outside the Northeast Corridor.--The 
Secretary, through the initiative established by this Act, shall 
provide technical assistance to the States and regions outside the 
Northeast Corridor as identified by the Secretary, and shall provide--
            (1) technical assistance on the establishment of Regional 
        Advisory Committees appropriate to carrying out the purposes of 
        this Act at the regional level; and
            (2) technical assistance at the request of a State or 
        qualified entity provided by the Planning Developer that will 
        identify stations and potential stations within a given region, 
        and conduct a preliminary survey of property available and 
        potentially available, to maximize development and commercial 
        revenue generation to financially support the development of a 
        high performance rail passenger corridor.
    (c) Northeast Corridor.--The Secretary, through the initiative 
established under this Act, shall provide technical assistance to the 
States and entities along the Northeast Corridor as identified by the 
Secretary--
            (1) on the establishment, by the Northeast Corridor 
        Infrastructure and Operations Advisory Commission established 
        under section 24905 of title 49, United States Code, of a 
        Northeast Corridor Transportation-Oriented Development Working 
        Group, which shall--
                    (A) include outside members with expertise in 
                transportation-oriented development;
                    (B) be chaired by the Planning Developer; and
                    (C) advise the Secretary and the Northeast Corridor 
                Infrastructure and Operations Advisory Commission on 
                the ways and means for carrying out the purposes of 
                this Act at the regional level; and
            (2) technical assistance provided by the Planning Developer 
        to the Secretary and identified States and entities, not more 
        than one year after the date of enactment of this Act, that 
        will identify Northeast Corridor stations and potential 
        stations, and conduct a preliminary survey of property 
        available and potentially available, to maximize development 
        and commercial revenue generation to financially support the 
        creation of a true high-speed rail corridor in the Northeast 
        Corridor.