I 

118TH CONGRESS 

2D SESSION H. R. 10344 

To authorize the Secretary of Housing and Urban Development to establish 

a program enabling communities to better leverage resources to address 

health, economic development, and conservation concerns through needed 

investments in parks, recreational areas, facilities, and programs, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 10, 2024 

Mr. MENENDEZ (for himself, Mr. CARTER of Louisiana, and Mr. THANEDAR) 

introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Natural Resources, 

for a period to be subsequently determined by the Speaker, in each case 

for consideration of such provisions as fall within the jurisdiction of the 

committee concerned 

A BILL 

To authorize the Secretary of Housing and Urban Development to establish a program enabling communities to 

better leverage resources to address health, economic development, and conservation concerns through needed investments in parks, recreational areas, facilities, and programs, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Community Parks Revitalization Act’’. 

4 (b) TABLE OF CONTENTS.—The table of contents for 

5 this Act is as follows: 

Sec. 1. Short title and table of contents. 

TITLE I—COMMUNITY PARKS REVITALIZATION PROGRAM 

Sec. 101. Purposes. 

Sec. 102. Community parks revitalization program. 

Sec. 103. Requirements for rehabilitation and construction grants. 

Sec. 104. Requirements for innovation and recreation program grants. 

Sec. 105. Local commitments to system recovery and maintenance. 

Sec. 106. Matching of State amounts, State action incentive. 

Sec. 107. Conversion of recreation property. 

Sec. 108. Coordination of program. 

Sec. 109. Reports; recordkeeping; audit and examination. 

Sec. 110. Reports to Congress. 

Sec. 111. Definitions. 

Sec. 112. Regulations. 

Sec. 113. Authorization of appropriations. 

TITLE II—SECURED LOANS AND LOAN GUARANTEES FOR PARKS 

AND RECREATION INFRASTRUCTURE DEVELOPMENT 

Sec. 201. Purposes. 

Sec. 202. Authority to provide assistance. 

Sec. 203. Eligible entities. 

Sec. 204. Projects eligible for assistance. 

Sec. 205. Activities eligible for assistance. 

Sec. 206. Applications. 

Sec. 207. Determination of eligibility and project selection. 

Sec. 208. Secured loans and loan guarantees. 

Sec. 209. Program administration. 

Sec. 210. State and local permits. 

Sec. 211. Definitions. 

Sec. 212. Regulations. 

Sec. 213. Funding. 

Sec. 214. Report to Congress. 

6 TITLE I—COMMUNITY PARKS 

7 REVITALIZATION PROGRAM 

8 SEC. 101. PURPOSES. 

9 The purposes of this title are— 


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1 (1) to authorize the Secretary of Housing and 

2 Urban Development to establish a program enabling 

3 communities to better leverage resources to address 

4 health, economic development, and conservation con5 cerns through needed investments in parks, rec6 reational areas, facilities, and programs; 

7 (2) to improve and revitalize urban areas 

8 through economic development; 

9 (3) to prevent and improve chronic disease out10 comes, including cardiovascular disease, diabetes, de11 pression, and obesity; 

12 (4) to improve recreational areas and facilities 

13 and expand recreation services in urban areas with 

14 a high incidence of crime and help expand recreation 

15 opportunities for at-risk youth; 

16 (5) to promote collaboration between local agen17 cies involved in parks and recreation, law enforce18 ment, youth social services, and juvenile justice sys19 tem; 

20 (6) to ensure accessibility to therapeutic recre21 ation services and to provide recreation opportunities 

22 for injured or disabled members of the Armed 

23 Forces; and 

24 (7) to encourage the use of environmentally re25 sponsible components and sustainable landscape feaVerDate Sep 11 2014 21:25 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H10344.IH H10344

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1 tures, and promote cost effective solutions to issues 

2 such as storm water management, water conserva3 tion, and air quality. 

4 SEC. 102. COMMUNITY PARKS REVITALIZATION PROGRAM. 

5 (a) IN GENERAL.—The Secretary of Housing and 

6 Urban Development shall carry out a community parks 

7 revitalization program under this title under which the 

8 Secretary shall, from amounts appropriated pursuant to 

9 section 114, award the following grants on a competitive 

10 basis: 

11 (1) REHABILITATION AND CONSTRUCTION

12 GRANTS.—The Secretary shall make rehabilitation 

13 and construction capital grants in accordance with 

14 the criteria established pursuant to section 104(a) to 

15 eligible local governments for the purpose of— 

16 (A) rebuilding, remodeling, expanding, in17 tegrating, or developing existing or building new 

18 recreational areas and facilities, including im19 provements in park landscapes, infrastructure, 

20 buildings, and support facilities; and 

21 (B) the provision of lighting, emergency 

22 phones, or other capital improvements to im23 prove the security of urban parks, but not in24 cluding routine maintenance and upkeep activi25 ties. 


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1 (2) INNOVATION AND RECREATION PROGRAM

2 GRANTS.—The Secretary shall make innovation and 

3 recreation program grants in accordance with the 

4 criteria established pursuant to section 105(a) to eli5 gible local governments to cover costs of personnel, 

6 facilities, equipment, supplies, or services designed 

7 to demonstrate innovative and cost effective ways to 

8 augment park and recreation opportunities, or sup9 port new or existing programs, that increase access 

10 to recreation opportunities for returning veterans 

11 and active duty military and their families or provide 

12 constructive alternatives for youth at risk for engag13 ing in criminal behavior. 

14 (3) RECOVERY ACTION PROGRAM GRANTS.— 

15 The Secretary shall make recovery action program 

16 grants to eligible local governments for planning and 

17 development of local park and recreation recovery 

18 action programs required under section 106, includ19 ing for resource and needs assessment, coordination, 

20 citizen involvement and planning, and program de21 velopment activities to encourage public definition of 

22 goals and develop priorities and strategies for overall 

23 recreation system recovery. 

24 (b) ELIGIBILITY.— 


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1 (1) IN GENERAL.—For the purposes of this 

2 title, any local government located within a standard 

3 metropolitan statistical area, as determined in ac4 cordance with the most recent decennial Census, 

5 shall be eligible to apply for and receive grant 

6 awards pursuant to subsection (a). 

7 (2) PARTIAL ELIGIBILITY WAIVER.— 

8 (A) DESIGNATION.—The Secretary may 

9 designate local governments not located within 

10 standard metropolitan statistical areas, as de11 termined in accordance with the most recent de12 cennial Census, as eligible to receive grant 

13 awards pursuant to subsection (a). 

14 (B) LIMITATION ON AMOUNTS.—The ag15 gregate amount of grants made to eligible local 

16 governments that receive such status pursuant 

17 to subparagraph (A) of this paragraph shall not 

18 exceed 15 percent of the total amounts appro19 priated pursuant to this title for all grants 

20 under subsection (a). 

21 (c) MATCHING REQUIREMENT.— 

22 (1) IN GENERAL.—The Secretary shall ensure 

23 that each eligible local government that receives a 

24 grant pursuant to subsection (a) shall supplement, 

25 in accordance with this subsection, the amount reVerDate Sep 11 2014 21:25 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H10344.IH H10344

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1 ceived under such grant with an amount that is not 

less than 3 2 ⁄7 of such grant amount; except that, in 

3 the case of grants under subsection (a)(3), the Sec4 retary shall ensure that each eligible local govern5 ment shall supplement the amount received under 

6 such grant with amount that is not less than such 

7 grant amount. 

8 (2) USE.—Supplemental amounts made avail9 able in accordance with paragraph (1) shall be used 

10 only for projects and activities for which grant 

11 amounts are eligible to be used. 

12 (3) SOURCES FOR SUPPLEMENTAL FUNDS.— 

13 (A) LIMITATION ON FEDERAL FUNDS.— 

14 Supplemental funds required by paragraph (1) 

15 may not include any amounts made available 

16 from a Federal grant program, other than— 

17 (i) the community development block 

18 grant program under title I of the Housing 

19 and Community Development Act of 1974 

20 (42 U.S.C. 5301 et seq.); 

21 (ii) any Federal program for general 

22 revenue sharing with local governments; or 

23 (iii) any Federal program that pro24 vides block grants to States and localities 

25 to develop, promote, implement, and manVerDate Sep 11 2014 21:25 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H10344.IH H10344

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1 age energy efficiency and conservation 

2 projects and programs designed to reduce 

3 fossil fuel emissions, reduce energy use, 

4 improve energy efficiency, and create and 

5 retain jobs. 

6 (B) STATE AND PRIVATE AMOUNTS.—The 

7 Secretary may require that a portion of the 

8 supplemental funds required by paragraph (1) 

9 come from the State or private sources. 

10 (C) NON-FEDERAL FUNDS.—Supplemental 

11 funds required by paragraph (1) may include— 

12 (i) general or specific purpose State or 

13 local revenues; 

14 (ii) State categorical grants; 

15 (iii) special appropriations under 

16 State law; 

17 (iv) donations of land, building, or 

18 building materials; 

19 (v) in-kind construction, technical, 

20 and planning services; and 

21 (vi) any combination of funds de22 scribed in this subparagraph. 

23 (d) TRANSFER.—At the discretion of an eligible local 

24 government receiving a rehabilitation and construction 

25 grant under subsection (a)(1) or an innovation and recreVerDate Sep 11 2014 21:25 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H10344.IH H10344

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1 ation program grant under subsection (a)(2), and if con2 sistent with the approved application for such grant, the 

3 grant may be transferred in whole or in part to private 

4 nonprofit agencies, provided that assisted recreational 

5 areas and facilities owned or managed by such private 

6 nonprofit agencies offer recreation opportunities to the 

7 general population within the jurisdictional boundaries of 

8 the local government. 

9 (e) PAYMENTS.—Grant payments may be made only 

10 for rehabilitation and construction or innovation and 

11 recreation projects and programs approved by the Sec12 retary. In the case of rehabilitation and construction and 

13 innovation projects, such payments may be made periodi14 cally consistent with the rate of progress toward the satis15 factory completion of a project, except that the Secretary 

16 may, when appropriate, make advance payments on ap17 proved rehabilitation and construction and innovation 

18 projects in an amount not to exceed 20 percent of the total 

19 project cost. 

20 (f) MODIFICATION OF PROJECT.—The Secretary may 

21 authorize modification of an approved rehabilitation and 

22 construction or innovation project only when a grantee has 

23 adequately demonstrated that such modification is nec24 essary because of circumstances not foreseeable at the 

25 time such project was proposed. 


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1 SEC. 103. REQUIREMENTS FOR REHABILITATION AND CON2 STRUCTION GRANTS. 

3 (a) PRIORITY CRITERIA.—The Secretary shall estab4 lish priority criteria for the selection and approval of 

5 projects to be funded by a rehabilitation and construction 

6 grant made pursuant to section 103(a)(1), which shall in7 clude whether and the extent to which the project would— 

8 (1) serve a community with a high population 

9 density; 

10 (2) address demonstrated deficiencies in the 

11 condition of existing recreational areas and facilities 

12 in the project neighborhood; 

13 (3) address demonstrated deficiencies in access 

14 to neighborhood recreation opportunities, particu15 larly for minority and low- and moderate-income 

16 residents, veterans or active duty military families, 

17 and residents with physical or mental disabilities; 

18 (4) serve a community with a higher than aver19 age number of unemployed people as a percentage of 

20 the civilian labor force of the project neighborhood; 

21 (5) include public participation in determining 

22 rehabilitation or development needs and the extent 

23 to which a project supports or complements target 

24 activities undertaken as part of a local government’s 

25 overall community development and urban revitaliza26 tion program; 


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1 (6) provide employment opportunities for mi2 norities, youth, and low- and moderate-income resi3 dents in the project neighborhood; 

4 (7) provide for participation of neighborhood, 

5 nonprofit, or tenant organizations in the proposed 

6 rehabilitation and construction activity or in subse7 quent maintenance, staffing, or supervision of rec8 reational areas and facilities; 

9 (8) demonstrate State, local, and private sup10 port for the project, as evidenced by commitments of 

11 non-Federal resources to project construction or op12 eration; 

13 (9) build recreational areas and facilities in 

14 areas that are located within one-half of a mile of 

15 public housing or a school and do not currently have 

16 indoor or outdoor facilities; 

17 (10) create, maintain, or revitalize playgrounds 

18 or active play areas for children; 

19 (11) connect children to the outdoors for phys20 ical activity and access to nature; 

21 (12) promote physical activity for individuals 

22 and the community at large; 

23 (13) work collaboratively with local govern24 ments, colleges, and universities, and other institu25 tions to track the longitudinal rates of chronic disVerDate Sep 11 2014 21:25 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H10344.IH H10344

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1 eases in the community such as cardiovascular dis2 ease, diabetes, depression, and obesity; 

3 (14) use environmentally beneficial components 

4 such as sustainable landscape features and upcycled 

5 and recycled materials; 

6 (15) provide environmental benefits to urban 

7 areas, by including— 

8 (A) updating lighting; 

9 (B) planting trees; 

10 (C) increasing the urban forestry canopy; 

11 (D) improving stormwater management; 

12 (E) increasing green infrastructure; 

13 (F) employing water conservation meas14 ures; or 

15 (G) adding green spaces; 

16 (16) connect to public transportation; 

17 (17) apply the LEED Green Building Guide18 lines of the U.S. Green Building Council or other 

19 sustainability benchmarks that incorporate energy 

20 efficiency components, such as energy efficient light21 ing and heating ventilation and air conditioning 

22 (HVAC) systems and apply the SITES sustainable 

23 landscape guidelines of the Sustainable Sites Initia24 tive; 


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1 (18) contain safe trails or routes, such as trails, 

2 bikeways, and sidewalks that connect to neighbor3 hoods and enhance access to parks and recreational 

4 areas and facilities; and 

5 (19) update existing equipment or facilities or 

6 construct new facilities or sites, to comply with the 

7 most recent accessibility guidelines published by the 

8 United States Access Board, specifically by removing 

9 architectural barriers so that sites comply or exceed 

10 the requirements of the final guidelines for the ac11 cessibility of recreational areas and facilities. 

12 (b) LIMITATION ON USE OF FUNDS.—Not more than 

13 10 percent of any amounts made available pursuant to 

14 section 114 for rehabilitation and construction grants 

15 under section 103(a)(1) in any fiscal year may be used 

16 for the acquisition of lands or interests in land. 

17 SEC. 104. REQUIREMENTS FOR INNOVATION AND RECRE18 ATION PROGRAM GRANTS. 

19 (a) PRIORITY CRITERIA.—The Secretary shall estab20 lish priority criteria for the selection and approval of 

21 projects and programs to be funded by an innovation and 

22 recreation program grant made pursuant to section 

23 103(a)(2), including whether and the extent to which the 

24 project or program— 


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1 (1) promotes the unique integration of recre2 ation with other community services, such as trans3 portation, public housing and public safety, either to 

4 expand or update current services or to link pro5 grams within the social service structure of a neigh6 borhood or between neighborhoods; 

7 (2) utilizes new management and cost-saving or 

8 service-efficient approaches for improving the deliv9 ery of recreation services; 

10 (3) serves communities with a high population 

11 of active military families or veterans; 

12 (4) ensures accessibility to therapeutic recre13 ation services and provides recreation opportunities 

14 for injured or disabled members of the Armed 

15 Forces; 

16 (5) employs veterans or youth, or uses youth 

17 volunteers; 

18 (6) enhances or expands youth development in 

19 neighborhoods and communities by engaging youth 

20 in environmental stewardship, conservation, and 

21 service projects; 

22 (7) targets youth that are at the greatest risk 

23 of becoming involved in violence and crime; 


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1 (8) demonstrates past success in providing con2 structive alternatives to youth at risk for engaging 

3 in criminal behavior; 

4 (9) demonstrates collaboration between local 

5 park and recreation, juvenile justice, law enforce6 ment, and youth social service agencies and non7 governmental entities, including private, nonprofit 

8 agencies; and 

9 (10) shows the greatest potential of being con10 tinued with non-Federal funds or may serve as mod11 els for other communities. 

12 (b) SPECIAL CONSIDERATIONS.—Each innovation 

13 and recreation program grant shall be used in accordance 

14 with the goals, priorities, and implementation strategies 

15 expressed in the local park and recreation recovery action 

16 program established pursuant to section 106 for the eligi17 ble local government receiving the grant, with particular 

18 regard to the special considerations set forth in the pro19 gram pursuant to section 106(b). 

20 SEC. 105. LOCAL COMMITMENTS TO SYSTEM RECOVERY 

21 AND MAINTENANCE. 

22 (a) LOCAL PARK AND RECREATION RECOVERY AC23 TION PROGRAMS.— 

24 (1) IN GENERAL.—As a requirement for ap25 proval of a project or program for a grant under 


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1 paragraph (1) or (2) of section 103(a), the eligible 

2 local government applying for the grant shall submit 

3 to the Secretary a local park and recreation recovery 

4 action program that— 

5 (A) provides evidence of its commitment to 

6 ongoing planning, rehabilitation, service, oper7 ation, and maintenance programs for its park 

8 and recreation systems; and 

9 (B) maximizes coordination of all commu10 nity resources, including other federally sup11 ported urban development and recreation pro12 grams. 

13 (2) INTERIM PRELIMINARY PROGRAMS.—The 

14 Secretary shall provide, by regulation, that during 

15 an initial interim period the requirement under para16 graph (1) for an eligible local government to submit 

17 a local park and recreation recover action program 

18 may be satisfied by submission of a preliminary ac19 tion program to be carried out by the eligible local 

20 government that defines objectives, priorities, and 

21 implementation strategies for overall system recovery 

22 and maintenance and commit such local government 

23 to a scheduled program development process. 

24 (3) 5-YEAR ACTION PROGRAM.—After the expi25 ration of the interim period under paragraph (2), 


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1 each eligible local government that applies for a 

2 grant under paragraph (1) or (2) of section 103(a) 

3 shall, as a condition of eligibility for such grant, sub4 mit to the Secretary a 5-year park and recreation re5 covery action program that demonstrates— 

6 (A) identification of recovery objectives, 

7 priorities, and implementation strategies; 

8 (B) adequate planning for rehabilitation of 

9 specific recreational areas and facilities, includ10 ing projections of the cost of proposed projects; 

11 (C) capacity and commitment to ensure 

12 that facilities provided or improved under this 

13 title shall thereafter continue to be adequately 

14 maintained, protected, staffed, and supervised; 

15 (D) intention to maintain total local public 

16 outlays for park and recreation purposes at lev17 els at least equal to those in the year preceding 

18 that in which grant assistance is sought, except 

19 in any case where a reduction in park and 

20 recreation outlays is proportionate to a reduc21 tion in overall spending by the applicant; and 

22 (E) the relationship of the park and recre23 ation recovery action program to overall com24 munity development and urban revitalization ef25 forts. 


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1 (4) CONTINUING PLANNING PROCESS.—The 

2 Secretary may, in such cases as the Secretary con3 siders appropriate, encourage local governments to 

4 meet recovery action program requirements under 

5 this section through a continuing planning process 

6 that includes periodic improvements and updates in 

7 recovery action program submissions to eliminate 

8 identified gaps in program information and policy 

9 development. 

10 (b) SPECIAL CONSIDERATIONS.—Each local park and 

11 recreation recovery action program required by this sec12 tion shall address, at a minimum, the following special 

13 considerations: 

14 (1) Rehabilitation of existing recreational areas 

15 and facilities, including— 

16 (A) general systemwide renovation; 

17 (B) special rehabilitation requirements for 

18 recreational areas and facilities in areas of high 

19 population concentration and economic distress; 

20 and 

21 (C) restoration of outstanding or unique 

22 structures, landscaping, or similar features in 

23 parks of historical or architectural significance. 

24 (2) Local commitments to innovative and cost25 effective programs and projects at the neighborhood 


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1 level to augment recovery of park and recreation sys2 tems, including— 

3 (A) recycling of abandoned schools and 

4 other public buildings for recreation purposes; 

5 (B) multiple use of operating educational 

6 and other public buildings; 

7 (C) purchase of recreation services on a 

8 contractual basis; 

9 (D) use of mobile facilities and rec10 reational, cultural, and educational programs or 

11 other innovative approaches to improving access 

12 for neighborhood residents; 

13 (E) integration of the recovery action pro14 gram with federally assisted projects to maxi15 mize recreation opportunities through conver16 sion of abandoned railroad and highway rights17 of-way, waterfront, and other redevelopment ef18 forts and such other federally assisted projects, 

19 as appropriate; 

20 (F) conversion to recreational use of street 

21 space, derelict land, and other public lands not 

22 now designated for neighborhood recreational 

23 use; and 

24 (G) use of various forms of compensated 

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1 ments, or other means to encourage the private 

2 sector to provide neighborhood park and recre3 ation facilities and programs. 

4 (c) PUBLICATION OF REQUIREMENTS.—The Sec5 retary shall establish and publish in the Federal Register 

6 requirements for preparation, submission, and updating of 

7 local park and recreation recovery action programs re8 quired under this section. 

9 (d) INNOVATION AND RECREATION PROGRAM

10 GRANTS FOR AT-RISK YOUTH.—To be eligible to receive 

11 an innovation and recreation program grant under section 

12 103(a)(2) to be used to provide recreation opportunities 

13 or programs for at-risk youth, an eligible local government 

14 shall— 

15 (1) include in its 5-year park and recreation re16 covery action program required under subsection 

17 (a)(3) the goal of— 

18 (A) utilizing new ideas, concepts, and ap19 proaches aimed at improving facility design, op20 erations, or programming in the delivery of 

21 recreation services; 

22 (B) increased access of therapeutic or 

23 other recreation services to veterans and mili24 tary families; or 


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1 (C) reducing crime and juvenile delin2 quency; and 

3 (2) provide a description of— 

4 (A) implementation strategies to achieve 

5 such goals; and 

6 (B) how the local government is coordi7 nating its recreation programs with other com8 munity development or service agencies. 

9 SEC. 106. MATCHING OF STATE AMOUNTS, STATE ACTION 

10 INCENTIVE. 

11 (a) INCREASE IN GRANT AMOUNTS.—The Secretary 

12 may increase Federal rehabilitation and construction, in13 novation, and at-risk youth recreation grants authorized 

14 in section 103(a) by providing an additional match equal 

15 to the total match provided by a State of up to 15 percent 

16 of total project or program costs, except that in no event 

17 may— 

18 (1) such additional grant amount exceed 15 

19 percent of the total project or program cost; or 

20 (2) the aggregate amount of the grant and the 

21 additional grant amounts under this subsection ex22 ceed 85 percent of total project or program cost. 

23 (b) STATE ACTION INCENTIVE.—The Secretary shall 

24 further encourage the States to assist in assuring that 

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1 mented by cooperating with the Department of Housing 

2 and Urban Development in monitoring local park and 

3 recreation recovery action programs and in assuring con4 sistency of such plans and programs, where appropriate, 

5 with State recreation policies as set forth in statewide 

6 comprehensive outdoor recreation plans. 

7 SEC. 107. CONVERSION OF RECREATION PROPERTY. 

8 (a) NO CONVERSION WITHOUT APPROVAL.—No 

9 property improved or developed with assistance under a 

10 grant under this title may be converted for uses other than 

11 for public recreation, without the approval of the Sec12 retary. 

13 (b) STANDARD FOR APPROVAL.—The Secretary may 

14 approve such conversion only— 

15 (1) if the Secretary determines the conversion 

16 to be consistent with the current local park and 

17 recreation recovery action program for the local gov18 ernment that improved or developed the property; 

19 and 

20 (2) subject to such conditions as the Secretary 

21 determines necessary to ensure the provision of ade22 quate recreation properties and opportunities of rea23 sonably equivalent location and usefulness. 

24 SEC. 108. COORDINATION OF PROGRAM. 

25 The Secretary shall— 


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1 (1) coordinate the community parks revitaliza2 tion program for grants under this title with other 

3 Federal departments and agencies and with State 

4 agencies that administer programs and policies af5 fecting urban areas such as the White House Office 

6 of Urban Policy and departments that administer 

7 programs and policies affecting climate change, 

8 green jobs, housing, urban development, natural re9 sources management, employment, transportation, 

10 community services, and voluntary action; 

11 (2) encourage maximum coordination of the 

12 program between appropriate State agencies and 

13 local government applicants; and 

14 (3) require that local government applicants in15 clude provisions for participation of community and 

16 neighborhood residents, including youth, and for 

17 public-private coordination in recovery action pro18 gram planning and project selection. 

19 SEC. 109. REPORTS; RECORDKEEPING; AUDIT AND EXAM20 INATION. 

21 (a) REPORTS.—Each recipient of assistance under 

22 this title shall submit to the Secretary, for each fiscal year 

23 such assistance is received, an annual report detailing the 

24 projects and programs undertaken with such assistance, 

25 the number of jobs created by such assistance, and any 


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1 other information the Secretary determines appropriate 

2 based on the priority criteria established by the Secretary 

3 under sections 105 and 106. 

4 (b) RECORDKEEPING.—Each recipient of assistance 

5 under this title shall keep such records as the Secretary 

6 shall prescribe, including records that fully disclose the 

7 amount and disposition of project or program under8 takings in connection with which assistance under this 

9 title is given or used, and the amount and nature of that 

10 portion of the cost of the project or program undertaking 

11 supplied by other sources, and such other records as will 

12 facilitate an effective audit. 

13 (c) AUDIT AND EXAMINATION.—The Secretary and 

14 the Comptroller General of the United States, or their 

15 duly authorized representatives, shall have access, for the 

16 purpose of audit and examination, to any books, docu17 ments, papers, and records of a recipient of assistance 

18 under this title that are pertinent to such assistance. 

19 SEC. 110. REPORTS TO CONGRESS. 

20 (a) INTERIM REPORT.—Not later than 5 years after 

21 the date of enactment of this Act, the Secretary shall sub22 mit to the Congress an interim report containing such 

23 findings and recommendations as the Secretary deter24 mines appropriate with respect to the community parks 

25 revitalization program established pursuant to this title. 


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1 (b) FINAL REPORT.—Not later than 10 years after 

2 the date of enactment of this Act, the Secretary shall sub3 mit to Congress a report describing the overall impact of 

4 the community parks revitalization program established 

5 pursuant to this title. 

6 SEC. 111. DEFINITIONS. 

7 In this title, the following definitions shall apply: 

8 (1) The term ‘‘eligible local government’’ means 

9 a local government that, pursuant to section 103(b), 

10 is eligible for a grant under section 103(a). 

11 (2) The term ‘‘insular areas’’ means Guam, the 

12 Virgin Islands, American Samoa, and the Northern 

13 Mariana Islands. 

14 (3) The term ‘‘local government’’ means any 

15 city, county, town, township, parish, village, or any 

16 local or regional special district, such as a park dis17 trict, conservation district, or park authority. 

18 (4) The term ‘‘maintenance’’ means all com19 monly accepted practices necessary to keep rec20 reational areas and facilities operating in a state of 

21 good repair and to protect such areas and facilities 

22 from deterioration resulting from normal wear and 

23 tear. 

24 (5) The term ‘‘private nonprofit agency’’ means 

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1 tion, or association organized for purposes of pro2 viding recreation, conservation, and educational serv3 ices directly to urban residents on either a neighbor4 hood or community-wide basis through voluntary do5 nations, voluntary labor, or public or private grants. 

6 (6) The term ‘‘recreational areas and facilities’’ 

7 means indoor or outdoor parks, buildings, sites, or 

8 other facilities that are dedicated to recreation pur9 poses and administered by public or private non10 profit agencies to serve the recreation needs of com11 munity residents, with emphasis on public facilities 

12 readily accessible to residential neighborhoods, in13 cluding multiple-use community centers that have 

14 recreation as a primary purpose, but not including 

15 major sports arenas, exhibition areas, and con16 ference halls used primarily for commercial sports, 

17 spectator, or display activities. 

18 (7) The term ‘‘Secretary’’ means the Secretary 

19 of Housing and Urban Development. 

20 (8) The term ‘‘State’’ means any State of the 

21 United States (or any instrumentality of a State ap22 proved by the Governor), the District of Columbia, 

23 and the Commonwealth of Puerto Rico. 


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1 SEC. 112. REGULATIONS. 

2 (a) REGULATIONS.—Not later than 180 days after 

3 the date of the enactment of this Act, the Secretary shall 

4 promulgate regulations establishing the community parks 

5 revitalization program under this title to provide the 

6 grants authorized in section 103(a), in accordance with 

7 this title. 

8 (b) REQUIREMENTS.—The regulations required 

9 under this section shall include— 

10 (1) the criteria necessary to carry out sections 

11 104, 105, and 106; 

12 (2) requirements regarding the form of, and 

13 elements to be included in, applications by eligible 

14 local governments for grants under this title, re15 quirements for and detailed instructions on the proc16 ess for submitting such applications, and deadlines 

17 for such applications; 

18 (3) criteria pursuant to sections 104(a) and 

19 105(a) for priority in selection and approval by the 

20 Secretary of projects or programs to receive grant 

21 funds; 

22 (4) guidelines regarding whether an applicant 

23 may modify a pending application and the process 

24 for modifying pending applications, and guidelines 

25 for submitting a request for modification of a project 


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1 awarded grant funding under this title after such an 

2 award has been made; and 

3 (5) penalties that will be assessed on local gov4 ernments awarded a grant under this title for failure 

5 to comply with the reporting and recordkeeping re6 quirements under section 110, which shall provide 

7 penalties up to and including rescission of grant 

8 amounts for repetitive violations. 

9 SEC. 113. AUTHORIZATION OF APPROPRIATIONS. 

10 (a) IN GENERAL.—There are authorized to be appro11 priated such sums as may be necessary to carry out this 

12 title for each of fiscal years 2025 through 2034. 

13 (b) LIMITATION ON INNOVATION AND RECREATION

14 PROGRAM GRANTS.—Not more than 10 percent of any 

15 amounts appropriated pursuant to subsection (a) of this 

16 section in any fiscal year may be used for grants under 

17 section 103(a)(2). 

18 (c) LIMITATION ON RECOVERY ACTION PROGRAM

19 GRANTS.—Not more than 3 percent of any amounts ap20 propriated pursuant to subsection (a) of this section in 

21 any fiscal year may be used for grants under section 

22 103(a)(3). 

23 (d) GRANTS FOR INSULAR AREAS.—Notwithstanding 

24 any other provision of this title, the Secretary may use 

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1 suant to subsection (a) in any fiscal year may to provide 

2 rehabilitation and construction grants under section 

3 103(a)(1), innovation and recreation program grants 

4 under section 103(a)(2), and recovery action program 

5 grants under section 103(a)(3) to be used in the insular 

6 areas. Any such grants shall not be subject to sections 

7 103(c) and 107(a) (relating to matching amounts), and 

8 may only be subject to such conditions, reports, plans, and 

9 agreements, if any, as determined by the Secretary. 

10 TITLE II—SECURED LOANS AND 

11 LOAN GUARANTEES FOR 

12 PARKS AND RECREATION IN13 FRASTRUCTURE DEVELOP14 MENT 

15 SEC. 201. PURPOSES. 

16 The purposes of this title are— 

17 (1) to promote increased development of parks 

18 and recreation infrastructure by establishing addi19 tional opportunities for financing parks and recre20 ation projects; 

21 (2) to attract new investment capital to infra22 structure projects that are capable of generating rev23 enue streams through user fees or other dedicated 

24 funding sources; 


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1 (3) to complement existing Federal funding 

2 sources and address budgetary constraints on the 

3 National Park Service; and 

4 (4) to leverage private investment in parks and 

5 recreation infrastructure. 

6 SEC. 202. AUTHORITY TO PROVIDE ASSISTANCE. 

7 The Secretary of Housing and Urban Development 

8 may provide financial assistance under section 208 to eli9 gible entities to carry out parks and infrastructure 

10 projects selected for such assistance pursuant to section 

11 207. 

12 SEC. 203. ELIGIBLE ENTITIES. 

13 Financial assistance under section 208 may be pro14 vided only to the following entities: 

15 (1) A corporation. 

16 (2) A partnership. 

17 (3) A joint venture. 

18 (4) A trust. 

19 (5) A Federal, State, or local governmental en20 tity, agency, or special purpose park and recreation 

21 district. 

22 (6) A State infrastructure financing authority. 


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1 SEC. 204. PROJECTS ELIGIBLE FOR ASSISTANCE. 

2 Financial assistance may be provided under section 

3 208, subject to section 207, only for the following types 

4 of projects: 

5 (1) A project for the development of indoor or 

6 outdoor parks, buildings, sites, or other facilities 

7 that are dedicated to recreation purposes and ad8 ministered by public or private nonprofit agencies to 

9 serve the recreation needs of community residents, 

10 including multiple-use community centers that have 

11 recreation as a primary purpose, but not including 

12 major sports arenas, exhibition areas, and con13 ference halls used primarily for commercial sports, 

14 spectator, or display activities. 

15 (2) A project for the construction, planning, 

16 and design of on-road and off-road trail facilities for 

17 pedestrians, bicyclists, and other nonmotorized 

18 forms of transportation, including sidewalks, bicycle 

19 infrastructure, pedestrian and bicycle signals, traffic 

20 calming techniques, lighting and other safety-related 

21 infrastructure, and transportation projects to 

22 achieve compliance with the Americans with Disabil23 ities Act of 1990 (42 U.S.C. 12101 et seq.). 

24 (3) A project for the construction, planning, 

25 and design of infrastructure-related projects and 

26 systems that will provide safe routes for non-drivers, 


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1 including children, older adults, and individuals with 

2 disabilities to access daily needs. 

3 (4) A project for the conversion and use of 

4 abandoned railroad corridors for trails for pedes5 trians, bicyclists, or other nonmotorized transpor6 tation users. 

7 (5) A project for the construction of turnouts, 

8 overlooks, and viewing areas. 

9 SEC. 205. ACTIVITIES ELIGIBLE FOR ASSISTANCE. 

10 Amounts from a loan made or guaranteed under sec11 tion 208 provided for an eligible project may be used for 

12 costs of carrying out such project, including costs of— 

13 (1) development-phase activities, including plan14 ning, feasibility analysis, revenue forecasting, envi15 ronmental review, permitting, preliminary engineer16 ing and design work, and other preconstruction ac17 tivities; 

18 (2) construction, reconstruction, rehabilitation, 

19 preservation, and replacement activities; 

20 (3) the acquisition of real property (including 

21 water rights, land relating to the project, and im22 provements to land), environmental mitigation, con23 struction contingencies, and acquisition of equip24 ment; 


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1 (4) capitalized interest necessary to meet mar2 ket requirements, reasonably required reserve funds, 

3 capital issuance expenses, and other carrying costs 

4 during construction; and 

5 (5) refinancing interim construction funding, 

6 long-term project obligations, or a secured loan or 

7 loan guarantee made under this title. 

8 SEC. 206. APPLICATIONS. 

9 (a) IN GENERAL.—The Secretary shall provide for el10 igible entities to submit applications for selection of eligi11 ble projects to receive financial assistance under section 

12 208, at such time, in such manner, and containing such 

13 information as the Secretary may require. 

14 (b) COMBINED PROJECTS.—The Secretary shall pro15 vide that in the case only of an eligible entity described 

16 in section 203(6), such an entity may submit a single ap17 plication for a combination of projects, each of which is 

18 an eligible project under paragraphs (1) through (5) of 

19 section 205. 

20 SEC. 207. DETERMINATION OF ELIGIBILITY AND PROJECT 

21 SELECTION. 

22 (a) SELECTION OF PROJECTS.—Using the selection 

23 criteria under subsection (c) of this section, the Secretary 

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1 section (b) of this section for financial assistance under 

2 section 208. 

3 (b) PROJECT REQUIREMENTS.—An eligible project 

4 may not be selected to receive financial assistance under 

5 section 208 unless the Secretary determines that the 

6 project meets all of the following criteria: 

7 (1) CREDITWORTHINESS.— 

8 (A) IN GENERAL.—Subject to subpara9 graph (B), the project shall be creditworthy, as 

10 determined by the Secretary as applicable, to 

11 shall ensure that any financing for the project 

12 has appropriate security features, such as a 

13 rate covenant, to ensure repayment. 

14 (B) PRELIMINARY RATING OPINION LET15 TER.—The Secretary shall require the applicant 

16 for each project to provide, as part of the appli17 cation for the project under section 206, a pre18 liminary rating opinion letter from at least one 

19 rating agency indicating that the senior project 

20 obligations of the project (which may be the 

21 Federal credit instrument) have the potential to 

22 achieve an investment-grade rating. 

23 (C) SPECIAL RULE FOR CERTAIN COM24 BINED PROJECTS.—The Secretary shall develop 

25 a credit evaluation process for a Federal credit 


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1 instrument provided to a State infrastructure 

2 financing authority for a project described in 

3 section 206(b), which may include requiring the 

4 provision of a preliminary rating opinion letter 

5 from at least one rating agency. 

6 (2) ELIGIBLE PROJECT COSTS.—The costs of 

7 the eligible project shall be reasonably anticipated to 

8 be not less than $20,000,000. 

9 (3) DEDICATED REVENUE SOURCES.—The Fed10 eral credit instrument for the project shall be repay11 able, in whole or in part, from dedicated revenue 

12 sources that also secure the project obligations. 

13 (4) PUBLIC SPONSORSHIP OF PRIVATE ENTI14 TIES.—In the case of a project carried out by an en15 tity that is not a State or local government or an 

16 agency or instrumentality of a State or local govern17 ment, the project shall be publicly sponsored. 

18 (c) SELECTION CRITERIA.— 

19 (1) ESTABLISHMENT.—The Secretary shall es20 tablish criteria for the selection of projects that meet 

21 the eligibility requirements of subsection (b). Such 

22 criteria shall be designed to ensure a diversity of 

23 project types and geographical locations, and shall 

24 include the following: 


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1 (A) The extent to which the project is 

2 statewide or regionally significant, with respect 

3 to the generation of increased recreational op4 portunities. 

5 (B) The extent to which assistance under 

6 this title would foster innovative public-private 

7 partnerships and attract private debt or equity 

8 investment. 

9 (C) The likelihood that assistance under 

10 this title would enable the project to proceed at 

11 an earlier date than the project would otherwise 

12 be able to proceed. 

13 (D) The extent to which the project uses 

14 new or innovative approaches. 

15 (E) The amount of budget authority re16 quired to fund the Federal credit instrument 

17 for the project made available under this title. 

18 (F) The extent to which the project helps 

19 maintain or protect the environment. 

20 (G) The extent to which assistance under 

21 this section reduces the contribution of Federal 

22 grant assistance to the project. 

23 (2) SPECIAL RULE FOR CERTAIN COMBINED

24 PROJECTS.—For a project described in section 

25 206(b), the Secretary shall only consider the criteria 


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1 described in subparagraphs (B) through (G) of para2 graph (1). 

3 (d) FEDERAL REQUIREMENTS.—Nothing in this sec4 tion may be construed to alter, affect, or annul the appli5 cability of any other Federal laws or regulations. 

6 SEC. 208. SECURED LOANS AND LOAN GUARANTEES. 

7 (a) AUTHORITY.—The Secretary may enter into 

8 agreements with eligible entities to make, and may make, 

9 secured loans to such entities as provided under this sec10 tion for eligible projects selected under section 207 for fi11 nancial assistance under this section. 

12 (b) USE.— 

13 (1) IN GENERAL.—The proceeds of a secured 

14 loan under this section shall be used only— 

15 (A) to finance eligible project costs of an 

16 eligible project selected under section 207; 

17 (B) subject to paragraph (2) of this sub18 section, to refinance interim construction fi19 nancing of eligible project costs of an eligible 

20 project selected under section 207; or 

21 (C) to refinance long-term project obliga22 tions or Federal credit instruments, if such refi23 nancing provides additional funding capacity for 

24 the completion, enhancement, or expansion of a 

25 project that— 


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1 (i) is selected under section 207; or 

2 (ii) was originally financed, in whole 

3 or in part, with amounts provided other 

4 than under this title, if the project other5 wise meets the requirements of section 

6 207. 

7 (2) LIMITATION ON REFINANCING OF INTERIM

8 CONSTRUCTION FINANCING.—The proceeds of a se9 cured loan under this section made for an eligible 

10 project may not be used for the purpose under para11 graph (1)(B) after the expiration of the 12-month 

12 period beginning upon the date of substantial com13 pletion of the project. 

14 (c) RISK ASSESSMENT.—Before entering into an 

15 agreement under this subsection for a secured loan, the 

16 Secretary, in consultation with the Director of the Office 

17 of Management and Budget and each rating agency pro18 viding a preliminary rating opinion letter under section 

19 207(b)(1)(B), shall determine an appropriate capital re20 serve subsidy amount for the secured loan, taking into ac21 count each such preliminary rating opinion letter. 

22 (d) INVESTMENT-GRADE RATING REQUIREMENT FOR

23 SENIOR OBLIGATIONS.—The execution of a secured loan 

24 under this section shall be contingent on receipt by the 


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1 senior obligations of the project of an investment-grade 

2 rating. 

3 (e) TERMS AND LIMITATIONS.— 

4 (1) MAXIMUM AMOUNT.—The amount of a se5 cured loan under this section shall not exceed the 

6 lesser of— 

7 (A) an amount equal to 49 percent of the 

8 reasonably anticipated eligible project costs; or 

9 (B) if the secured loan does not receive an 

10 investment-grade rating, the amount of the sen11 ior project obligations of the project. 

12 (2) PAYMENT.—A secured loan under this sec13 tion— 

14 (A) shall be payable, in whole or in part, 

15 from State or local taxes, user fees, or other 

16 dedicated revenue sources that also secure the 

17 senior project obligations of the relevant 

18 project; 

19 (B) shall include a rate covenant, coverage 

20 requirement, or similar security feature sup21 porting the project obligations; and 

22 (C) may have a lien on revenues described 

23 in subparagraph (A), subject to any lien secur24 ing project obligations. 


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1 (3) INTEREST RATE.—The interest rate on a 

2 secured loan under this section shall be— 

3 (A) not less than the yield on United 

4 States Treasury securities of a similar maturity 

5 to the maturity of the secured loan on the date 

6 of execution of the loan agreement; and 

7 (B) fixed for the term of the loan. 

8 (4) MATURITY DATE.— 

9 (A) IN GENERAL.—Except as provided in 

10 subparagraph (B), the final maturity date of a 

11 secured loan under this section for an eligible 

12 project shall be not later than 35 years after 

13 the date of substantial completion of the 

14 project. 

15 (B) SPECIAL RULE FOR STATE INFRA16 STRUCTURE FINANCING AUTHORITIES.—The 

17 final maturity date of a secured loan under this 

18 section made to a State infrastructure financing 

19 authority shall be not later than 35 years after 

20 the date on which loan amounts are first dis21 bursed. 

22 (5) NONSUBORDINATION.—A secured loan 

23 under this section shall not be subordinated to the 

24 claims of any holder of project obligations in the 


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1 event of bankruptcy, insolvency, or liquidation of the 

2 obligor. 

3 (6) FEES.—The Secretary may establish fees in 

4 connection with a secured loan under this section, in 

5 amounts sufficient to cover all or a portion of the 

6 costs to the Federal Government of secured loans 

7 under this section. 

8 (7) USE OF PROCEEDS FOR PAYMENT OF NON9 FEDERAL SHARE.—The proceeds of a secured loan 

10 under this section may be used to pay any non-Fed11 eral share required with respect to other funding ob12 tained for project costs, but only if such secured 

13 loan is repaid using non-Federal funds. 

14 (8) MAXIMUM FEDERAL INVOLVEMENT.—For 

15 any project for which assistance is provided under 

16 this title, the total amount of Federal assistance 

17 from all sources, including this title, shall not exceed 

18 80 percent of the total project cost. 

19 (9) OTHERS.—A secured loan provided for a 

20 project under this section shall be subject to such 

21 other terms and conditions, and contain such cov22 enants, representations, warranties, and require23 ments (including requirements for audits), as the 

24 Secretary determines to be appropriate. 

25 (f) REPAYMENT.— 


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1 (1) SCHEDULE.—The Secretary shall establish 

2 a repayment schedule for each secured loan provided 

3 under this section, based on the projected cash flow 

4 from project revenues and other repayment sources. 

5 (2) COMMENCEMENT.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), scheduled loan repayments 

8 of principal or interest on a secured loan under 

9 this section for an eligible project shall com10 mence not later than 5 years after the date of 

11 substantial completion of the project. 

12 (B) SPECIAL RULE FOR STATE INFRA13 STRUCTURE FINANCING AUTHORITIES.—Sched14 uled loan repayments of principal or interest on 

15 a secured loan made under this section to a 

16 State infrastructure financing authority shall 

17 commence not later than 5 years after the date 

18 on which amounts are first disbursed. 

19 (3) DEFERRED PAYMENTS.— 

20 (A) AUTHORIZATION.—If, at any time 

21 after the date of substantial completion of a 

22 project for which a secured loan is provided 

23 under this section, the project is unable to gen24 erate sufficient revenues to pay the scheduled 

25 loan repayments of principal and interest on the 


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1 loan, the Secretary may, subject to subpara2 graph (C), allow the obligor to add unpaid prin3 cipal and interest to the outstanding balance of 

4 the secured loan. 

5 (B) INTEREST.—Any payment deferred 

6 pursuant to subparagraph (A) shall— 

7 (i) continue to accrue interest in ac8 cordance with subsection (e)(3) until fully 

9 repaid; and 

10 (ii) be amortized over the remaining 

11 term of the secured loan. 

12 (C) CRITERIA.—Any payment deferral pur13 suant to subparagraph (A) shall be contingent 

14 on the project meeting— 

15 (i) standards for reasonable assurance 

16 of repayment, as the Secretary shall estab17 lish; and 

18 (ii) such other criteria as the Sec19 retary may establish. 

20 (4) PREPAYMENT.— 

21 (A) USE OF EXCESS REVENUES.—Any ex22 cess revenues from an eligible project that re23 main after satisfying scheduled debt service re24 quirements on the project obligations and se25 cured loan and all deposit requirements under 


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1 the terms of any trust agreement, bond resolu2 tion, or similar agreement securing project obli3 gations may be applied annually to prepay a se4 cured loan under this section without penalty. 

5 (B) USE OF PROCEEDS OF REFI6 NANCING.—A secured loan under this section 

7 may be prepaid at any time, without penalty, 

8 from the proceeds of refinancing from non-Fed9 eral funding sources. 

10 (g) SALE OF SECURED LOANS.— 

11 (1) IN GENERAL.—Subject to paragraph (2), if 

12 the Secretary determines that the sale or reoffering 

13 of a secured loan under this section for an eligible 

14 project can be made on favorable terms, the Sec15 retary may sell the loan to another entity or reoffer 

16 the loan into the capital markets as soon as prac17 ticable after the date of substantial completion of a 

18 project and after providing notice to the obligor. 

19 (2) CONSENT OF OBLIGOR.—In making a sale 

20 or reoffering under paragraph (1), the Secretary 

21 may not change the original terms and conditions of 

22 the secured loan without the written consent of the 

23 obligor. 

24 (h) LOAN GUARANTEES.— 


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1 (1) IN GENERAL.—In lieu of making a secured 

2 loan under this section for an eligible project, the 

3 Secretary may provide a loan guarantee for a project 

4 obligation for the project funded by a qualified lend5 er (as such term is defined in section 211), but only 

6 if the Secretary determines that the cost as such 

7 term is defined in section 502 of the Federal Credit 

8 Reform Act of 1990 (2 U.S.C. 661a) of the loan 

9 guarantee is substantially the same as or less than 

10 that of making a secured loan. 

11 (2) TERMS.—The terms of a loan guarantee 

12 provided under this subsection shall be consistent 

13 with the terms established in this section for a se14 cured loan, except that the interest rate on the guar15 anteed loan and any prepayment features shall be 

16 negotiated between the obligor and the qualified 

17 lender, subject to the consent of the Secretary. 

18 SEC. 209. PROGRAM ADMINISTRATION. 

19 (a) REQUIREMENT.—The Secretary shall establish a 

20 uniform system to service the Federal credit instruments 

21 made available under this title. 

22 (b) FEES.— 

23 (1) IN GENERAL.—The Secretary may collect 

24 and spend fees, to the extent provided in advance in 

25 appropriations Acts, in amounts sufficient to cover— 


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1 (A) the costs of services obtained pursuant 

2 to subsection (d); and 

3 (B) all or a portion of the costs to the 

4 Federal Government of servicing the Federal 

5 credit instruments provided under this title. 

6 (c) SERVICER.— 

7 (1) IN GENERAL.—The Secretary may appoint 

8 a financial entity to assist the Secretary in servicing 

9 Federal credit instruments provided under this title. 

10 (2) DUTIES.—A servicer appointed under para11 graph (1) shall act as the agent for the Secretary. 

12 (3) FEE.—A servicer appointed under para13 graph (1) shall receive a servicing fee, subject to ap14 proval by the Secretary. 

15 (d) ASSISTANCE FROM EXPERTS.—The Secretary 

16 may retain the services, including counsel, of organizations 

17 and entities with expertise in the field of municipal and 

18 project finance to assist in the underwriting and servicing 

19 of Federal credit instruments provided under this title. 

20 SEC. 210. STATE AND LOCAL PERMITS. 

21 The provision of financial assistance under section 

22 208 for an eligible project shall not— 

23 (1) relieve any recipient of such assistance of 

24 any obligation to obtain any required State or local 

25 permit or approval with respect to the project; 


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1 (2) limit the right of any unit of State or local 

2 government to approve or regulate any rate of re3 turn on private equity invested in the project; or 

4 (3) otherwise supersede any State or local law 

5 or regulation applicable to the construction or oper6 ation of the project. 

7 SEC. 211. DEFINITIONS. 

8 In this title, the following definitions shall apply: 

9 (1) COMMERCIAL SPORTS.—The term ‘‘commer10 cial sport’’ means a sports enterprise of which prof11 it-making forms a major part. 

12 (2) ELIGIBLE ENTITY.—The term ‘‘eligible enti13 ty’’ means an entity eligible pursuant to section 203 

14 to receive financial assistance under section 208. 

15 (3) ELIGIBLE PROJECT.—The term ‘‘eligible 

16 project’’ means a project for which financial assist17 ance under section 208 may be provided, pursuant 

18 to section 204. 

19 (4) ELIGIBLE PROJECT COSTS.—The term ‘‘eli20 gible project costs’’ means, with respect to an eligi21 ble project, any costs of the project eligible under 

22 section 205 to be paid with amounts from a loan 

23 made or guaranteed pursuant to section 208. 

24 (5) FEDERAL CREDIT INSTRUMENT.—The term 

25 ‘‘Federal credit instrument’’ means a secured loan 


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1 made, or loan guarantee provided, under section 

2 208. 

3 (6) INVESTMENT-GRADE RATING.—The term 

4 ‘‘investment-grade rating’’ means, with respect to 

5 project obligations, a rating of BBB minus, Baa3, 

6 bbb minus, BBB (low), or higher as assigned by a 

7 rating agency. 

8 (7) LOAN GUARANTEE.—The term ‘‘loan guar9 antee’’ means any guarantee or other pledge by the 

10 Secretary to pay all or part of the principal of, and 

11 interest on, a loan or other debt obligation. 

12 (8) OBLIGOR.—The term ‘‘obligor’’ means— 

13 (A) with respect to a Federal credit instru14 ment that is a secured loan under section 208, 

15 the eligible entity that is primarily liable for 

16 payment of the principal of, or interest on, the 

17 loan; and 

18 (B) with respect to a Federal credit instru19 ment that is a loan guarantee under section 

20 208(h), the eligible entity that is primarily lia21 ble for payment of the loan or other debt obli22 gation repayment of which is guaranteed pursu23 ant to such section. 

24 (9) PROJECT OBLIGATION.—The term ‘‘project 

25 obligation’’ means, with respect to an eligible 


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1 project, any note, bond, debenture, or other debt ob2 ligation issued by an obligor in connection with the 

3 financing of the project. Such term does not include 

4 a Federal credit instrument. 

5 (10) QUALIFIED LENDER.— 

6 (A) IN GENERAL.—The term ‘‘qualified 

7 lender’’ means any non-Federal qualified insti8 tutional buyer, as such term is defined in sec9 tion 230.144A(a) of title 17, Code of Federal 

10 Regulations (or any successor regulation), 

11 known as Rule 144A(a) of the Securities and 

12 Exchange Commission and issued under the Se13 curities Act of 1933 (15 U.S.C. 77a et seq.). 

14 (B) INCLUSIONS.—Such term includes— 

15 (i) a qualified retirement plan (as de16 fined in section 4974(c) of the Internal 

17 Revenue Code of 1986) that is a qualified 

18 institutional buyer; and 

19 (ii) a governmental plan (as defined in 

20 section 414(d) of the Internal Revenue 

21 Code of 1986) that is a qualified institu22 tional buyer. 

23 (11) RATING AGENCY.—The term ‘‘rating agen24 cy’’ means a credit rating agency registered with the 

25 Securities and Exchange Commission as a nationally 


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1 recognized statistical rating organization (as defined 

2 in section 3(a) of the Securities Exchange Act of 

3 1934 (15 U.S.C. 78c(a))). 

4 (12) SECRETARY.—The term ‘‘Secretary’’ 

5 means the Secretary of Housing and Urban Develop6 ment. 

7 (13) SECURED LOAN.—The term ‘‘secured 

8 loan’’ means a direct loan or other debt obligation 

9 issued by an obligor and funded by the Secretary 

10 pursuant to section 208. 

11 (14) STATE.—The term ‘‘State’’ means a State, 

12 the District of Columbia, the Commonwealth of 

13 Puerto Rico, and any other territory or possession of 

14 the United States. 

15 (15) STATE INFRASTRUCTURE FINANCING AU16 THORITY.—The term ‘‘State infrastructure financing 

17 authority’’ means the State entity established or des18 ignated by the Governor of a State to receive assist19 ance under this title. 

20 (16) SUBSIDY AMOUNT.—The term ‘‘subsidy 

21 amount’’ means, with respect to a Federal credit in22 strument, the amount of budget authority sufficient 

23 to cover the estimated long-term cost to the Federal 

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1 ministrative costs and any incidental effects on gov2 ernmental receipts or outlays in accordance with the 

3 Federal Credit Reform Act of 1990 (2 U.S.C. 661 

4 et seq.). 

5 (17) SUBSTANTIAL COMPLETION.—The term 

6 ‘‘substantial completion’’ means, with respect to a 

7 project, the earliest date on which a project is con8 sidered capable of performing the functions for 

9 which the project is designed. 

10 SEC. 212. REGULATIONS. 

11 The Secretary may issue such regulations as the Sec12 retary considers appropriate to carry out this title. 

13 SEC. 213. FUNDING. 

14 From amounts made available for Federal purposes 

15 under section 5 of the Land and Water Conservation Fund 

16 Act of 1965 (16 U.S.C.460l–7), there is authorized to be 

17 appropriated to the Secretary to carry out this title 

18 $50,000,000 for each of fiscal years 2025 through 2029, 

19 to remain available until expended, of which in each such 

20 fiscal year— 

21 (1) the Secretary may use for the administra22 tion of this title, including program administration 

23 under section 209, not more than $2,200,000; and 

24 (2) the remainder shall be available for costs 

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1 eral Credit Reform Act of 1990 (2 U.S.C. 661a)) of 

2 loans and loan guarantees under section 208. 

3 SEC. 214. REPORT TO CONGRESS. 

4 Not later than 2 years after the date of enactment 

5 of this Act, and every 2 years thereafter, the Secretary 

6 shall submit to the Congress a report summarizing the fi7 nancial performance of the projects that are receiving, or 

8 have received, assistance under this title, including a rec9 ommendation as to whether the objectives of this title are 

10 being met. 

Æ 


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