I 
113TH CONGRESS 
2D SESSION 
H. R. 4173 
To establish the Brownfield Redevelopment and Economic Development Inno-
vative Financing program to promote urban renewal, and for other pur-
poses. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 6, 2014 
Ms. HAHN (for herself and Mr. GIBSON) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To establish the Brownfield Redevelopment and Economic 
Development Innovative Financing program to promote 
urban renewal, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Brownfield Redevelop-
ment and Economic Development Innovative Financing 
Act of 2014’’. 
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SEC. 2. BROWNFIELD REDEVELOPMENT AND ECONOMIC 
DEVELOPMENT 
INNOVATIVE 
FINANCING 
PROGRAM. 
(a) ESTABLISHMENT AND PURPOSE.—The Secretary 
of Housing and Urban Development, in consultation with 
the Secretary of the Treasury, shall establish a program, 
to be known as the Brownfield Redevelopment and Eco-
nomic Development Innovative Financing program, under 
which the Secretary may guarantee, and make commit-
ments to guarantee, the repayment of principal and inter-
est on loans made by lenders to local governments, local 
redevelopment agencies, or BRAC redevelopment projects 
for the purposes of carrying out projects for redeveloping 
brownfields and promoting urban renewal. 
(b) ELIGIBILITY REQUIREMENTS.— 
(1) APPLICATION.—A local government, local 
redevelopment agency, or BRAC redevelopment 
project shall be eligible to receive a loan guarantee 
under the Program only if such government, agency, 
or project submits to the Secretary (at such time 
and in such form as the Secretary may require)— 
(A) a master plan that meets the require-
ments under subsection (c); 
(B) a certification from the Environmental 
Protection Agency, or an entity designated by 
the Environmental Protection Agency, that the 
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brownfield to be redeveloped under the master 
plan requires environmental remediation; and 
(C) any other information as the Secretary 
may require. 
(2) LOAN ELIGIBILITY.—A loan may be guar-
anteed under the Program only if the loan meets the 
following requirements: 
(A) USE.—Such loan shall be used for 
costs of carrying out a project to redevelop 
brownfields and promote urban renewal, which 
may include— 
(i) acquisition of a brownfield site; 
(ii) remediation of a brownfield site; 
(iii) relocation of existing facilities in 
operation on the redevelopment site; or 
(iv) site preparation, including the in-
stallation of utilities, sewers, storm drains, 
and transportation facilities. 
(B) CONTAMINATION.—A local govern-
ment, local redevelopment agency, or BRAC re-
development project may not receive a loan 
guarantee under the Program if the applying 
agency was responsible for contaminating a 
brownfield to be redeveloped using such loan. 
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(C) NUMBER OF LOANS.—A local govern-
ment, local redevelopment agency, or BRAC re-
development project may not at any time have 
more than one outstanding loan that is guaran-
teed under the Program. 
(D) AMOUNT OF PRINCIPAL.—The original 
principal amount of such loan shall not— 
(i) be less than $25,000,000; and 
(ii) exceed the lesser of— 
(I) the total cost of the redevel-
opment project for which the loan is 
to be used; or 
(II) $150,000,000. 
(E) INTEREST
RATE.—Such loan shall 
bear interest at a rate negotiated between the 
lender and the borrower, subject to any limita-
tions that the Secretary may establish. 
(F) DURATION.—The term to maturity of 
such loan shall not be shorter than 20 years nor 
longer than 30 years. 
(G) REPAYMENT.—Such loan— 
(i) shall not require any repayment of 
principal or interest within 10 years after 
the date that the lender makes the loan to 
the borrower; and 
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(ii) shall require that repayment shall 
begin not later than 15 years after the 
date that such loan is made. 
(c) MASTER PLAN.—A master plan under this sub-
section shall describe the proposed brownfield redevelop-
ment project for which the loan guarantee is to be made, 
and shall include— 
(1) a description of the project to be funded by 
the loan, including a schedule of activities to be un-
dertaken and a budget for such project; 
(2) a demonstration that the brownfield redevel-
opment project will result in major redevelopment, 
based on economic development and environmental 
quality and restoration, in the community in which 
such project is located, which shall include informa-
tion regarding— 
(A) the extent of non-Federal funds com-
mitted to the project; 
(B) the number of long-term jobs created 
by the project; 
(C) the environmental remediation of 
brownfield sites due to the project; 
(D) a description of the environmental and 
economic impact of the project on the commu-
nity; 
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(E) the amount of affordable housing cre-
ated by the project; 
(F) the reduction of vehicle congestion and 
emissions expected to result from the project; 
(G) the extent of integration of green tech-
nology into developments and buildings created 
by the project; 
(H) the extent of improvement in air qual-
ity expected to result from the project; and 
(I) the extent to which complete streets 
planning and transit-oriented development is in-
corporated into the project; 
(3) evidence of the commitments of investment 
from non-Federal entities, established through zon-
ing or other documentation; and 
(4) a remediation action plan that has been ap-
proved by the Environmental Protection Agency, or 
its designee. 
(d) SELECTION CRITERIA.—The Secretary shall es-
tablish criteria for selecting local governments, local rede-
velopment agencies, and BRAC redevelopment projects to 
receive loan guarantees under the Program. Such criteria 
shall take into consideration the information required 
under subsection (c)(2). Such criteria shall provide that 
existing BRAC redevelopment projects having existing 
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Federal grants, loans, or other assistance or commitments 
for Federal grants, loans, or other assistance, shall be 
given additional favorable consideration toward such selec-
tion. 
(e) FULL FAITH AND CREDIT.—The full faith and 
credit of the United States is pledged to the payment of 
all guarantees made under this section. Any such guar-
antee made by the Secretary shall be conclusive evidence 
of the eligibility of the obligations for such guarantee with 
respect to principal and interest, and the validity of any 
such guarantee so made shall be incontestable in the 
hands of a holder of the guaranteed obligations. 
(f) PROTECTION AGAINST LIABILITY FOR ENVIRON-
MENTAL REMEDIATION.—The Federal Government shall 
not be liable under the Comprehensive Environmental Re-
sponse, Compensation, and Liability Act of 1980 (42 
U.S.C. 9601 et seq.) or any other Federal, State, or local 
law as a result of a loan guarantee made under this sec-
tion. 
(g) PROCESSING; REPAYMENT
AND COLLATERAL; 
CONGRESSIONAL OVERSIGHT.— 
(1) PROCESSING.—The Secretary shall con-
sider, process, and approve all requests for loan 
guarantees under this section using an approval 
process that is substantially identical to the approval 
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process used for loan guarantees provided under sec-
tion 108 of the Housing and Community Develop-
ment Act of 1974 (42 U.S.C. 5308). 
(2) 
REPAYMENT
SCHEDULE
AND 
COLLATERALIZATION.—To be eligible for a loan 
guarantee under this section, an applicant shall 
demonstrate a viable repayment schedule and shall 
provide sufficient collateral to ensure repayment of 
loans so guaranteed, which may be in the form of 
a pledge of grants for which the applicant may be-
come eligible under title I of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 5301 
et seq.), except that the Secretary may not require 
a pledge of such grants as collateral and shall pro-
vide for applicants to provide collateral in other 
forms, at the option of the applicant. 
(3) CONGRESSIONAL OVERSIGHT.—Before final 
approval of any loan guarantee under this section, 
the Secretary shall notify the Committees on Finan-
cial Services and Appropriations of the House of 
Representatives and Committees on Banking, Hous-
ing, and Urban Affairs and Appropriations of the 
Senate of such approval. 
(h) DEFINITIONS.—For purposes of this section the 
following definitions shall apply: 
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(1) BRAC REDEVELOPMENT
PROJECT.—The 
term ‘‘BRAC redevelopment project’’ means a 
project to redevelop a site that has been designated 
as a Base Realignment and Closure Site by the Sec-
retary of Defense, through the Defense Base Closure 
and Realignment Commission, and is listed on the 
website of the Department of Defense as such a site. 
(2) BROWNFIELD.—The term ‘‘brownfield’’ has 
the meaning given such term in section 101(39) of 
the Comprehensive Environmental Response, Com-
pensation, and Liability Act of 1980 (42 U.S.C. 
9601(39). 
(3) LOCAL
REDEVELOPMENT
AGENCY.—The 
term ‘‘local redevelopment agency’’ means any agen-
cy, office, or division of a State government whose 
purpose includes improving blighted, deteriorated, or 
otherwise economically depressed areas. 
(4) REMEDIATION
ACTION
PLAN.—The term 
‘‘remediation action plan’’ means, with respect to a 
brownfield redevelopment project, a document that 
describes how the project site will be remediated, 
what technology will be used to accomplish such re-
mediation, and when the remediation actions will 
take place. 
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(5) PROGRAM.—The term ‘‘Program’’ means 
the Brownfield Redevelopment and Economic Devel-
opment Innovative Financing program established 
under this section. 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(i) REGULATIONS.—Not later than 6 months after 
the date of enactment of this section, the Secretary shall 
issue regulations as may be necessary to carry out the 
Program. 
(j) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized 
to 
be 
appropriated 
to 
the 
Secretary 
$100,000,000 for fiscal year 2015 for costs (as such term 
is defined in section 502 of the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661a)) of loans guaranteed under 
this section, which amounts shall remain available through 
fiscal year 2019. 
Æ 
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