nate the deficiencies of the wastewater systems 
of the United States; and 
(C) from 2006 to 2009, more than 9,400 
of the Nation’s 25,000 sewage systems—includ-
ing those in major cities—have reported vio-
lating the Clean Water Act of 1975 by dumping 
untreated or partly treated human waste, 
chemicals and other hazardous materials into 
rivers and lakes and elsewhere; and 
(7) the infrastructure financing mechanisms of 
the United States do not adequately— 
(A) address infrastructure projects of re-
gional or national significance; 
(B) encourage an appropriate pooling of 
Federal, State, local, and private resources; or 
(C) provide transparency to ensure the op-
timal return on public resources. 
TITLE I—NATIONAL 
INFRASTRUCTURE BANK 
SEC. 101. DEFINITIONS. 
In this title, the following definitions shall apply: 
(1) BANK.—The term ‘‘Bank’’ means the ‘‘Na-
tional Infrastructure Bank’’ established under sec-
tion 102. 
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(2) BOARD.—The term ‘‘Board’’ means the 
board of directors of the Bank, established under 
section 103. 
(3) CHAIRPERSON.—The term ‘‘Chairperson’’ 
means the Chairperson of the Board. 
(4) FINANCIAL ASSISTANCE.—The term ‘‘finan-
cial assistance’’ means a method used by the Bank 
to provide a loan, loan guarantee, forgiveness of loan 
principle, or negative interest rate loan to a qualified 
infrastructure project. 
(5) INFRASTRUCTURE PROJECT.— 
(A) IN GENERAL.—The term ‘‘infrastruc-
ture project’’ means the building, improvement, 
or increase in capacity of a basic installation, 
facility, asset, or stock that is associated with— 
(i) a mass transit system that meets 
the criteria in subparagraph (B); 
(ii) a public housing property that is 
eligible to receive funding under section 24 
of the United States Housing Act of 1937 
(42 U.S.C. 1437v) and that meets the cri-
teria in subparagraph (B); 
(iii) a road or bridge that meets the 
criteria in subparagraph (B); 
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(iv) a drinking water system or a 
wastewater system that meets the criteria 
in subparagraph (B); 
(v) a freight or passenger rail project 
that meets the criteria in subparagraph 
(B); or 
(vi) an airport or air traffic control 
systems that meet the criteria in subpara-
graph (B). 
(B) CRITERIA.—A project described in any 
of clauses (i) through (vi) of subparagraph (A) 
meets the criteria of this subparagraph if it 
serves any one or more of the objectives identi-
fied in paragraphs (1) through (9) of section 
101(c) of the Housing and Community Develop-
ment Act of 1974 (42 U.S.C. 5301(c)). 
(6) PUBLIC HOUSING.—The term ‘‘public hous-
ing’’ means a housing project receiving assistance 
under section 9 of the United States Housing Act of 
1937 (42 U.S.C. 1437g). 
(7) PUBLIC
HOUSING
AGENCY.—The term 
‘‘public housing agency’’ means an agency described 
in section 3(b)(6) of the United States Housing Act 
of 1937 (42 U.S.C. 1437a(b)(6)). 
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(8) PUBLIC SPONSOR.—The term ‘‘public spon-
sor’’ includes a State or local government, an Indian 
tribe (as defined in section 4 of the Indian Self-De-
termination and Education Assistance Act (25 
U.S.C. 450b)), a public transportation agency, a 
public housing agency, a public infrastructure agen-
cy, or a consortium of those entities, including a 
public entity that has partnered with a private non-
profit or for-profit entity. 
(9) PUBLICLY-ASSISTED
AFFORDABLE
HOUS-
ING.—The term ‘‘publicly-assisted affordable hous-
ing’’ means the categories of housing specified in 
section 1335(a)(1)(B) of the Federal Housing En-
terprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4565(a)(1)(B)). 
(10) QUALIFIED INFRASTRUCTURE PROJECT.— 
The term ‘‘qualified infrastructure project’’ means 
an infrastructure project designated by the Board as 
a qualified infrastructure project in accordance with 
section 105. 
(11) TRANSIT-ORIENTED DEVELOPMENT.—The 
term ‘‘transit-oriented development’’ means high- 
density, walkable, mixed-use development (including 
commercial development, affordable housing, and 
market-rate housing) that is within walking distance 
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of and accessible to 1 or more public transportation 
facilities. 
SEC. 102. ESTABLISHMENT OF BANK. 
There is established the ‘‘National Infrastructure 
Bank’’, which shall be an independent establishment of the 
Federal Government, as defined in section 104 of title 5, 
United States Code. 
SEC. 103. MANAGEMENT OF BANK. 
(a) BOARD OF DIRECTORS.— 
(1) IN
GENERAL.—The management of the 
Bank shall be vested in a Board of Directors con-
sisting of 5 members, appointed by the President, by 
and with the advice and consent of the Senate, from 
among individuals who are citizens of the United 
States. 
(2) MEMBER EXPERTISE.—The Board shall be 
comprised of members with a diverse set of expertise 
in infrastructure project development and finance, 
including in— 
(A) transit infrastructure; 
(B) public housing infrastructure; 
(C) road and bridge infrastructure; 
(D) water infrastructure; 
(E) aviation infrastructure; 
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(F) freight or passenger rail infrastruc-
ture; and 
(G) public finance. 
(3) POLITICAL AFFILIATION.—Section 2(a)(2) 
of the Federal Deposit Insurance Act (12 U.S.C. 
1812(a)(2)) shall apply to members of the Board of 
Directors of the Bank in the same manner as it ap-
plies to the Board of Directors of the Federal De-
posit Insurance Corporation. 
(4) MEETINGS.—The Board shall meet not 
later than 90 days after the date on which all direc-
tors of the Board are first appointed, and otherwise 
at the call of the Chairperson. 
(5) DATE
OF
APPOINTMENTS.—The initial 
nominations to the Board shall be made not later 
than 60 days after the date of enactment of this 
title. 
(b) CHAIRPERSON AND VICE CHAIRPERSON.—The 
Chairperson and Vice Chairperson of the Board shall be 
appointed and shall serve in the same manner as is pro-
vided for members of the Federal Deposit Insurance Cor-
poration under section 2(b) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1812(b)). 
(c) TERMS.— 
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(d) VACANCY.—Any vacancy on the Board shall be 
filled in the manner in which the original appointment was 
made. 
(e) INELIGIBILITY FOR OTHER OFFICES.— 
(1) RESTRICTION DURING SERVICE.—No mem-
ber of the Board may, during service on the 
Board— 
(A) be an officer or director of, or other-
wise be employed by, any entity engaged in or 
otherwise associated with an infrastructure 
project assisted or considered under this title; 
(B) hold stock in any such entity; or 
(C) hold any other elected or appointed 
public office. 
(2) POST SERVICE RESTRICTION.— 
(A) IN
GENERAL.—No member of the 
Board may hold any office, position, or employ-
ment in any entity engaged in or otherwise as-
sociated with an infrastructure project assisted 
under this title during the 2-year period begin-
ning on the date on which such member ceases 
to serve on the Board. 
(B) EXCEPTION
FOR
MEMBERS
WHO 
SERVE FULL TERM.—The limitation contained 
in subparagraph (A) does not apply to any 
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member who has ceased to serve on the Board 
after serving the full term for which such mem-
ber was appointed. 
(3) CERTIFICATION.—Upon taking office, each 
member of the Board shall certify under oath that 
such member has complied with this subsection, and 
such certification shall be filed with the secretary of 
the Board. 
SEC. 104. STAFF AND PERSONNEL MATTERS. 
(a) EXECUTIVE DIRECTOR.— 
(1) IN GENERAL.—The Chairperson may ap-
point and terminate, and fix the compensation of, an 
executive director of the Bank, in accordance with 
title 5, United States Code. 
(2) CONFIRMATION
OF
EXECUTIVE
DIREC-
TOR.—The employment of an executive director shall 
be subject to confirmation by the Board. 
(3) QUALIFICATIONS
OF
EXECUTIVE
DIREC-
TOR.—An individual appointed as the executive di-
rector under paragraph (1) shall have demonstrated 
expertise in infrastructure development and finance 
including— 
(A) transit infrastructure; 
(B) public housing infrastructure; 
(C) road and bridge infrastructure; 
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(D) water infrastructure; 
(E) aviation infrastructure; 
(F) freight or passenger rail infrastruc-
ture; or 
(G) public finance. 
(b) OTHER PERSONNEL.—The Board may appoint 
and terminate, and fix the compensation of, in accordance 
with title 5, United States Code, such personnel as are 
necessary to enable the Bank to perform the duties of the 
Bank. 
(c) SUPPORT FROM OTHER AGENCIES.—The head of 
any other Federal agency shall detail employees to the 
Bank for purposes of carrying out the duties of the Bank. 
SEC. 105. POWERS OF THE BANK BOARD. 
(a) HEARINGS.—The Board may, in carrying out this 
title— 
(1) hold such hearings, meet and act at such 
times and places, take such testimony, receive such 
evidence, and administer such oaths, as the Board 
considers advisable; and 
(2) require the attendance and testimony of 
such witnesses and the production of such books, 
records, correspondence, memoranda, papers, docu-
ments, tapes, and materials, as the Board considers 
advisable. 
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(b) WITNESS ALLOWANCES AND FEES.— 
(1) IN
GENERAL.—Section 1821 of title 28, 
United States Code, shall apply to a witness re-
quested or subpoenaed to appear at a hearing of the 
Board. 
(2) EXPENSES.—The per diem and mileage al-
lowances for a witness shall be paid from funds 
available to pay the expenses of the Board. 
(c) INFORMATION FROM FEDERAL AGENCIES.—The 
Board may, upon request, secure directly from a Federal 
agency, such information as the Board considers necessary 
to carry out this title, and the head of such agency shall 
promptly respond to any such request for the provision 
of information. 
(d) INCORPORATION OF FEDERAL TRANSIT PROC-
ESSES FOR BOARD STATEMENTS.—Section 5334(l) of title 
49, United States Code, as added by section 3032 of the 
Federal Public Transportation Act of 2005 (Public Law 
109–59, 119 Stat. 1627), shall apply to statements of the 
Board in the same manner and to the same extent as that 
section applies to statements of the Administrator of the 
Federal Transit Administration. 
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SEC. 106. QUALIFIED INFRASTRUCTURE PROJECT RAT-
INGS. 
(a) IN GENERAL.—The Bank shall, upon application 
and otherwise in accordance with this section, designate 
those qualified infrastructure projects that will receive fi-
nancial assistance under this title. 
(b) APPLICANTS.—The Bank shall accept applica-
tions of qualified infrastructure projects for the designa-
tion of those projects that may receive financial assistance 
under this section for any infrastructure project having— 
(1) a public sponsor; and 
(2) regional or national significance. 
(c) GUIDELINES FOR QUALIFIED INFRASTRUCTURE 
PROJECTS.—The Executive Director and the Board shall 
establish guidelines to assist applications of qualified in-
frastructure projects under this title to develop applica-
tions for financial assistance under this section. 
(d) RATINGS.— 
(1) IN GENERAL.—In making a determination 
as to which qualified infrastructure project would re-
ceive financial assistance, the Board shall evaluate 
and rate each applicant based on the factors appro-
priate for that type of infrastructure project, which 
shall include— 
(A) regional or national significance; 
(B) promotion of economic growth; 
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(C) a preference for projects in areas of 
high unemployment; 
(D) a preference for projects which sub-
stantially leverage State, local and private fi-
nancing, including public-private partnerships, 
for either the explicit cost of the project or for 
enhancements which increase the benefits of the 
project; 
(E) environmental benefits including re-
duction in carbon emissions, oil consumption, 
water pollution, and air pollution; 
(F) a demonstrated ability to operate and 
maintain the infrastructure project throughout 
its estimated useful life; 
(G) a life cycle projection of the project 
benefits, as compared to project costs; 
(H) an understanding of the importance of 
diverse investment in infrastructure in all re-
gions of the country; 
(I) a consideration of the benefits of pre-
serving and improving existing infrastructure as 
well as the benefits of creating new infrastruc-
ture; 
(J) categorical benefit; and 
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(K) any other criteria as determined by the 
Board with approval by the Board. 
(2) CATEGORICAL
BENEFIT.—In this sub-
section, the term ‘‘categorical benefit’’ means— 
(A) for any transit project— 
(i) level of estimated new ridership; 
(ii) level of transit-oriented develop-
ment and economic development connected 
to project; 
(iii) ridership on existing infrastruc-
ture that is being rebuilt; 
(iv) reduction in traffic congestion; 
and 
(v) access provided to elderly, disabled 
and low-income populations; 
(B) for any public housing or publicly-as-
sisted affordable housing, which may include 
more than one building grouped into one pro-
posed project, provided that such housing will 
continue to provide long-term affordability for 
families and persons with incomes equivalent to 
those currently assisted— 
(i) improvement of the physical condi-
tion and layout of such housing; 
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(ii) increasing the energy efficiency 
and mitigating any health, safety or other 
hazardous conditions of such housing; 
(iii) exceeding minimum requirements 
for length of post-grant affordability period 
established under this section; 
(iv) exceeding minimum requirements 
for targeting of persons and families with 
incomes below 50 percent of area median 
income and with incomes below 30 percent 
of area median income; and 
(v) need for affordable housing for 
persons and families in the community or 
communities; 
(C) 
for 
any 
community 
development 
project, modernization of local land use policies, 
including those that promote transit-oriented 
development and location efficiency; 
(D) for any highway, bridge, or road 
project— 
(i) reduction in traffic congestion; and 
(ii) mobility and accessibility improve-
ments; 
(E) for any drinking water system or a 
wastewater system project— 
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(i) environmental benefits; 
(ii) improvements in the physical con-
dition of such systems; and 
(iii) need for expansion or replace-
ment of such systems; 
(F) for any intercity rail or freight trans-
portation project— 
(i) level of estimated ridership; 
(ii) reductions in delays due to rail 
congestion; 
(iii) improvements in trip times; 
(iv) favorable impact on air or high-
way congestion or capacity; and 
(v) new rail capacity created for addi-
tional train frequencies; and 
(G) for any airport or air traffic control 
project— 
(i) reductions in delays due to conges-
tion; 
(ii) improvements in trip times; and 
(iii) improvements that increase pas-
senger safety. 
(e) PROCESS AND PERSONNEL FOR CREATING RAT-
INGS PROCESS.— 
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(1) IN
GENERAL.—The ratings processes de-
scribed in this section shall be subject to Federal no-
tice and rulemaking procedures. 
(2) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—The ratings, and development of the rat-
ings process, shall be conducted by the Bank in co-
ordination with personnel on detail to the Bank from 
the Department of Housing and Urban Develop-
ment, the Department of the Treasury, the Depart-
ment of Transportation, the United States Army 
Corps of Engineers, and other relevant departments 
and agencies from among individuals who are famil-
iar with and experienced in the selection criteria for 
competitive projects. The Bank shall reimburse 
those departments and agencies for the staff which 
are on detail to the Bank. 
(f) COMPLIANCE WITH OTHER APPLICABLE LAW.— 
Projects receiving financial assistance from the Bank 
under this section shall comply with applicable provisions 
of Federal law and regulations, including— 
(1) for transit, requirements that would apply 
to a project receiving funding under section 5307 of 
title 49, United States Code; 
(2) for public housing, requirements that would 
apply to a project receiving funding from a grant 
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under section 24 of the United States Housing Act 
of 1937 (42 U.S.C. 1437v); 
(3) for publicly-assisted affordable housing, re-
quirements that would apply to the preservation of 
such housing under other provisions of law gov-
erning such housing; 
(4) for roads and bridges, requirements that 
would apply to a project that receives funds appor-
tioned under section 104(b)(3) of title 23, United 
States Code; 
(5) for freight and passenger rail projects, re-
quirements that would apply to a project that re-
ceives funds under subtitle V of title 49, United 
States Code; 
(6) for airport and air traffic control projects, 
requirements that would apply to a project that re-
ceives funds apportioned under chapters 471 and 
501 of title 49, United States Code; and 
(7) for water, requirements that would apply to 
a project— 
(A) that receives funds through a grant or 
loan under— 
(i) section 103 of the Housing and 
Community Development Act of 1974 (42 
U.S.C. 5303); 
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(ii) section 1452 of the Public Health 
Service Act (42 U.S.C. 300j–12); or 
(iii) section 601 of the Federal Water 
Pollution Control Act (33 U.S.C. 1381), as 
that section applied before the beginning of 
fiscal year 1995; or 
(B) pursuant to section 605 of the Amer-
ican Recovery and Reinvestment Act of 2009 
(Public Law 111–5). 
(g) AUTHORITY TO DETERMINE FUNDING.—Not-
withstanding any other provision of law, the Bank shall 
determine the appropriate Federal share of funds for each 
project described in subsection (f) for purposes of this 
title. 
SEC. 107. FINANCIAL ASSISTANCE. 
(a) IN GENERAL.— 
(1) AUTHORIZATION.—The Board is authorized 
to provide financial assistance to public sponsors. 
(2) LIMIT ON COST SHARE.—The total amount 
of financial assistance provided under this section 
shall not exceed 50 percent of the total project cost. 
(b) TERMS AND CONDITIONS OF LOANS AND LOAN 
GUARANTEES.—Loans made or guaranteed under this 
section shall be made pursuant to the Federal Credit Re-
form Act of 1990 (2 U.S.C. 661 et seq.) and on such 
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