‘‘(B) to preserve the ability of the Sec-
retary to maintain thorough oversight of origi-
nating, underwriting, and servicing loans pro-
vided under the TIFIA program.’’. 
(2) CLERICAL AMENDMENT.—The analysis for 
chapter 6 of title 23, United States Code, is amend-
ed by adding at the end the following: 
‘‘612. Delegated origination and underwriting program for TOD projects.’’. 
SEC. 4. EXTENSION OF AND ADJUSTMENTS TO RAILROAD 
REHABILITATION 
AND 
IMPROVEMENT 
FI-
NANCING PROGRAM. 
(a) 
TRANSPORTATION-ORIENTED
DEVELOPMENT 
PROJECT.—Section 22401 of title 49, United States Code, 
is amended by adding after paragraph (15) the following: 
‘‘(16) TRANSPORTATION-ORIENTED
DEVELOP-
MENT PROJECT.—The term ‘transportation-oriented 
development project’ means a project located within 
1⁄2 mile walking distance of a fixed guideway transit 
facility, bus rapid transit facility, passenger rail sta-
tion, or multimodal facility, including a transpor-
tation, public utility, or capital project described in 
section 5302(4)(G)(v) of title 49, and related infra-
structure— 
‘‘(A) that is serviced by a railroad; 
‘‘(B) that consists entirely of or includes 
residential, commercial, public infrastructure, 
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or mixed-use development or other related in-
frastructure, including public or community 
space; 
‘‘(C) that incorporates private investment; 
‘‘(D) for which the project sponsor dem-
onstrates the ability to generate new revenue 
for the relevant passenger rail station, facility, 
or service by increasing ridership, increasing 
tenant lease payments, or carrying out other ac-
tivities that generate revenue exceeding costs; 
and 
‘‘(E) based on the application for which, 
the Secretary determines that an appropriate 
value of the project will be reinvested in the rel-
evant passenger rail station or service.’’. 
(b) DIRECT LOANS, GUARANTEES, AND CREDIT-
WORTHINESS.— 
(1) IN GENERAL.—Section 22402 of title 49, 
United States Code, is amended— 
(A) in subsection (b)(1)(E), by striking 
‘‘subparagraph (A), (B), or (C)’’ and inserting 
‘‘subparagraph (A), (B), (C), or (F)’’; 
(B) in subsection (e)(1)— 
(i) by striking ‘‘The interest rate’’ and 
inserting the following: 
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‘‘(A) The interest rate’’; and 
(ii) by inserting after subparagraph 
(A), as added by subparagraph (A), the 
following: 
‘‘(B) Subparagraph (A) shall not apply to 
eligible projects under this section that meet 
the definition of an Attainable Housing Project, 
for which the rate shall be at 1⁄2 of the Treas-
ury Rate in effect on the date of execution of 
the loan agreement.’’; 
(C) in subsection (f)(3), by adding at the 
end the following: 
‘‘(E) For a transportation-oriented devel-
opment project, an alternative demonstration of 
equivalent fiscal soundness and low risk of cred-
it default, such as— 
‘‘(i) a joint liability agreement or 
equivalent between the project lead and a 
division of a State or local organization 
with a sufficient credit rating; 
‘‘(ii) an alternative rating sufficient to 
account for the risk assumed by the De-
partment for a project in which the Fed-
eral credit instrument is $150,000,000 or 
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less, subject to the Secretary’s discretion; 
or 
‘‘(iii) a certification that the project is 
deemed credit worthy by an approved origi-
nator-servicer acting on behalf of the Sec-
retary under the delegated lending pro-
gram developed under subsection (o).’’; 
and 
(D) by adding at the end the following: 
‘‘(o) DELEGATED ORIGINATION AND UNDERWRITING 
PROGRAM
FOR TRANSPORTATION-ORIENTED DEVELOP-
MENT PROJECTS.— 
‘‘(1) IN GENERAL.—For the purposes of grant-
ing assistance under this section, the Secretary shall 
establish a delegated origination and underwriting 
program for transportation-oriented development 
projects that is modeled from the Multifamily Accel-
erated Processing system established by the Depart-
ment of Housing and Urban Development, under 
which an approved originator-servicer, acting on be-
half of and under the oversight of the Secretary, car-
ries out the origination, underwriting, and servicing 
of loans and loan guarantees and lines of credit pro-
vided under this section, including assessments of 
creditworthiness for applicants and projects. 
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‘‘(2) 
REQUIREMENTS
FOR
ORIGINATOR- 
SERVICERS.—To be approved as a originator-servicer 
under the program established under paragraph (1), 
the person must— 
‘‘(A) agree to originate, underwrite, and 
service the loan for the life of the loan; 
‘‘(B) demonstrate good standing with the 
Department of Housing and Urban Develop-
ment and have not been fined for any lending 
related activity for the past five years; and 
‘‘(C) demonstrate evidence of expertise in 
providing financing for a variety of project 
types that align with transportation-oriented 
development projects, such as commercial and 
mixed use projects. 
‘‘(3) REGULATIONS.—The Secretary shall pro-
mulgate regulations to carry out this subsection, in-
cluding— 
‘‘(A) requirements for qualified originator- 
servicers; 
‘‘(B) procedures for qualified originator- 
servicers to assess creditworthiness, which shall 
not include any requirement that a transpor-
tation-oriented development project demonstrate 
an investment-grade rating; 
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