Community Parks Revitalization Act
Bill: H.R.159 | Sponsor: Rep. Sires, Albio (D-NJ)
Policy area: Housing and Community Development

Summary:
Community Parks Revitalization Act
This bill provides assistance for local park and recreation facilities, programs, and infrastructure.
Specifically, the bill requires the Department of Housing and Urban Development (HUD) to carry out a community revitalization program to award grants to local governments for various park and recreation purposes. The grants must be used for (1) rehabilitation and construction of recreational areas and facilities, (2) recreation programming and innovation in delivering such programming, and (3) development of local parks and recreation recovery action programs. To be eligible to receive a rehabilitation and construction grant or a recreation programming grant, a local government must submit a local park and recreation recovery action program.
Additionally, HUD may make secured loans for parks and infrastructure projects to entities such as governmental entities, special purpose districts, and corporations. Among other purposes, these loans may be used to develop parks and recreational facilities and to plan, design, and construct trails for pedestrians and bicyclists.

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.

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

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Community Parks 
Revitalization Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title and table of contents.
            TITLE I--COMMUNITY PARKS REVITALIZATION PROGRAM

Sec. 102. Purposes.
Sec. 103. Community parks revitalization program.
Sec. 104. Requirements for rehabilitation and construction grants.
Sec. 105. Requirements for innovation and recreation program grants.
Sec. 106. Local commitments to system recovery and maintenance.
Sec. 107. Matching of State amounts, State action incentive.
Sec. 108. Conversion of recreation property.
Sec. 109. Coordination of program.
Sec. 110. Reports; recordkeeping; audit and examination.
Sec. 111. Reports to Congress.
Sec. 112. Definitions.
Sec. 113. Regulations.
Sec. 114. 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.

            TITLE I--COMMUNITY PARKS REVITALIZATION PROGRAM

SEC. 101. FINDINGS.

    The Congress finds the following:
            (1) Currently, over 80 percent of our Nation's population 
        lives in urban areas.
            (2) Economic competitiveness, which includes the ability to 
        create jobs, stimulate growth, attract businesses, investment, 
        tourism, and a highly skilled workforce, is closely related to 
        the availability of fully functional park and recreation 
        systems in America's metropolitan areas.
            (3) According to the American Society of Civil Engineers, 
        parks, beaches, and other recreational facilities contribute 
        $730 billion per year to the U.S. economy, support nearly 6.5 
        million jobs, and contribute to cleaner air and water and 
        higher property values.
            (4) Despite spending on parks at the State and local 
        levels, the acreage of parkland per resident in urban areas is 
        declining due to rapid increases in population and to parks, 
        such as Liberty State Park in New Jersey, being threatened by 
        privatization.
            (5) A lack of access to public parks and recreation areas 
        and facilities, as well as deteriorating and unsafe play areas, 
        leads to an increase in physical inactivity, which in turn 
        contributes to higher rates of obesity.
            (6) According to the Centers for Disease Control and 
        Prevention, over the past 25 years, rates of obesity have more 
        than tripled among adolescents ages 12 to 19 and doubled among 
        adults ages 20 to 74 and children ages 6 to 11.
            (7) Obesity and related health problems put a strain on our 
        Nation's economy, as the annual costs of medical spending and 
        lost productivity from individuals in the United States being 
        obese and overweight are estimated to be $147,000,000,000.
            (8) A study by the Centers for Disease Control found that 
        the creation of, or enhanced access to, places for physical 
        activity, such as parks, led to a 25.6 percent increase in the 
        percentage of people exercising on 3 or more days a week, which 
        improves the physical and mental health of our citizens.
            (9) The guidelines of the Centers for Disease Control and 
        Prevention for COVID-19 lists visiting parks close to home as a 
        safe way to relieve stress, get some fresh air, and stay 
        active, all of which are important for mental and physical 
        health.
            (10) There are nearly 23 million veterans in the United 
        States. Many have mental and physical disabilities from 
        injuries sustained during their service in Iraq and 
        Afghanistan.
            (11) Parks and recreation agencies are providing vital 
        programs for veterans, with and without disabilities, and for 
        their families, that provide physical, mental, and social 
        benefits to improve their overall quality of life as they 
        transition to civilian living.
            (12) According to the Juvenile Justice Bulletin, without 
        structured, supervised activities in the after-school hours, 
        youth are at greater risk of being victims of crime or 
        participating in anti-social behaviors between 2:00 p.m. and 
        6:00 p.m. The peak hour for juvenile crime is between 3:00 p.m. 
        and 4:00 p.m., the first hour after most students are dismissed 
        from school. Urban parks decrease juvenile delinquency by 
        providing quality after-school programs during these critical 
        hours.
            (13) Parks also add to the environmental viability of 
        communities. While cities currently spend tens of billions of 
        dollars on treatment of storm water runoff and air pollution, 
        studies have shown that parkland saves cities millions of 
        dollars in storm water management and air pollution expenses by 
        capturing precipitation, reducing runoff, and absorbing air 
        pollutants.

SEC. 102. PURPOSES.

    The purposes of this title are--
            (1) 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;
            (2) to improve and revitalize urban areas through economic 
        development;
            (3) to prevent and improve chronic disease outcomes, 
        including cardiovascular disease, diabetes, depression, and 
        obesity;
            (4) to improve recreational areas and facilities and expand 
        recreation services in urban areas with a high incidence of 
        crime and help expand recreation opportunities for at-risk 
        youth;
            (5) to promote collaboration between local agencies 
        involved in parks and recreation, law enforcement, youth social 
        services, and juvenile justice system;
            (6) to ensure accessibility to therapeutic recreation 
        services and to provide recreation opportunities for injured or 
        disabled members of the Armed Forces; and
            (7) to encourage the use of environmentally responsible 
        components and sustainable landscape features, and promote cost 
        effective solutions to issues such as storm water management, 
        water conservation, and air quality.

SEC. 103. COMMUNITY PARKS REVITALIZATION PROGRAM.

    (a) In General.--The Secretary of Housing and Urban Development 
shall carry out a community parks revitalization program under this 
title under which the Secretary shall, from amounts appropriated 
pursuant to section 114, award the following grants on a competitive 
basis:
            (1) Rehabilitation and construction grants.--The Secretary 
        shall make rehabilitation and construction capital grants in 
        accordance with the criteria established pursuant to section 
        104(a) to eligible local governments for the purpose of--
                    (A) rebuilding, remodeling, expanding, integrating, 
                or developing existing or building new recreational 
                areas and facilities, including improvements in park 
                landscapes, infrastructure, buildings, and support 
                facilities; and
                    (B) the provision of lighting, emergency phones, or 
                other capital improvements to improve the security of 
                urban parks, but not including routine maintenance and 
                upkeep activities.
            (2) Innovation and recreation program grants.--The 
        Secretary shall make innovation and recreation program grants 
        in accordance with the criteria established pursuant to section 
        105(a) to eligible local governments to cover costs of 
        personnel, facilities, equipment, supplies, or services 
        designed to demonstrate innovative and cost effective ways to 
        augment park and recreation opportunities, or support new or 
        existing programs, that increase access to recreation 
        opportunities for returning veterans and active duty military 
        and their families or provide constructive alternatives for 
        youth at risk for engaging in criminal behavior.
            (3) Recovery action program grants.--The Secretary shall 
        make recovery action program grants to eligible local 
        governments for planning and development of local park and 
        recreation recovery action programs required under section 106, 
        including for resource and needs assessment, coordination, 
        citizen involvement and planning, and program development 
        activities to encourage public definition of goals and develop 
        priorities and strategies for overall recreation system 
        recovery.
    (b) Eligibility.--
            (1) In general.--For the purposes of this title, any local 
        government located within a standard metropolitan statistical 
        area, as determined in accordance with the most recent 
        decennial Census, shall be eligible to apply for and receive 
        grant awards pursuant to subsection (a).
            (2) Partial eligibility waiver.--
                    (A) Designation.--The Secretary may designate local 
                governments not located within standard metropolitan 
                statistical areas, as determined in accordance with the 
                most recent decennial Census, as eligible to receive 
                grant awards pursuant to subsection (a).
                    (B) Limitation on amounts.--The aggregate amount of 
                grants made to eligible local governments that receive 
                such status pursuant to subparagraph (A) of this 
                paragraph shall not exceed 15 percent of the total 
                amounts appropriated pursuant to this title for all 
                grants under subsection (a).
    (c) Matching Requirement.--
            (1) In general.--The Secretary shall ensure that each 
        eligible local government that receives a grant pursuant to 
        subsection (a) shall supplement, in accordance with this 
        subsection, the amount received under such grant with an amount 
        that is not less than \3/7\ of such grant amount; except that, 
        in the case of grants under subsection (a)(3), the Secretary 
        shall ensure that each eligible local government shall 
        supplement the amount received under such grant with amount 
        that is not less than such grant amount.
            (2) Use.--Supplemental amounts made available in accordance 
        with paragraph (1) shall be used only for projects and 
        activities for which grant amounts are eligible to be used.
            (3) Sources for supplemental funds.--
                    (A) Limitation on federal funds.--Supplemental 
                funds required by paragraph (1) may not include any 
                amounts made available from a Federal grant program, 
                other than--
                            (i) the community development block grant 
                        program under title I of the Housing and 
                        Community Development Act of 1974 (42 U.S.C. 
                        5301 et seq.);
                            (ii) any Federal program for general 
                        revenue sharing with local governments; or
                            (iii) any Federal program that provides 
                        block grants to States and localities to 
                        develop, promote, implement, and manage energy 
                        efficiency and conservation projects and 
                        programs designed to reduce fossil fuel 
                        emissions, reduce energy use, improve energy 
                        efficiency, and create and retain jobs.
                    (B) State and private amounts.--The Secretary may 
                require that a portion of the supplemental funds 
                required by paragraph (1) come from the State or 
                private sources.
                    (C) Non-federal funds.--Supplemental funds required 
                by paragraph (1) may include--
                            (i) general or specific purpose State or 
                        local revenues;
                            (ii) State categorical grants;
                            (iii) special appropriations under State 
                        law;
                            (iv) donations of land, building, or 
                        building materials;
                            (v) in-kind construction, technical, and 
                        planning services; and
                            (vi) any combination of funds described in 
                        this subparagraph.
    (d) Transfer.--At the discretion of an eligible local government 
receiving a rehabilitation and construction grant under subsection 
(a)(1) or an innovation and recreation program grant under subsection 
(a)(2), and if consistent with the approved application for such grant, 
the a grant may be transferred in whole or in part to private nonprofit 
agencies, provided that assisted recreational areas and facilities 
owned or managed by such private nonprofit agencies offer recreation 
opportunities to the general population within the jurisdictional 
boundaries of the local government.
    (e) Payments.--Grant payments may be made only for rehabilitation 
and construction or innovation and recreation projects and programs 
approved by the Secretary. In the case of rehabilitation and 
construction and innovation projects, such payments may be made 
periodically consistent with the rate of progress toward the 
satisfactory completion of a project, except that the Secretary may, 
when appropriate, make advance payments on approved rehabilitation and 
construction and innovation projects in an amount not to exceed 20 
percent of the total project cost.
    (f) Modification of Project.--The Secretary may authorize 
modification of an approved rehabilitation and construction or 
innovation project only when a grantee has adequately demonstrated that 
such modification is necessary because of circumstances not foreseeable 
at the time such project was proposed.

SEC. 104. REQUIREMENTS FOR REHABILITATION AND CONSTRUCTION GRANTS.

    (a) Priority Criteria.--The Secretary shall establish priority 
criteria for the selection and approval of projects to be funded by a 
rehabilitation and construction grant made pursuant to section 
103(a)(1), which shall include whether and the extent to which the 
project would--
            (1) serve a community with a high population density;
            (2) address demonstrated deficiencies in the condition of 
        existing recreational areas and facilities in the project 
        neighborhood;
            (3) address demonstrated deficiencies in access to 
        neighborhood recreation opportunities, particularly for 
        minority and low- and moderate-income residents, veterans or 
        active duty military families, and residents with physical or 
        mental disabilities;
            (4) serve a community with a higher than average number of 
        unemployed people as a percentage of the civilian labor force 
        of the project neighborhood;
            (5) include public participation in determining 
        rehabilitation or development needs and the extent to which a 
        project supports or complements target activities undertaken as 
        part of a local government's overall community development and 
        urban revitalization program;
            (6) provide employment opportunities for minorities, youth, 
        and low- and moderate-income residents in the project 
        neighborhood;
            (7) provide for participation of neighborhood, nonprofit, 
        or tenant organizations in the proposed rehabilitation and 
        construction activity or in subsequent maintenance, staffing, 
        or supervision of recreational areas and facilities;
            (8) demonstrate State, local, and private support for the 
        project, as evidenced by commitments of non-Federal resources 
        to project construction or operation;
            (9) build recreational areas and facilities in areas that 
        are located within one-half of a mile of public housing or a 
        school and do not currently have indoor or outdoor facilities;
            (10) create, maintain, or revitalize playgrounds or active 
        play areas for children;
            (11) connect children to the outdoors for physical activity 
        and access to nature;
            (12) promote physical activity for individuals and the 
        community at large;
            (13) work collaboratively with local governments, colleges, 
        and universities, and other institutions to track the 
        longitudinal rates of chronic diseases in the community such as 
        cardiovascular disease, diabetes, depression, and obesity;
            (14) use environmentally beneficial components such as 
        sustainable landscape features and upcycled and recycled 
        materials;
            (15) provide environmental benefits to urban areas, by 
        including--
                    (A) updating lighting;
                    (B) planting trees;
                    (C) increasing the urban forestry canopy;
                    (D) improving stormwater management;
                    (E) increasing green infrastructure;
                    (F) employing water conservation measures; or
                    (G) adding green spaces;
            (16) connect to public transportation;
            (17) apply the LEED Green Building Guidelines of the U.S. 
        Green Building Council or other sustainability benchmarks that 
        incorporate energy efficiency components, such as energy 
        efficient lighting and heating ventilation and air conditioning 
        (HVAC) systems and apply the SITES sustainable landscape 
        guidelines of the Sustainable Sites Initiative;
            (18) contain safe trails or routes, such as trails, 
        bikeways, and sidewalks that connect to neighborhoods and 
        enhance access to parks and recreational areas and facilities; 
        and
            (19) update existing equipment or facilities or construct 
        new facilities or sites, to comply with the most recent 
        accessibility guidelines published by the United States Access 
        Board, specifically by removing architectural barriers so that 
        sites comply or exceed the requirements of the final guidelines 
        for the accessibility of recreational areas and facilities.
    (b) Limitation on Use of Funds.--Not more than 10 percent of any 
amounts made available pursuant to section 114 for rehabilitation and 
construction grants under section 103(a)(1) in any fiscal year may be 
used for the acquisition of lands or interests in land.

SEC. 105. REQUIREMENTS FOR INNOVATION AND RECREATION PROGRAM GRANTS.

    (a) Priority Criteria.--The Secretary shall establish priority 
criteria for the selection and approval of projects and programs to be 
funded by an innovation and recreation program grant made pursuant to 
section 103(a)(2), including whether and the extent to which the 
project or program--
            (1) promotes the unique integration of recreation with 
        other community services, such as transportation, public 
        housing and public safety, either to expand or update current 
        services or to link programs within the social service 
        structure of a neighborhood or between neighborhoods;
            (2) utilizes new management and cost-saving or service-
        efficient approaches for improving the delivery of recreation 
        services;
            (3) serves communities with a high population of active 
        military families or veterans;
            (4) ensures accessibility to therapeutic recreation 
        services and provides recreation opportunities for injured or 
        disabled members of the Armed Forces;
            (5) employs veterans or youth, or uses youth volunteers;
            (6) enhances or expands youth development in neighborhoods 
        and communities by engaging youth in environmental stewardship, 
        conservation, and service projects;
            (7) targets youth that are at the greatest risk of becoming 
        involved in violence and crime;
            (8) demonstrates past success in providing constructive 
        alternatives to youth at risk for engaging in criminal 
        behavior;
            (9) demonstrates collaboration between local park and 
        recreation, juvenile justice, law enforcement, and youth social 
        service agencies and nongovernmental entities, including 
        private, nonprofit agencies; and
            (10) shows the greatest potential of being continued with 
        non-Federal funds or may serve as models for other communities.
    (b) Special Considerations.--Each innovation and recreation program 
grant shall be used in accordance with the goals, priorities, and 
implementation strategies expressed in the local park and recreation 
recovery action program established pursuant to section 106 for the 
eligible local government receiving the grant, with particular regard 
to the special considerations set forth in the program pursuant to 
section 106(b).

SEC. 106. LOCAL COMMITMENTS TO SYSTEM RECOVERY AND MAINTENANCE.

    (a) Local Park and Recreation Recovery Action Programs.--
            (1) In general.--As a requirement for approval of a project 
        or program for a grant under paragraph (1) or (2) of section 
        103(a), the eligible local government applying for the grant 
        shall submit to the Secretary a local park and recreation 
        recovery action program that--
                    (A) provides evidence of its commitment to ongoing 
                planning, rehabilitation, service, operation, and 
                maintenance programs for its park and recreation 
                systems; and
                    (B) maximizes coordination of all community 
                resources, including other federally supported urban 
                development and recreation programs.
            (2) Interim preliminary programs.--The Secretary shall 
        provide, by regulation, that during an initial interim period 
        the requirement under paragraph (1) for an eligible local 
        government to submit a local park and recreation recover action 
        program may be satisfied by submission of a preliminary action 
        program to be carried out by the eligible local government that 
        defines objectives, priorities, and implementation strategies 
        for overall system recovery and maintenance and commit such 
        local government to a scheduled program development process.
            (3) 5-year action program.--After the expiration of the 
        interim period under paragraph (2), each eligible local 
        government that applies for a grant under paragraph (1) or (2) 
        of section 103(a) shall, as a condition of eligibility for such 
        grant, submit to the Secretary a 5-year park and recreation 
        recovery action program that demonstrates--
                    (A) identification of recovery objectives, 
                priorities, and implementation strategies;
                    (B) adequate planning for rehabilitation of 
                specific recreational areas and facilities, including 
                projections of the cost of proposed projects;
                    (C) capacity and commitment to ensure that 
                facilities provided or improved under this title shall 
                thereafter continue to be adequately maintained, 
                protected, staffed, and supervised;
                    (D) intention to maintain total local public 
                outlays for park and recreation purposes at levels at 
                least equal to those in the year preceding that in 
                which grant assistance is sought, except in any case 
                where a reduction in park and recreation outlays is 
                proportionate to a reduction in overall spending by the 
                applicant; and
                    (E) the relationship of the park and recreation 
                recovery action program to overall community 
                development and urban revitalization efforts.
            (4) Continuing planning process.--The Secretary may, in 
        such cases as the Secretary considers appropriate, encourage 
        local governments to meet recovery action program requirements 
        under this section through a continuing planning process that 
        includes periodic improvements and updates in recovery action 
        program submissions to eliminate identified gaps in program 
        information and policy development.
    (b) Special Considerations.--Each local park and recreation 
recovery action program required by this section shall address, at a 
minimum, the following special considerations:
            (1) Rehabilitation of existing recreational areas and 
        facilities, including--
                    (A) general systemwide renovation;
                    (B) special rehabilitation requirements for 
                recreational areas and facilities in areas of high 
                population concentration and economic distress; and
                    (C) restoration of outstanding or unique 
                structures, landscaping, or similar features in parks 
                of historical or architectural significance.
            (2) Local commitments to innovative and cost-effective 
        programs and projects at the neighborhood level to augment 
        recovery of park and recreation systems, including--
                    (A) recycling of abandoned schools and other public 
                buildings for recreation purposes;
                    (B) multiple use of operating educational and other 
                public buildings;
                    (C) purchase of recreation services on a 
                contractual basis;
                    (D) use of mobile facilities and recreational, 
                cultural, and educational programs or other innovative 
                approaches to improving access for neighborhood 
                residents;
                    (E) integration of the recovery action program with 
                federally assisted projects to maximize recreation 
                opportunities through conversion of abandoned railroad 
                and highway rights-of-way, waterfront, and other 
                redevelopment efforts and such other federally assisted 
                projects, as appropriate;
                    (F) conversion to recreational use of street space, 
                derelict land, and other public lands not now 
                designated for neighborhood recreational use; and
                    (G) use of various forms of compensated and 
                uncompensated land regulation, tax inducements, or 
                other means to encourage the private sector to provide 
                neighborhood park and recreation facilities and 
                programs.
    (c) Publication of Requirements.--The Secretary shall establish and 
publish in the Federal Register requirements for preparation, 
submission, and updating of local park and recreation recovery action 
programs required under this section.
    (d) Innovation and Recreation Program Grants for At-Risk Youth.--To 
be eligible to receive an innovation and recreation program grant under 
section 103(a)(2) to be used to provide recreation opportunities or 
programs for at-risk youth, an eligible local government shall--
            (1) include in its 5-year park and recreation recovery 
        action program required under subsection (a)(3) the goal of--
                    (A) utilizing new ideas, concepts, and approaches 
                aimed at improving facility design, operations, or 
                programming in the delivery of recreation services;
                    (B) increased access of therapeutic or other 
                recreation services to veterans and military families; 
                or
                    (C) reducing crime and juvenile delinquency; and
            (2) provide a description of--
                    (A) implementation strategies to achieve such 
                goals; and
                    (B) how the local government is coordinating its 
                recreation programs with other community development or 
                service agencies.

SEC. 107. MATCHING OF STATE AMOUNTS, STATE ACTION INCENTIVE.

    (a) Increase in Grant Amounts.--The Secretary may increase Federal 
rehabilitation and construction, innovation, and at-risk youth 
recreation grants authorized in section 103(a) by providing an 
additional match equal to the total match provided by a State of up to 
15 percent of total project or program costs, except that in no event 
may--
            (1) such additional grant amount exceed 15 percent of the 
        total project or program cost; or
            (2) the aggregate amount of the grant and the additional 
        grant amounts under this subsection exceed 85 percent of total 
        project or program cost.
    (b) State Action Incentive.--The Secretary shall further encourage 
the States to assist in assuring that local recovery plans and programs 
are adequately implemented by cooperating with the Department of 
Housing and Urban Development in monitoring local park and recreation 
recovery action programs and in assuring consistency of such plans and 
programs, where appropriate, with State recreation policies as set 
forth in statewide comprehensive outdoor recreation plans.

SEC. 108. CONVERSION OF RECREATION PROPERTY.

    (a) No Conversion Without Approval.--No property improved or 
developed with assistance under a grant under this title may be 
converted for uses other than for public recreation, without the 
approval of the Secretary.
    (b) Standard for Approval.--The Secretary may approve such 
conversion only--
            (1) if the Secretary determines the conversion to be 
        consistent with the current local park and recreation recovery 
        action program for the local government that improved or 
        developed the property; and
            (2) subject to such conditions as the Secretary determines 
        necessary to ensure the provision of adequate recreation 
        properties and opportunities of reasonably equivalent location 
        and usefulness.

SEC. 109. COORDINATION OF PROGRAM.

    The Secretary shall--
            (1) coordinate the community parks revitalization program 
        for grants under this title with other Federal departments and 
        agencies and with State agencies that administer programs and 
        policies affecting urban areas such as the White House Office 
        of Urban Policy and departments that administer programs and 
        policies affecting climate change, green jobs, housing, urban 
        development, natural resources management, employment, 
        transportation, community services, and voluntary action;
            (2) encourage maximum coordination of the program between 
        appropriate State agencies and local government applicants; and
            (3) require that local government applicants include 
        provisions for participation of community and neighborhood 
        residents, including youth, and for public-private coordination 
        in recovery action program planning and project selection.

SEC. 110. REPORTS; RECORDKEEPING; AUDIT AND EXAMINATION.

    (a) Reports.--Each recipient of assistance under this title shall 
submit to the Secretary, for each fiscal year such assistance is 
received, an annual report detailing the projects and programs 
undertaken with such assistance, the number of jobs created by such 
assistance, and any other information the Secretary determines 
appropriate based on the priority criteria established by the Secretary 
under sections 105 and 106.
    (b) Recordkeeping.--Each recipient of assistance under this title 
shall keep such records as the Secretary shall prescribe, including 
records that fully disclose the amount and disposition of project or 
program undertakings in connection with which assistance under this 
title is given or used, and the amount and nature of that portion of 
the cost of the project or program undertaking supplied by other 
sources, and such other records as will facilitate an effective audit.
    (c) Audit and Examination.--The Secretary and the Comptroller 
General of the United States, or their duly authorized representatives, 
shall have access, for the purpose of audit and examination, to any 
books, documents, papers, and records of a recipient of assistance 
under this title that are pertinent to such assistance.

SEC. 111. REPORTS TO CONGRESS.

    (a) Interim Report.--Not later than 5 years after the date of 
enactment of this Act, the Secretary shall submit to the Congress an 
interim report containing such findings and recommendations as the 
Secretary determines appropriate with respect to the community parks 
revitalization program established pursuant to this title.
    (b) Final Report.--Not later than 10 years after the date of 
enactment of this Act, the Secretary shall submit to Congress a report 
describing the overall impact of the community parks revitalization 
program established pursuant to this title.

SEC. 112. DEFINITIONS.

    In this title, the following definitions shall apply:
            (1) The term ``eligible local government'' means a local 
        government that, pursuant to section 103(b), is eligible for a 
        grant under section 103(a).
            (2) The term ``insular areas'' means Guam, the Virgin 
        Islands, American Samoa, and the Northern Mariana Islands.
            (3) The term ``local government'' means any city, county, 
        town, township, parish, village, or any local or regional 
        special district, such as a park district, conservation 
        district, or park authority.
            (4) The term ``maintenance'' means all commonly accepted 
        practices necessary to keep recreational areas and facilities 
        operating in a state of good repair and to protect such areas 
        and facilities from deterioration resulting from normal wear 
        and tear.
            (5) The term ``private nonprofit agency'' means a 
        community-based, nonprofit organization, corporation, or 
        association organized for purposes of providing recreation, 
        conservation, and educational services directly to urban 
        residents on either a neighborhood or community-wide basis 
        through voluntary donations, voluntary labor, or public or 
        private grants.
            (6) The term ``recreational areas and facilities'' means 
        indoor or outdoor parks, buildings, sites, or other facilities 
        that are dedicated to recreation purposes and administered by 
        public or private nonprofit agencies to serve the recreation 
        needs of community residents, with emphasis on public 
        facilities readily accessible to residential neighborhoods, 
        including multiple-use community centers that have recreation 
        as a primary purpose, but not including major sports arenas, 
        exhibition areas, and conference halls used primarily for 
        commercial sports, spectator, or display activities.
            (7) The term ``Secretary'' means the Secretary of Housing 
        and Urban Development.
            (8) The term ``State'' means any State of the United States 
        (or any instrumentality of a State approved by the Governor), 
        the District of Columbia, and the Commonwealth of Puerto Rico.

SEC. 113. REGULATIONS.

    (a) Regulations.--Not later than 180 days after the date of the 
enactment of this Act, the Secretary shall promulgate regulations 
establishing the community parks revitalization program under this 
title to provide the grants authorized in section 103(a), in accordance 
with this title.
    (b) Requirements.--The regulations required under this section 
shall include--
            (1) the criteria necessary to carry out sections 104, 105, 
        and 106;
            (2) requirements regarding the form of, and elements to be 
        included in, applications by eligible local governments for 
        grants under this title, requirements for and detailed 
        instructions on the process for submitting such applications, 
        and deadlines for such applications;
            (3) criteria pursuant to sections 104(a) and 105(a) for 
        priority in selection and approval by the Secretary of projects 
        or programs to receive grant funds;
            (4) guidelines regarding whether an applicant may modify a 
        pending application and the process for modifying pending 
        applications, and guidelines for submitting a request for 
        modification of a project awarded grant funding under this 
        title after such an award has been made; and
            (5) penalties that will be assessed on local governments 
        awarded a grant under this title for failure to comply with the 
        reporting and recordkeeping requirements under section 110, 
        which shall provide penalties up to and including rescission of 
        grant amounts for repetitive violations.

SEC. 114. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated such sums 
as may be necessary to carry out this title for each of fiscal years 
2022 through 2031.
    (b) Limitation on Innovation and Recreation Program Grants.--Not 
more than 10 percent of any amounts appropriated pursuant to subsection 
(a) of this section in any fiscal year may be used for grants under 
section 103(a)(2).
    (c) Limitation on Recovery Action Program Grants.--Not more than 3 
percent of any amounts appropriated pursuant to subsection (a) of this 
section in any fiscal year may be used for grants under section 
103(a)(3).
    (d) Grants for Insular Areas.--Notwithstanding any other provision 
of this title, the Secretary may use not more than 2 percent of any 
amounts appropriated pursuant to subsection (a) in any fiscal year may 
to provide rehabilitation and construction grants under section 
103(a)(1), innovation and recreation program grants under section 
103(a)(2), and recovery action program grants under section 103(a)(3) 
to be used in the insular areas. Any such grants shall not be subject 
to sections 103(c) and 107(a) (relating to matching amounts), and may 
only be subject to such conditions, reports, plans, and agreements, if 
any, as determined by the Secretary.

 TITLE II--SECURED LOANS AND LOAN GUARANTEES FOR PARKS AND RECREATION 
                       INFRASTRUCTURE DEVELOPMENT

SEC. 201. PURPOSES.

    The purposes of this title are--
            (1) to promote increased development of parks and 
        recreation infrastructure by establishing additional 
        opportunities for financing parks and recreation projects;
            (2) to attract new investment capital to infrastructure 
        projects that are capable of generating revenue streams through 
        user fees or other dedicated funding sources;
            (3) to complement existing Federal funding sources and 
        address budgetary constraints on the National Park Service; and
            (4) to leverage private investment in parks and recreation 
        infrastructure.

SEC. 202. AUTHORITY TO PROVIDE ASSISTANCE.

    The Secretary of Housing and Urban Development may provide 
financial assistance under section 208 to eligible entities to carry 
out parks and infrastructure projects selected for such assistance 
pursuant to section 207.

SEC. 203. ELIGIBLE ENTITIES.

    Financial assistance under section 208 may be provided only to the 
following entities:
            (1) A corporation.
            (2) A partnership.
            (3) A joint venture.
            (4) A trust.
            (5) A Federal, State, or local governmental entity, agency, 
        or special purpose park and recreation district.
            (6) A State infrastructure financing authority.

SEC. 204. PROJECTS ELIGIBLE FOR ASSISTANCE.

    Financial assistance may be provided under section 208, subject to 
section 207, only for the following types of projects:
            (1) A project for the development of indoor or outdoor 
        parks, buildings, sites, or other facilities that are dedicated 
        to recreation purposes and administered by public or private 
        nonprofit agencies to serve the recreation needs of community 
        residents, including multiple-use community centers that have 
        recreation as a primary purpose, but not including major sports 
        arenas, exhibition areas, and conference halls used primarily 
        for commercial sports, spectator, or display activities.
            (2) A project for the construction, planning, and design of 
        on-road and off-road trail facilities for pedestrians, 
        bicyclists, and other nonmotorized forms of transportation, 
        including sidewalks, bicycle infrastructure, pedestrian and 
        bicycle signals, traffic calming techniques, lighting and other 
        safety-related infrastructure, and transportation projects to 
        achieve compliance with the Americans with Disabilities Act of 
        1990 (42 U.S.C. 12101 et seq.).
            (3) A project for the construction, planning, and design of 
        infrastructure-related projects and systems that will provide 
        safe routes for non-drivers, including children, older adults, 
        and individuals with disabilities to access daily needs.
            (4) A project for the conversion and use of abandoned 
        railroad corridors for trails for pedestrians, bicyclists, or 
        other nonmotorized transportation users.
            (5) A project for the construction of turnouts, overlooks, 
        and viewing areas.

SEC. 205. ACTIVITIES ELIGIBLE FOR ASSISTANCE.

    Amounts from a loan made or guaranteed under section 208 provided 
for an eligible project may be used for costs of carrying out such 
project, including costs of--
            (1) development-phase activities, including planning, 
        feasibility analysis, revenue forecasting, environmental 
        review, permitting, preliminary engineering and design work, 
        and other preconstruction activities;
            (2) construction, reconstruction, rehabilitation, 
        preservation, and replacement activities;
            (3) the acquisition of real property (including water 
        rights, land relating to the project, and improvements to 
        land), environmental mitigation, construction contingencies, 
        and acquisition of equipment;
            (4) capitalized interest necessary to meet market 
        requirements, reasonably required reserve funds, capital 
        issuance expenses, and other carrying costs during 
        construction; and
            (5) refinancing interim construction funding, long-term 
        project obligations, or a secured loan or loan guarantee made 
        under this title.

SEC. 206. APPLICATIONS.

    (a) In General.--The Secretary shall provide for eligible entities 
to submit applications for selection of eligible projects to receive 
financial assistance under section 208, at such time, in such manner, 
and containing such information as the Secretary may require.
    (b) Combined Projects.--The Secretary shall provide that in the 
case only of an eligible entity described in section 203(6), such an 
entity may submit a single application for a combination of projects, 
each of which is an eligible project under paragraphs (1) through (5) 
of section 205.

SEC. 207. DETERMINATION OF ELIGIBILITY AND PROJECT SELECTION.

    (a) Selection of Projects.--Using the selection criteria under 
subsection (c) of this section, the Secretary shall select, from 
applications submitted pursuant to section 206, eligible projects that 
meet the criteria under subsection (b) of this section for financial 
assistance under section 208.
    (b) Project Requirements.--An eligible project may not be selected 
to receive financial assistance under section 208 unless the Secretary 
determines that the project meets all of the following criteria:
            (1) Creditworthiness.--
                    (A) In general.--Subject to subparagraph (B), the 
                project shall be creditworthy, as determined by the 
                Secretary as applicable, to shall ensure that any 
                financing for the project has appropriate security 
                features, such as a rate covenant, to ensure repayment.
                    (B) Preliminary rating opinion letter.--The 
                Secretary shall require the applicant for each project 
                to provide, as part of the application for the project 
                under section 206, a preliminary rating opinion letter 
                from at least one rating agency indicating that the 
                senior project obligations of the project (which may be 
                the Federal credit instrument) have the potential to 
                achieve an investment-grade rating.
                    (C) Special rule for certain combined projects.--
                The Secretary shall develop a credit evaluation process 
                for a Federal credit instrument provided to a State 
                infrastructure financing authority for a project 
                described in section 206(b), which may include 
                requiring the provision of a preliminary rating opinion 
                letter from at least one rating agency.
            (2) Eligible project costs.--The costs of the eligible 
        project shall be reasonably anticipated to be not less than 
        $20,000,000.
            (3) Dedicated revenue sources.--The Federal credit 
        instrument for the project shall be repayable, in whole or in 
        part, from dedicated revenue sources that also secure the 
        project obligations.
            (4) Public sponsorship of private entities.--In the case of 
        a project carried out by an entity that is not a State or local 
        government or an agency or instrumentality of a State or local 
        government, the project shall be publicly sponsored.
    (c) Selection Criteria.--
            (1) Establishment.--The Secretary shall establish criteria 
        for the selection of projects that meet the eligibility 
        requirements of subsection (b). Such criteria shall be designed 
        to ensure a diversity of project types and geographical 
        locations, and shall include the following:
                    (A) The extent to which the project is statewide or 
                regionally significant, with respect to the generation 
                of increased recreational opportunities.
                    (B) The extent to which assistance under this title 
                would foster innovative public-private partnerships and 
                attract private debt or equity investment.
                    (C) The likelihood that assistance under this title 
                would enable the project to proceed at an earlier date 
                than the project would otherwise be able to proceed.
                    (D) The extent to which the project uses new or 
                innovative approaches.
                    (E) The amount of budget authority required to fund 
                the Federal credit instrument for the project made 
                available under this title.
                    (F) The extent to which the project helps maintain 
                or protect the environment.
                    (G) The extent to which assistance under this 
                section reduces the contribution of Federal grant 
                assistance to the project.
            (2) Special rule for certain combined projects.--For a 
        project described in section 206(b), the Secretary shall only 
        consider the criteria described in subparagraphs (B) through 
        (G) of paragraph (1).
    (d) Federal Requirements.--Nothing in this section may be construed 
to alter, affect, or annul the applicability of any other Federal laws 
or regulations.

SEC. 208. SECURED LOANS AND LOAN GUARANTEES.

    (a) Authority.--The Secretary may enter into agreements with 
eligible entities to make, and may make, secured loans to such entities 
as provided under this section for eligible projects selected under 
section 207 for financial assistance under this section.
    (b) Use.--
            (1) In general.--The proceeds of a secured loan under this 
        section shall be used only--
                    (A) to finance eligible project costs of an 
                eligible project selected under section 207;
                    (B) subject to paragraph (2) of this subsection, to 
                refinance interim construction financing of eligible 
                project costs of an eligible project selected under 
                section 207; or
                    (C) to refinance long-term project obligations or 
                Federal credit instruments, if such refinancing 
                provides additional funding capacity for the 
                completion, enhancement, or expansion of a project 
                that--
                            (i) is selected under section 207; or
                            (ii) was originally financed, in whole or 
                        in part, with amounts provided other than under 
                        this title, if the project otherwise meets the 
                        requirements of section 207.
            (2) Limitation on refinancing of interim construction 
        financing.--The proceeds of a secured loan under this section 
        made for an eligible project may not be used for the purpose 
        under paragraph (1)(B) after the expiration of the 12-month 
        period beginning upon the date of substantial completion of the 
        project.
    (c) Risk Assessment.--Before entering into an agreement under this 
subsection for a secured loan, the Secretary, in consultation with the 
Director of the Office of Management and Budget and each rating agency 
providing a preliminary rating opinion letter under section 
207(b)(1)(B), shall determine an appropriate capital reserve subsidy 
amount for the secured loan, taking into account each such preliminary 
rating opinion letter.
    (d) Investment-Grade Rating Requirement for Senior Obligations.--
The execution of a secured loan under this section shall be contingent 
on receipt by the senior obligations of the project of an investment-
grade rating.
    (e) Terms and Limitations.--
            (1) Maximum amount.--The amount of a secured loan under 
        this section shall not exceed the lesser of--
                    (A) an amount equal to 49 percent of the reasonably 
                anticipated eligible project costs; or
                    (B) if the secured loan does not receive an 
                investment-grade rating, the amount of the senior 
                project obligations of the project.
            (2) Payment.--A secured loan under this section--
                    (A) shall be payable, in whole or in part, from 
                State or local taxes, user fees, or other dedicated 
                revenue sources that also secure the senior project 
                obligations of the relevant project;
                    (B) shall include a rate covenant, coverage 
                requirement, or similar security feature supporting the 
                project obligations; and
                    (C) may have a lien on revenues described in 
                subparagraph (A), subject to any lien securing project 
                obligations.
            (3) Interest rate.--The interest rate on a secured loan 
        under this section shall be--
                    (A) not less than the yield on United States 
                Treasury securities of a similar maturity to the 
                maturity of the secured loan on the date of execution 
                of the loan agreement; and
                    (B) fixed for the term of the loan.
            (4) Maturity date.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the final maturity date of a secured loan under 
                this section for an eligible project shall be not later 
                than 35 years after the date of substantial completion 
                of the project.
                    (B) Special rule for state infrastructure financing 
                authorities.--The final maturity date of a secured loan 
                under this section made to a State infrastructure 
                financing authority shall be not later than 35 years 
                after the date on which loan amounts are first 
                disbursed.
            (5) Nonsubordination.--A secured loan under this section 
        shall not be subordinated to the claims of any holder of 
        project obligations in the event of bankruptcy, insolvency, or 
        liquidation of the obligor.
            (6) Fees.--The Secretary may establish fees in connection 
        with a secured loan under this section, in amounts sufficient 
        to cover all or a portion of the costs to the Federal 
        Government of secured loans under this section.
            (7) Use of proceeds for payment of non-federal share.--The 
        proceeds of a secured loan under this section may be used to 
        pay any non-Federal share required with respect to other 
        funding obtained for project costs, but only if such secured 
        loan is repaid using non-Federal funds.
            (8) Maximum federal involvement.--For any project for which 
        assistance is provided under this title, the total amount of 
        Federal assistance from all sources, including this title, 
        shall not exceed 80 percent of the total project cost.
            (9) Others.--A secured loan provided for a project under 
        this section shall be subject to such other terms and 
        conditions, and contain such covenants, representations, 
        warranties, and requirements (including requirements for 
        audits), as the Secretary determines to be appropriate.
    (f) Repayment.--
            (1) Schedule.--The Secretary shall establish a repayment 
        schedule for each secured loan provided under this section, 
        based on the projected cash flow from project revenues and 
        other repayment sources.
            (2) Commencement.--
                    (A) In general.--Except as provided in subparagraph 
                (B), scheduled loan repayments of principal or interest 
                on a secured loan under this section for an eligible 
                project shall commence not later than 5 years after the 
                date of substantial completion of the project.
                    (B) Special rule for state infrastructure financing 
                authorities.--Scheduled loan repayments of principal or 
                interest on a secured loan made under this section to a 
                State infrastructure financing authority shall commence 
                not later than 5 years after the date on which amounts 
                are first disbursed.
            (3) Deferred payments.--
                    (A) Authorization.--If, at any time after the date 
                of substantial completion of a project for which a 
                secured loan is provided under this section, the 
                project is unable to generate sufficient revenues to 
                pay the scheduled loan repayments of principal and 
                interest on the loan, the Secretary may, subject to 
                subparagraph (C), allow the obligor to add unpaid 
                principal and interest to the outstanding balance of 
                the secured loan.
                    (B) Interest.--Any payment deferred pursuant to 
                subparagraph (A) shall--
                            (i) continue to accrue interest in 
                        accordance with subsection (e)(3) until fully 
                        repaid; and
                            (ii) be amortized over the remaining term 
                        of the secured loan.
                    (C) Criteria.--Any payment deferral pursuant to 
                subparagraph (A) shall be contingent on the project 
                meeting--
                            (i) standards for reasonable assurance of 
                        repayment, as the Secretary shall establish; 
                        and
                            (ii) such other criteria as the Secretary 
                        may establish.
            (4) Prepayment.--
                    (A) Use of excess revenues.--Any excess revenues 
                from an eligible project that remain after satisfying 
                scheduled debt service requirements on the project 
                obligations and secured loan and all deposit 
                requirements under the terms of any trust agreement, 
                bond resolution, or similar agreement securing project 
                obligations may be applied annually to prepay a secured 
                loan under this section without penalty.
                    (B) Use of proceeds of refinancing.--A secured loan 
                under this section may be prepaid at any time, without 
                penalty, from the proceeds of refinancing from non-
                Federal funding sources.
    (g) Sale of Secured Loans.--
            (1) In general.--Subject to paragraph (2), if the Secretary 
        determines that the sale or reoffering of a secured loan under 
        this section for an eligible project can be made on favorable 
        terms, the Secretary may sell the loan to another entity or 
        reoffer the loan into the capital markets as soon as 
        practicable after the date of substantial completion of a 
        project and after providing notice to the obligor.
            (2) Consent of obligor.--In making a sale or reoffering 
        under paragraph (1), the Secretary may not change the original 
        terms and conditions of the secured loan without the written 
        consent of the obligor.
    (h) Loan Guarantees.--
            (1) In general.--In lieu of making a secured loan under 
        this section for an eligible project, the Secretary may provide 
        a loan guarantee for a project obligation for the project 
        funded by a qualified lender (as such term is defined in 
        section 211), but only if the Secretary determines that the 
        cost as such term is defined in section 502 of the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661a) of the loan guarantee 
        is substantially the same as or less than that of making a 
        secured loan.
            (2) Terms.--The terms of a loan guarantee provided under 
        this subsection shall be consistent with the terms established 
        in this section for a secured loan, except that the interest 
        rate on the guaranteed loan and any prepayment features shall 
        be negotiated between the obligor and the qualified lender, 
        subject to the consent of the Secretary.

SEC. 209. PROGRAM ADMINISTRATION.

    (a) Requirement.--The Secretary shall establish a uniform system to 
service the Federal credit instruments made available under this title.
    (b) Fees.--
            (1) In general.--The Secretary may collect and spend fees, 
        to the extent provided in advance in appropriations Acts, in 
        amounts sufficient to cover--
                    (A) the costs of services obtained pursuant to 
                subsection (d); and
                    (B) all or a portion of the costs to the Federal 
                Government of servicing the Federal credit instruments 
                provided under this title.
    (c) Servicer.--
            (1) In general.--The Secretary may appoint a financial 
        entity to assist the Secretary in servicing Federal credit 
        instruments provided under this title.
            (2) Duties.--A servicer appointed under paragraph (1) shall 
        act as the agent for the Secretary.
            (3) Fee.--A servicer appointed under paragraph (1) shall 
        receive a servicing fee, subject to approval by the Secretary.
    (d) Assistance From Experts.--The Secretary may retain the 
services, including counsel, of organizations and entities with 
expertise in the field of municipal and project finance to assist in 
the underwriting and servicing of Federal credit instruments provided 
under this title.

SEC. 210. STATE AND LOCAL PERMITS.

    The provision of financial assistance under section 208 for an 
eligible project shall not--
            (1) relieve any recipient of such assistance of any 
        obligation to obtain any required State or local permit or 
        approval with respect to the project;
            (2) limit the right of any unit of State or local 
        government to approve or regulate any rate of return on private 
        equity invested in the project; or
            (3) otherwise supersede any State or local law or 
        regulation applicable to the construction or operation of the 
        project.

SEC. 211. DEFINITIONS.

    In this title, the following definitions shall apply:
            (1) Commercial sports.--The term ``commercial sport'' means 
        a sports enterprise of which profit-making forms a major part.
            (2) Eligible entity.--The term ``eligible entity'' means an 
        entity eligible pursuant to section 203 to receive financial 
        assistance under section 208.
            (3) Eligible project.--The term ``eligible project'' means 
        a project for which financial assistance under section 208 may 
        be provided, pursuant to section 204.
            (4) Eligible project costs.--The term ``eligible project 
        costs'' means, with respect to an eligible project, any costs 
        of the project eligible under section 205 to be paid with 
        amounts from a loan made or guaranteed pursuant to section 208.
            (5) Federal credit instrument.--The term ``Federal credit 
        instrument'' means a secured loan made, or loan guarantee 
        provided, under section 208.
            (6) Investment-grade rating.--The term ``investment-grade 
        rating'' means, with respect to project obligations, a rating 
        of BBB minus, Baa3, bbb minus, BBB (low), or higher as assigned 
        by a rating agency.
            (7) Loan guarantee.--The term ``loan guarantee'' means any 
        guarantee or other pledge by the Secretary to pay all or part 
        of the principal of, and interest on, a loan or other debt 
        obligation.
            (8) Obligor.--The term ``obligor'' means--
                    (A) with respect to a Federal credit instrument 
                that is a secured loan under section 208, the eligible 
                entity that is primarily liable for payment of the 
                principal of, or interest on, the loan; and
                    (B) with respect to a Federal credit instrument 
                that is a loan guarantee under section 208(h), the 
                eligible entity that is primarily liable for payment of 
                the loan or other debt obligation repayment of which is 
                guaranteed pursuant to such section.
            (9) Project obligation.--The term ``project obligation'' 
        means, with respect to an eligible project, any note, bond, 
        debenture, or other debt obligation issued by an obligor in 
        connection with the financing of the project. Such term does 
        not include a Federal credit instrument.
            (10) Qualified lender.--
                    (A) In general.--The term ``qualified lender'' 
                means any non-Federal qualified institutional buyer, as 
                such term is defined in section 230.144A(a) of title 
                17, Code of Federal Regulations (or any successor 
                regulation), known as Rule 144A(a) of the Securities 
                and Exchange Commission and issued under the Securities 
                Act of 1933 (15 U.S.C. 77a et seq.).
                    (B) Inclusions.--Such term includes--
                            (i) a qualified retirement plan (as defined 
                        in section 4974(c) of the Internal Revenue Code 
                        of 1986) that is a qualified institutional 
                        buyer; and
                            (ii) a governmental plan (as defined in 
                        section 414(d) of the Internal Revenue Code of 
                        1986) that is a qualified institutional buyer.
            (11) Rating agency.--The term ``rating agency'' means a 
        credit rating agency registered with the Securities and 
        Exchange Commission as a nationally recognized statistical 
        rating organization (as defined in section 3(a) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
            (12) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (13) Secured loan.--The term ``secured loan'' means a 
        direct loan or other debt obligation issued by an obligor and 
        funded by the Secretary pursuant to section 208.
            (14) State.--The term ``State'' means a State, the District 
        of Columbia, the Commonwealth of Puerto Rico, and any other 
        territory or possession of the United States.
            (15) State infrastructure financing authority.--The term 
        ``State infrastructure financing authority'' means the State 
        entity established or designated by the Governor of a State to 
        receive assistance under this title.
            (16) Subsidy amount.--The term ``subsidy amount'' means, 
        with respect to a Federal credit instrument, the amount of 
        budget authority sufficient to cover the estimated long-term 
        cost to the Federal Government of the Federal credit 
        instrument, as calculated on a net present value basis, 
        excluding administrative costs and any incidental effects on 
        governmental receipts or outlays in accordance with the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
            (17) Substantial completion.--The term ``substantial 
        completion'' means, with respect to a project, the earliest 
        date on which a project is considered capable of performing the 
        functions for which the project is designed.

SEC. 212. REGULATIONS.

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

SEC. 213. FUNDING.

    From amounts made available for Federal purposes under section 5 of 
the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l-7), 
there is authorized to be appropriated to the Secretary to carry out 
this title $50,000,000 for each of fiscal years 2022 through 2026, to 
remain available until expended, of which in each such fiscal year--
            (1) the Secretary may use for the administration of this 
        title, including program administration under section 209, not 
        more than $2,200,000; and
            (2) the remainder shall be available 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 and loan guarantees under 
        section 208.

SEC. 214. REPORT TO CONGRESS.

    Not later than 2 years after the date of enactment of this Act, and 
every 2 years thereafter, the Secretary shall submit to the Congress a 
report summarizing the financial performance of the projects that are 
receiving, or have received, assistance under this title, including a 
recommendation as to whether the objectives of this title are being 
met.
                                 <all>