Title: TOD Advancement Act of 2019
Policy area: Transportation and Public Works

Summary:
TOD Advancement Act of 2019
This bill revises and extends until December 4, 2021, the Railroad Rehabilitation Improvement and Financing program.
Specifically, the bill revises the eligible purposes under the program to include financing economic development and infrastructure that (1) incorporates private investment of greater than 20% of total project costs; (2) is physically connected to, or within a half mile walking distance from, a passenger rail station or multimodal station that includes rail service; (3) will commence construction within 90 days after the loan or loan guarantee is obligated for the project; and (4) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2805 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  1st Session
                                S. 2805

   To improve transit-oriented development financing, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 6, 2019

Mr. Wicker (for himself, Mr. Cassidy, and Ms. Duckworth) introduced the 
 following bill; which was read twice and referred to the Committee on 
                 Commerce, Science, and Transportation

_______________________________________________________________________

                                 A BILL


 
   To improve transit-oriented development financing, 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.

    This Act may be cited as the ``TOD Advancement Act of 2019''.

SEC. 2. EXTENSION OF TRANSIT-ORIENTED DEVELOPMENT LOAN AND LOAN 
              GUARANTEE AUTHORITY.

    Section 502(b)(3) of the Railroad Revitalization and Regulatory 
Reform Act of 1976 (45 U.S.C. 822(b)(3)) is amended by striking ``only 
during the 4-year period beginning on December 4, 2015'' and inserting 
``until December 4, 2021.''.

SEC. 3. ELIGIBLE PURPOSES.

    Section 502(b)(1)(E) of the Railroad Revitalization and Regulatory 
Reform Act of 1976 (45 U.S.C. 822(b)(1)(E)) is amended to read as 
follows:
                    ``(E) finance economic development, including 
                commercial and residential development, and related 
                infrastructure and activities, that--
                            ``(i) incorporates private investment of 
                        greater than 20 percent of total project costs;
                            ``(ii) is physically connected to, or is 
                        within \1/2\ mile walking distance from, a 
                        passenger rail station or multimodal station 
                        that includes rail service;
                            ``(iii) has a certification from the 
                        applicant that the contracting process for 
                        construction will commence not later than 90 
                        days after the date on which the direct loan or 
                        loan guarantee is obligated for the project 
                        under this subchapter; and
                            ``(iv) demonstrates the ability to generate 
                        new financial assistance for the relevant 
                        passenger rail station or service by increasing 
                        ridership, tenant lease payments, or other 
                        activities that generate revenues in excess of 
                        costs.''.

SEC. 4. QUARTERLY REPORT ON TRANSIT-ORIENTED DEVELOPMENT ELIGIBILITY.

    Not later than 6 months after the date of the enactment of this 
Act, and every 90 days thereafter, the Secretary of Transportation 
shall submit a report to the Committee on Commerce, Science, and 
Transportation of the Senate and the Committee on Transportation and 
Infrastructure of the House of Representatives that identifies--
            (1) the number of applications submitted to the Department 
        of Transportation for a direct loan or loan guarantee under 
        section 502(b)(1)(E) of the Railroad Revitalization and 
        Regulatory Reform Act of 1976, as amended by section 3;
            (2) the number of such loans or loan guarantees that were 
        provided to applicants; and
            (3) for each such application, the reasons for providing or 
        declining to provide the requested loan or loan guarantee.
                                 <all>