Title: WIFIA Improvement Act of 2020
Policy area: Water Resources Development

Summary:
WIFIA Improvement Act of 2020
This bill allows certain federal water infrastructure loans to have maturity dates of up to 55 years.
For a secured loan for a water infrastructure project with a useful life of more than 35 years, the final maturity date of the loan shall be no later than the earlier of (1) 55 years after the project's substantial completion, or (2) the useful life of the project. Currently, the latest possible maturity date of for this type of loan is 35 years from the project's substantial completion.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8217 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8217

 To amend the Water Infrastructure Finance and Innovation Act of 2014 
with respect to the final maturity date of certain loans, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 11, 2020

   Mr. Garamendi (for himself, Mr. Cox of California, Mr. Costa, Mr. 
  LaMalfa, Mr. Harder of California, and Mr. Newhouse) introduced the 
 following bill; which was referred to the Committee on Transportation 
  and Infrastructure, and in addition to the Committee on Energy and 
Commerce, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To amend the Water Infrastructure Finance and Innovation Act of 2014 
with respect to the final maturity date of certain loans, 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 ``WIFIA Improvement Act of 2020''.

SEC. 2. MATURITY DATE.

    Section 5029(b)(5) of the Water Infrastructure Finance and 
Innovation Act of 2014 (33 U.S.C. 3908(b)(5)) is amended--
            (1) in subparagraph (B), by striking ``The final maturity 
        date'' and inserting ``Notwithstanding subparagraphs (A) and 
        (B), the final maturity date'';
            (2) by redesignating subparagraph (B) as subparagraph (C); 
        and
            (3) by inserting after subparagraph (A) the following:
                    ``(B) Projects with a useful life of more than 35 
                years.--Notwithstanding subparagraph (A), for a project 
                with a useful life of more than 35 years (as determined 
                by the Secretary or the Administrator, as applicable), 
                the final maturity date of a secured loan under this 
                section shall be not later than the earlier of--
                            ``(i) the date that is 55 years after the 
                        date of substantial completion of the relevant 
                        project (as determined by the Secretary or the 
                        Administrator, as applicable); and
                            ``(ii) if the useful life of the project is 
                        less than 55 years, the useful life of the 
                        project.''.

SEC. 3. BUDGETARY TREATMENT OF CERTAIN AMOUNTS OF FINANCIAL ASSISTANCE.

    Subtitle C of title V of the Water Infrastructure Finance and 
Innovation Act of 2014 (33 U.S.C. 3901 et seq.) is amended by adding at 
the end the following:

``SEC. 5036. BUDGETARY TREATMENT OF CERTAIN AMOUNTS OF FINANCIAL 
              ASSISTANCE.

    ``If the recipient of financial assistance for a project under this 
subtitle is an eligible entity other than a Federal entity, agency, or 
instrumentality, and the dedicated sources of repayment of that 
financial assistance are non-Federal revenue sources, such financial 
assistance shall, for purposes of budgetary treatment under the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661 et seq.)--
            ``(1) be deemed to be non-Federal; and
            ``(2) be treated as a direct loan or loan guarantee (as 
        such terms are defined, respectively, in such Act).''.
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