S.Amdt. 1705
What it does: Adds SEC. __. CREDIT FACILITY FOR TRANSIT-ORIENTED DEVELOPMENT wherever appropriate
Sen. Michael F. Bennet (D-CO)What it changes
1 change to S. 1813
Adds SEC. __. CREDIT FACILITY FOR TRANSIT-ORIENTED DEVELOPMENT wherever appropriate
Adds a sectionInserted: SEC. __. CREDIT FACILITY FOR TRANSIT-ORIENTED DEVELOPMENT.
Inserted: (a) Credit Facility Established.--
Inserted: (1) Definitions.--In this subsection:
Inserted: (A) Eligible improvement.--The term "eligible improvement" means an infrastructure improvement that--
Inserted: (i) is located within the station area of an eligible project;
Inserted: (ii) has a total project cost of not less than $10,000,000; and
Inserted: (iii) includes--
Inserted: (I) the rehabilitation or construction of a street, a transit station, structured parking, a walkway, a bikeway; or
Inserted: (II) an activity described in section 5302(3)(G)(v) of title 49, United States Code, as amended by this Act.
Inserted: (B) Eligible project.--The term "eligible project" has the same meaning as in subsection (b).
Inserted: (C) Secretary.--The term "Secretary" means the Secretary of Transportation.
Inserted: (2) In general.--The Secretary may make or guarantee a loan for an eligible improvement, at any time before or after the eligible project relating to the eligible improvement begins revenue service.
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Inserted: (3) Priority.--In making and guaranteeing loans under this subsection, the Secretary shall give priority to eligible improvements that--
Inserted: (A) facilitate increased transit ridership and the preservation or creation of long-term affordable housing units; and
Inserted: (B) are carried out by metropolitan planning organizations, or members of the policy board thereof, that have developed metropolitan transportation plans under section 5303(i)(3) of title 49, United States Code, as amended by this Act.
Inserted: (4) Terms and conditions.--The Secretary shall establish terms and conditions for loans and loan guarantees under this subsection that are consistent with the terms and conditions established under chapter 6 of title 23, United States Code.
Inserted: (b) Funding.--Notwithstanding section 5338(a) of title 49, United States Code, as amended by this Act-- (1) of amounts made available under paragraph (1) of such section 5338(a), $20,000,000 for each of fiscal years 2012 and 2013 shall be available to carry out subsection (a) of this section; and
Inserted: (2) the amounts described in paragraph (2) of such section 5338(a) shall be reduced by $20,000,000 on a pro rata basis.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1705. Mr. BENNET (for himself and Mr. Warner) submitted an amendment intended to be proposed by him to the bill S. 1813, to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. CREDIT FACILITY FOR TRANSIT-ORIENTED DEVELOPMENT.
(a) Credit Facility Established.--
(1) Definitions.--In this subsection:
(A) Eligible improvement.--The term “eligible improvement” means an infrastructure improvement that--
(i) is located within the station area of an eligible project;
(ii) has a total project cost of not less than $10,000,000; and
(iii) includes--
(I) the rehabilitation or construction of a street, a transit station, structured parking, a walkway, a bikeway; or
(II) an activity described in section 5302(3)(G)(v) of title 49, United States Code, as amended by this Act.
(B) Eligible project.--The term “eligible project” has the same meaning as in subsection (b).
(C) Secretary.--The term “Secretary” means the Secretary of Transportation.
(2) In general.--The Secretary may make or guarantee a loan for an eligible improvement, at any time before or after the eligible project relating to the eligible improvement begins revenue service.
(3) Priority.--In making and guaranteeing loans under this subsection, the Secretary shall give priority to eligible improvements that--
(A) facilitate increased transit ridership and the preservation or creation of long-term affordable housing units; and
(B) are carried out by metropolitan planning organizations, or members of the policy board thereof, that have developed metropolitan transportation plans under section 5303(i)(3) of title 49, United States Code, as amended by this Act.
(4) Terms and conditions.--The Secretary shall establish terms and conditions for loans and loan guarantees under this subsection that are consistent with the terms and conditions established under chapter 6 of title 23, United States Code.
(b) Funding.--Notwithstanding section 5338(a) of title 49, United States Code, as amended by this Act-- (1) of amounts made available under paragraph (1) of such section 5338(a), $20,000,000 for each of fiscal years 2012 and 2013 shall be available to carry out subsection (a) of this section; and
(2) the amounts described in paragraph (2) of such section 5338(a) shall be reduced by $20,000,000 on a pro rata basis.
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Senate amendment submitted
February 16, 2012