Sec. 205. Eligibility criteria for assistance from the bank
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Financial assistance shall be available from the Bank when the entity applying for such assistance has demonstrated to the satisfaction of the Board that the project for which such assistance is being sought meets the requirements of this Act. Any entity proposing a project for which the use or purpose is private, and without public benefit, shall not be eligible for financial assistance from the Bank under this Act, except as provided in subsection (d)(1)(L). The Bank shall accept applications for infrastructure projects for the designation of those projects that may receive financial assistance under this section for any infrastructure project having— a public sponsor; and local, regional, or national significance.
The Executive Committee and the Board shall establish standard operating procedures, and develop online application procedures, to assist applications of infrastructure projects under this section to develop applications for financial assistance under this section. In making a determination as to whether to provide an infrastructure project with financial assistance, the Board shall evaluate and rate each applicant based on the factors appropriate for the type of the proposed infrastructure project, including— consistency of the project with a regional infrastructure development plan that builds economic connectivity in the project area and beyond, so that maximum growth is achieved while leaving no community behind; a life-cycle projection of the benefits, as compared to costs, of the project, that incorporates the factors in subparagraphs
(C)through
(N)of this paragraph; promotion of economic growth, including private sector-led growth associated with the project; job creation, including fair and responsible employment practices, and a workforce development to train workers in new skills, including by union apprentice programs to train new hires; a preference for projects in areas of high unemployment, or disadvantaged communities, including a workforce development plan to train workers in new skills and connect them with job openings financed by the Bank; environmental and public health benefits including the reduction in greenhouse gases, and water and air pollution, and the removal of lead and other hazardous materials; a demonstrated ability to contract for design, construction, operation, and maintenance of the infrastructure project throughout its estimated useful life, including by defining project objectives and utilizing performance-based monitoring; an understanding of the strategic importance of bundling projects, correctly sizing projects, and adopting value design and procurement procedures, so as to realize long-run cost savings from dig, build, expand, or improve only once ; an understanding of the importance of innovative and state-of-the-art technologies that achieve project reliability, efficiency, resiliency, sustainability, security, and public safety; in cases where infrastructure is publicly or privately owned, a preference for projects that leverage Federal, State, local, and private financing, including public-private partnerships, or where companies can show that the additional capital could not be obtained from commercial sources; a consideration of the costs and benefits of preserving and repurposing existing infrastructure, in particular to mitigate against unemployment and bolster manufacturing in the United States; integration of other qualified projects that may or should be done concurrently; a categorical benefit; and any other criteria as determined by the Board, with approval by the Board. In this subsection, the term categorical benefit means the following: For any transportation infrastructure project: A reduction in surface and air traffic congestion, by road, transit, passenger rail, freight rail, port or inland water travel, or air travel, as measured by reductions in transit, boarding, and total trip times. An anticipated increase in capacity for existing and expected new ridership or transport use, including by high-speed rail. A reduction in risks from maintenance decline, or structural failure, over the service life of the project. The coordination of improvements in commuter passenger operations, freight transport, and new community design, with the demographics of population, economic production, and trade hubs according to a regional infrastructure plan. An overall decline in greenhouse gas emissions from surface and air transportation projects financed by the Bank. An increase in access to affordable transportation options, to improve access to jobs, affordable housing, schools, medical services, foods and other essential community services. Improvements in safety for users, passengers, and operators, as measured by a reduction in fatalities and serious injuries. For any environmental infrastructure project: Increased coastal and inland flood mitigation and protection. Improvements in drinking water, wastewater, or stormwater systems, through the repair, expansion, or replacement of such systems. A reduction in risk to any public infrastructure from structural failure, or damage, due to weather-related events, cyber or physical attacks, or catastrophic wildfires. Environmental improvements from the removal of hazardous wastes or chemical pollutants. For any energy infrastructure project not invested in by private companies: Development of a smart grid, with modern security and resiliency systems. Expansion of transmission and distribution capacity to cover new generation suppliers, including a macrogrid overlay to transport power from renewable sources, and new generation demand, including from global warming, or the electrification of vehicles or rail transport systems. Enhancement of systems to balance electricity supply and demand, curtail peak demand, restore power outages, or coordinate operating procedures among power supplying entities. Energy efficient buildings, including clean energy designated retrofits. For any telecommunications project: Completion or improvement in broadband and wireless access and affordability in rural and disadvantaged communities that private companies do not serve. Improvement of the global telecommunication satellite network. For any community development infrastructure project: Promotion of economic growth to address persistent poverty. Modernization of local land use policies, including those that promote transit-oriented development and location efficiency. Expansion in the provision of public housing, or publicly assisted affordable housing, to provide long-term affordability in targeted, disadvantaged communities, for families and persons with incomes equivalent to those currently assisted, and improvement in the physical condition of such housing. Replacement of schools that have reached their service lifetime; or expansion of school facilities with growing populations, or to house new programs for workforce development. Improvements in National, State, and local parks and recreation facilities and related open space land management. During the Bank’s first year of operation, or until the Bank has provided a total of $500,000,000,000 in loans, the Board may relax its selection criteria and procedures in favor of lending quickly for projects— that reduce unemployment; that address the backlog of critical, shovel-ready projects for which preliminary engineering or permitting is already completed; or where there is a critical safety or other public need.