Sec. 205. Eligibility criteria for assistance from the Bank
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Subject to subsection (e), the Bank may provide financial assistance to an entity for an infrastructure project if the project— meets the criteria described in, and requirements of, this Act; has local, regional, or national significance; and is in the public interest. To be considered for financial assistance from the Bank for an infrastructure project, an entity shall submit to the Bank an application at such time, in such manner, and containing such information as the Bank may require in accordance with subsection (c).
The Executive Committee and the Board shall establish standard operating procedures and develop online application procedures for financial assistance from the Bank. The Board shall evaluate and rate each application received under subsection
(b)based on the factors appropriate for the type of the infrastructure project, including— the consistency of the infrastructure project with a regional infrastructure development plan that builds connectivity in the project area and beyond, so that maximum growth is achieved while leaving no community behind; the results of a life-cycle projection of the benefits, as compared to costs, of the infrastructure project that incorporates the factors described in subparagraphs
(C)through (L); the extent to which the infrastructure project would promote economic growth, including private sector-led growth associated with the infrastructure project; the extent to which the infrastructure project contributes to job creation, including fair and responsible employment practices and workforce development to train workers in new skills, including by union apprentice programs to train new hires; the extent to which the infrastructure project provides environmental and public health benefits, including a reduction in greenhouse gases, water pollution, and air pollution, and the removal of lead and other hazardous materials; whether the applicant has 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, selecting experienced project managers, and utilizing performance-based monitoring; whether the applicant has demonstrated an understanding of the strategic importance of bundling, sequencing, and correctly sizing projects, and adopting value design and procurement procedures, so as to realize long-term cost savings through a principle known as dig, build, expand, or improve only once ; whether the applicant has demonstrated an understanding of the importance of innovative and state-of-the-art technologies that achieve project reliability, efficiency, resiliency, sustainability, security, and public safety; the extent to which the infrastructure project preserves and repurposes existing infrastructure and rationally connects to other categories of existing or planned infrastructure projects; the extent to which the infrastructure project promotes the domestic production of construction inputs needed for projects that receive financial assistance from the Bank; a categorical benefit as described in paragraph (2); and any other criteria as determined by the Board. A categorical benefit referred to in paragraph (1)(K) is— for a 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 infrastructure projects financed by the Bank; an increase in access to affordable transportation options, to improve access to jobs, affordable housing, schools, medical services, food and other essential community services; or improvements in safety for users, passengers, and operators, as measured by a reduction in fatalities and serious injuries; for an 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 those 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; or environmental improvements from the removal of hazardous wastes or chemical pollutants; for an energy infrastructure project— development of a system that provides for any of the smart grid functions described in section 1306(d) of the Energy Independence and Security Act of 2007 ( 42 U.S.C. 17386(d) ) (commonly known as 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; or energy-efficient buildings, including clean energy designated retrofits; for a telecommunications infrastructure project— completion of, or improvement in, broadband and wireless access and affordability in rural and disadvantaged communities not served by the private sector; or improvement of the global telecommunication satellite network; and for a community development infrastructure project— promotion of economic growth and poverty reduction; 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 that 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; or improvements in national, State, and local parks and recreation facilities and related open space land management. If the Bank determines that any type of iron, steel, manufactured product, or construction material is not produced in the United States in sufficient and reasonably available quantities or of a satisfactory quality to meet the infrastructure needs in the United States, the Bank may solicit loan applications for projects to increase or improve the domestic production of that iron, steel, manufactured product, or construction material. In selecting infrastructure projects to receive financial assistance from the Bank, the Board shall also lend for— an infrastructure project in an area of high unemployment or a disadvantaged community, including a workforce development plan to train workers in new skills and connect those workers with job openings financed by the Bank; and an infrastructure project— that leverages or complements Federal, State, local, and private financing; or for which the applicant demonstrates that the additional capital could not be obtained from commercial sources at reasonable financing costs. The Bank may not provide financial assistance for any infrastructure project that subsidizes or otherwise encourages the sale or lease of infrastructure currently owned or controlled by an entity described in subparagraphs
(A)through
(G)of section 201(19), or will result in the private control or operation of infrastructure currently owned or controlled by such an entity under any agreement, including a public-private partnership. The Bank may not provide financial assistance for an infrastructure project involving reconstruction, rehabilitation, replacement, or expansion that may impact current employees on the project site, until the entity submitting an application for an infrastructure project certifies to the Bank that the entity is in compliance with section 213 with respect to the interests of employees affected by the financial assistance. During the period described in paragraph (2), the Board may waive such selection criteria and procedures as the Board determines to be necessary in order to provide loans more quickly for infrastructure projects— that reduce unemployment; that address the backlog of critical, shovel-ready projects for which preliminary engineering or permitting is already completed; or that address a critical safety or other public need. The period referred to in paragraph
(1)is the period beginning on the date of enactment of this Act and ending on the later of— 1 year after the date on which the Bank begins operations; and the date on which the Bank has provided a total of $500,000,000,000 in loans.
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Sec. 205
Eligibility criteria for assistance from the Bank
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