1.This Act may be cited as the
National Infrastructure Bank Act of
2011
.
2.Congress finds that—
(1)according to the
American Society of Civil Engineers—
(A)the current
condition of the infrastructure of the United States earns a grade point
average of D and jeopardizes the prosperity and quality of life of the citizens
of the United States; and
(B)the number of
deficient dams has risen to more than 4,000, including 1,819 high-hazard
potential dams. Over the past six years, for every deficient, high-hazard
potential dam repaired, nearly two more were declared deficient. There are more
than 85,000 dams in the United States, and the average age is just over 51
years old. An additional investment of $12,000,000,000 over 10 years will be
needed to eliminate the existing backlog of 4,095 deficient dams;
(2)according to the
Federal Transit Administration—
(A)the United States
needs to spend $15,100,000,000 (25 percent more) annually over the next 20
years to maintain the current conditions and performance of transit systems,
and $21,100,000,000 (73 percent) over that same time period more to make
substantial improvements; and
(B)the Nation’s
public transit agencies face an $80,000,000,000 maintenance backlog to bring
their rail systems to a state of good repair;
(3)according to the
Department of Housing and Urban Development—
(A)there is a
critical shortage of affordable housing for very low-income individuals with
nearly 6,000,000 very low income families facing worst case
housing needs, meaning that they pay over one-half of their monthly income on
rent; and
(B)there are over
1,200,000 units of public housing nationwide, with an accumulated capital needs
backlog of approximately $18,000,000,000 to $24,000,000,000, with an additional
$2,000,000,000 accruing each year;
(4)according to the
Federal Highway Administration—
(A)33 percent of all
urban and rural roads in the United States are in poor, mediocre, or fair
condition;
(B)approximately
$131,700,000,000 must be expended each year for a period of not less than 20
years to improve the conditions of those urban and rural roads;
(C)24.8 percent of
all bridges in the United States are—
(i)structurally
deficient; or
(ii)functionally
obsolete; and
(D)approximately
$3,000,000,000 in additional funds must be expended each year for a period of
not less than 20 years to eliminate the deficiencies of those bridges;
(5)according to Texas
Transportation Institute, travel has increased 72 percent in big metro regions
while road capacity on freeways and major streets has grown by only 40
percent;
(6)according to the
Environmental Protection Agency—
(A)$161,000,000,000
must be expended during the next 20 years to make necessary repairs,
replacements, and upgrades to the approximately 55,000 community drinking water
systems of the United States;
(B)approximately
$390,000,000,000 must be expended during the next 20 years to eliminate the
deficiencies of the wastewater systems of the United States; and
(C)from 2006 to 2009,
more than 9,400 of the Nation’s 25,000 sewage systems—including those in major
cities—have reported violating the Clean Water Act of 1975 by dumping untreated
or partly treated human waste, chemicals and other hazardous materials into
rivers and lakes and elsewhere; and
(7)the infrastructure
financing mechanisms of the United States do not adequately—
(A)address
infrastructure projects of regional or national significance;
(B)encourage an
appropriate pooling of Federal, State, local, and private resources; or
(C)provide
transparency to ensure the optimal return on public resources.
<enum>I</enum><header>National
Infrastructure Bank</header>
<section commented="no" id="HA8630A948A824C9C966CFD51FD301938"><enum>101.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title, the following definitions
shall apply:</text>
<paragraph commented="no" id="HFDEBFB6CA46F46C6A28DB768AC86FD78"><enum>(1)</enum><header>Bank</header><text>The
term <term>Bank</term> means the <quote>National Infrastructure Bank</quote>
established under section 102.</text>
</paragraph><paragraph commented="no" id="HFA4FA493A6004942B2350695781B9993"><enum>(2)</enum><header>Board</header><text>The
term <term>Board</term> means the board of directors of the Bank, established
under section 103.</text>
</paragraph><paragraph commented="no" id="H44FEBDEED6D24661B9AA288491DE6722"><enum>(3)</enum><header>Chairperson</header><text>The
term <quote>Chairperson</quote> means the Chairperson of the Board.</text>
</paragraph><paragraph id="HDD8B576F21274148A58AC980F6656DCD"><enum>(4)</enum><header>Financial
assistance</header><text>The term <term>financial assistance</term> means a
method used by the Bank to provide a loan, loan guarantee, forgiveness of loan
principle, or negative interest rate loan to a qualified infrastructure
project.</text>
</paragraph><paragraph commented="no" id="H7DED1BC5810F419F8B64686D8B1F4A38"><enum>(5)</enum><header>Infrastructure
project</header>
<subparagraph commented="no" id="H4A5BA75FB61A4046BC18BA376180FC20"><enum>(A)</enum><header>In
general</header><text>The term <term>infrastructure project</term> means the
building, improvement, or increase in capacity of a basic installation,
facility, asset, or stock that is associated with—</text>
<clause commented="no" id="H8E1E8427C67A4F3089AF5FC93C6481C0"><enum>(i)</enum><text>a mass transit
system that meets the criteria in subparagraph (B);</text>
</clause><clause commented="no" id="HC6506CFE4B0142D4A72CF971F83421A1"><enum>(ii)</enum><text>a public housing
property that is eligible to receive funding under section 24 of the United
States Housing Act of 1937 (42 U.S.C. 1437v) and that meets the criteria in
subparagraph (B);</text>
</clause><clause commented="no" id="H199DD5181DC64A0FAC9EE47EACF40A94"><enum>(iii)</enum><text>a road or bridge
that meets the criteria in subparagraph (B);</text>
</clause><clause commented="no" id="HBDAA260D094447B3B045A447D755F709"><enum>(iv)</enum><text>a drinking water
system or a wastewater system that meets the criteria in subparagraph
(B);</text>
</clause><clause id="H82A70A8348BA4342BC45B9DFDB09F643"><enum>(v)</enum><text>a
freight or passenger rail project that meets the criteria in subparagraph (B);
or</text>
</clause><clause id="H3844141E955B43F69FB4FAA9C2EC093F"><enum>(vi)</enum><text>an
airport or air traffic control systems that meet the criteria in subparagraph
(B).</text>
</clause></subparagraph><subparagraph commented="no" id="H0619492A7C674EFEACC9EB6C82F68DC9"><enum>(B)</enum><header>Criteria</header><text>A
project described in any of clauses (i) through (vi) of subparagraph (A) meets
the criteria of this subparagraph if it serves any one or more of the
objectives identified in paragraphs (1) through (9) of section 101(c) of the
Housing and Community Development Act of 1974 (42 U.S.C. 5301(c)).</text>
</subparagraph></paragraph><paragraph id="H7B20044549334FFABE4CB6FF4DD92C08"><enum>(6)</enum><header>Public
housing</header><text>The term <term>public housing</term> means a housing
project receiving assistance under section 9 of the United States Housing Act
of 1937 (42 U.S.C. 1437g).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HA75E092B26DF458A9E7A907CD2F554A4"><enum>(7)</enum><header>Public housing
agency</header><text>The term <term>public housing agency</term> means an
agency described in section 3(b)(6) of the United States Housing Act of 1937
(42 U.S.C. 1437a(b)(6)).</text>
</paragraph><paragraph commented="no" id="HA72C0651446F481588597CB10FF38329"><enum>(8)</enum><header>Public
sponsor</header><text>The term <term>public sponsor</term> includes a State or
local government, an Indian tribe (as defined in section 4 of the Indian
Self-Determination and Education Assistance Act (25 U.S.C. 450b)), a public
transportation agency, a public housing agency, a public infrastructure agency,
or a consortium of those entities, including a public entity that has partnered
with a private nonprofit or for-profit entity.</text>
</paragraph><paragraph id="HBBABBCC0727146EDB943ED97AF665112"><enum>(9)</enum><header>Publicly-assisted
affordable housing</header><text>The term <term>publicly-assisted affordable
housing</term> means the categories of housing specified in section
1335(a)(1)(B) of the Federal Housing Enterprises Financial Safety and Soundness
Act of 1992 (12 U.S.C. 4565(a)(1)(B)).</text>
</paragraph><paragraph commented="no" id="H9D4DD635C1BA4A459A649FDF58ABE7EF"><enum>(10)</enum><header>Qualified
infrastructure project</header><text>The term <term>qualified infrastructure
project</term> means an infrastructure project designated by the Board as a
qualified infrastructure project in accordance with section 105.</text>
</paragraph><paragraph id="H2EBDC3656C3D407698314C2ADD365FBD"><enum>(11)</enum><header>Transit-oriented
development</header><text>The term <term>transit-oriented development</term>
means high-density, walkable, mixed-use development (including commercial
development, affordable housing, and market-rate housing) that is within
walking distance of and accessible to 1 or more public transportation
facilities.</text>
</paragraph></section><section id="HCF94AE78D1874AC79EB17AF6863601FE"><enum>102.</enum><header>Establishment
of Bank</header><text display-inline="no-display-inline">There is established
the <term>National Infrastructure Bank</term>, which shall be an independent
establishment of the Federal Government, as defined in section 104 of title 5,
United States Code.</text>
</section><section id="H1BF48B9735F245A3A1DCD221E054D3C7"><enum>103.</enum><header>Management of
Bank</header>
<subsection id="H2FD38E6094A1470688C097D8E24046E3"><enum>(a)</enum><header>Board of
Directors</header>
<paragraph id="H2E94F1DF33E84863B3A9A130CB48EA16"><enum>(1)</enum><header>In
general</header><text>The management of the Bank shall be vested in a Board of
Directors consisting of 5 members, appointed by the President, by and with the
advice and consent of the Senate, from among individuals who are citizens of
the United States.</text>
</paragraph><paragraph id="H4CEEEB431A4D46F4B06E7DED3F2DEE65"><enum>(2)</enum><header>Member
expertise</header><text>The Board shall be comprised of members with a diverse
set of expertise in infrastructure project development and finance, including
in—</text>
<subparagraph id="HCF0E9DAECF3642898733D0710BD941CF"><enum>(A)</enum><text>transit
infrastructure;</text>
</subparagraph><subparagraph id="HAA59B81F1B834456A056F8DBBF349258"><enum>(B)</enum><text>public housing
infrastructure;</text>
</subparagraph><subparagraph id="H7D1246D0909A4C7781827C89E6877A3C"><enum>(C)</enum><text>road and bridge
infrastructure;</text>
</subparagraph><subparagraph id="HF012C90AF60B45DD971EEC89D1D59079"><enum>(D)</enum><text>water
infrastructure;</text>
</subparagraph><subparagraph id="HE30C42EF25264CF78086771B67DE29EB"><enum>(E)</enum><text>aviation
infrastructure;</text>
</subparagraph><subparagraph id="H665EFF89C29843A988BA66D8BC03C324"><enum>(F)</enum><text>freight or
passenger rail infrastructure; and</text>
</subparagraph><subparagraph id="H85E9B297059D47ABA672E9C03DFD5076"><enum>(G)</enum><text>public
finance.</text>
</subparagraph></paragraph><paragraph id="H01C9FF0B7E0F4EA0AA6945138EB22B6B"><enum>(3)</enum><header>Political
affiliation</header><text>Section 2(a)(2) of the Federal Deposit Insurance Act
(12 U.S.C. 1812(a)(2)) shall apply to members of the Board of Directors of the
Bank in the same manner as it applies to the Board of Directors of the Federal
Deposit Insurance Corporation.</text>
</paragraph><paragraph id="H4E745A83CA724B209E4760EF39850EAB"><enum>(4)</enum><header>Meetings</header><text>The
Board shall meet not later than 90 days after the date on which all directors
of the Board are first appointed, and otherwise at the call of the
Chairperson.</text>
</paragraph><paragraph id="H55E6B676F62549AF803B6F46B3869D5E"><enum>(5)</enum><header>Date of
appointments</header><text>The initial nominations to the Board shall be made
not later than 60 days after the date of enactment of this title.</text>
</paragraph></subsection><subsection id="H40A146C0503C4BBE93AC72E4F837BF89"><enum>(b)</enum><header>Chairperson and
vice chairperson</header><text>The Chairperson and Vice Chairperson of the
Board shall be appointed and shall serve in the same manner as is provided for
members of the Federal Deposit Insurance Corporation under section 2(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1812(b)).</text>
</subsection><subsection id="H26DF5C86EA8F47C3820B79841EE64B20"><enum>(c)</enum><header>Terms</header>
<paragraph id="H406A41E248F64B52BA7D0955532878BE"><enum>(1)</enum><header>Appointed
members</header><text>Except as provided in paragraph (2), each member of the
Board shall be appointed for a term of 6 years.</text>
</paragraph><paragraph id="HDFB196D876B44961A6B0D3E3045B9879"><enum>(2)</enum><header>Initial
staggered terms</header><text>Of the initial members of the Board—</text>
<subparagraph id="H4267DAEE1EE44EA692D6156BF8BF70A0"><enum>(A)</enum><text>the Chairperson
and Vice Chairperson shall be appointed for a term of 6 years;</text>
</subparagraph><subparagraph id="HAB649CFE3B5B457699029ED312E67554"><enum>(B)</enum><text>1 member shall be
appointed for a term of 5 years;</text>
</subparagraph><subparagraph id="HA0C3BC13936C44759ED2BA242A0F937F"><enum>(C)</enum><text>1 member shall be
appointed for a term of 4 years; and</text>
</subparagraph><subparagraph id="H1992E10A9287490DA44985404B86FC59"><enum>(D)</enum><text>1 member shall be
appointed for a term of 3 years.</text>
</subparagraph></paragraph><paragraph id="H4C757B5670034422BD5E858656474431"><enum>(3)</enum><header>Interim
appointments</header><text>Any member of the Board appointed to fill a vacancy
occurring before the expiration of the term for which the predecessor of such
member was appointed shall be appointed only for the remainder of such
term.</text>
</paragraph><paragraph id="H6FB061F28A664DCD842389DEBA8085F1"><enum>(4)</enum><header>Continuation of
service</header><text>The Chairperson, Vice Chairperson, and each other member
of the Board may continue to serve after the expiration of the term of office
to which such member was appointed, until a successor has been
appointed.</text>
</paragraph></subsection><subsection id="H2818EB1BA31E458BB9B4C8908B55160A"><enum>(d)</enum><header>Vacancy</header><text>Any
vacancy on the Board shall be filled in the manner in which the original
appointment was made.</text>
</subsection><subsection id="HB59623893A2C4208B6A5B22054B5A9FD"><enum>(e)</enum><header>Ineligibility
for other offices</header>
<paragraph id="H991CCF9FA1A14B13A7EAF27803E2AFBD"><enum>(1)</enum><header>Restriction
during service</header><text>No member of the Board may, during service on the
Board—</text>
<subparagraph id="HE6805E5BF78B4C0CBBB7564FA4759DCA"><enum>(A)</enum><text>be an officer or
director of, or otherwise be employed by, any entity engaged in or otherwise
associated with an infrastructure project assisted or considered under this
title;</text>
</subparagraph><subparagraph id="H9154D3A3E5A146C6A5CDD1EB4967533F"><enum>(B)</enum><text>hold stock in any
such entity; or</text>
</subparagraph><subparagraph id="H90DA68995D61452AB3C580E27C470A03"><enum>(C)</enum><text>hold any other
elected or appointed public office.</text>
</subparagraph></paragraph><paragraph id="HC24A1E0A5A9D42F9B9DE0F00FED39E61"><enum>(2)</enum><header>Post service
restriction</header>
<subparagraph id="H00D3278A4B814B52A705AA734A76A312"><enum>(A)</enum><header>In
general</header><text>No member of the Board may hold any office, position, or
employment in any entity engaged in or otherwise associated with an
infrastructure project assisted under this title during the 2-year period
beginning on the date on which such member ceases to serve on the Board.</text>
</subparagraph><subparagraph id="H86F33AF2511E4449A015EEC7D2334489"><enum>(B)</enum><header>Exception for
members who serve full term</header><text>The limitation contained in
subparagraph (A) does not apply to any member who has ceased to serve on the
Board after serving the full term for which such member was appointed.</text>
</subparagraph></paragraph><paragraph id="H2A54B87D1BE040C98B7C4E13FCF7C469"><enum>(3)</enum><header>Certification</header><text>Upon
taking office, each member of the Board shall certify under oath that such
member has complied with this subsection, and such certification shall be filed
with the secretary of the Board.</text>
</paragraph></subsection></section><section id="H080E49DF404D42C78A5A0ED9A0C7818F"><enum>104.</enum><header>Staff and
personnel matters</header>
<subsection id="H318B09A56B894A44BE94599330849F75"><enum>(a)</enum><header>Executive
Director</header>
<paragraph id="H17D4F138098149AB860836FB977BF3CF"><enum>(1)</enum><header>In
general</header><text>The Chairperson may appoint and terminate, and fix the
compensation of, an executive director of the Bank, in accordance with title 5,
United States Code.</text>
</paragraph><paragraph id="H73FEDCAB39EF4322A526ACB6974C1F4B"><enum>(2)</enum><header>Confirmation of
executive director</header><text>The employment of an executive director shall
be subject to confirmation by the Board.</text>
</paragraph><paragraph id="H65E777FD234D48F7A3E440C21B7CD292"><enum>(3)</enum><header>Qualifications
of executive director</header><text>An individual appointed as the executive
director under paragraph (1) shall have demonstrated expertise in
infrastructure development and finance including—</text>
<subparagraph id="HBB2D0F98519446FB819E99F83DEB888E"><enum>(A)</enum><text>transit
infrastructure;</text>
</subparagraph><subparagraph id="H3047FFF5A26D4694A6507A3925215607"><enum>(B)</enum><text>public housing
infrastructure;</text>
</subparagraph><subparagraph id="H3C42FF4EA0544C52AC8F913A1A376792"><enum>(C)</enum><text>road and bridge
infrastructure;</text>
</subparagraph><subparagraph id="H838F1E6CA1094883A5DB91673994A0AF"><enum>(D)</enum><text>water
infrastructure;</text>
</subparagraph><subparagraph id="H021989F030A2438C9B06919FBAA5EE5A"><enum>(E)</enum><text>aviation
infrastructure;</text>
</subparagraph><subparagraph id="H423BE2E8AF3142E0856AAFC9CD64DA8D"><enum>(F)</enum><text>freight or
passenger rail infrastructure; or</text>
</subparagraph><subparagraph id="H4DF05F953D8B44309C1F05153FE337BA"><enum>(G)</enum><text>public
finance.</text>
</subparagraph></paragraph></subsection><subsection id="H8878A2508E4346AEB58E8C76970BDDC8"><enum>(b)</enum><header>Other
Personnel</header><text>The Board may appoint and terminate, and fix the
compensation of, in accordance with title 5, United States Code, such personnel
as are necessary to enable the Bank to perform the duties of the Bank.</text>
</subsection><subsection id="H6A4F08C0B7C0476C8EA2719D7DD0CA5D"><enum>(c)</enum><header>Support From
Other Agencies</header><text>The head of any other Federal agency shall detail
employees to the Bank for purposes of carrying out the duties of the
Bank.</text>
</subsection></section><section id="HFCA1D5E246C24FCAAAD05B6512F8601F"><enum>105.</enum><header>Powers of the
bank board</header>
<subsection id="H20301B76EC6E41C982538EC23E3C4290"><enum>(a)</enum><header>Hearings</header><text>The
Board may, in carrying out this title—</text>
<paragraph id="HA777C469102A4E92A6A5785D18ADC5E6"><enum>(1)</enum><text>hold such
hearings, meet and act at such times and places, take such testimony, receive
such evidence, and administer such oaths, as the Board considers advisable;
and</text>
</paragraph><paragraph id="H2D2E5707C13C4B579CD65A4FFA8B87F4"><enum>(2)</enum><text>require the
attendance and testimony of such witnesses and the production of such books,
records, correspondence, memoranda, papers, documents, tapes, and materials, as
the Board considers advisable.</text>
</paragraph></subsection><subsection id="HAD55BBADFF0648D785F7FC809F2A0021"><enum>(b)</enum><header>Witness
Allowances and Fees</header>
<paragraph id="HDC43F23DA77748C1983EDD120A1ED61F"><enum>(1)</enum><header>In
general</header><text>Section 1821 of title 28, United States Code, shall apply
to a witness requested or subpoenaed to appear at a hearing of the
Board.</text>
</paragraph><paragraph id="H42DA0D45D0144C7DBCF4FF7DE1C92FB4"><enum>(2)</enum><header>Expenses</header><text>The
per diem and mileage allowances for a witness shall be paid from funds
available to pay the expenses of the Board.</text>
</paragraph></subsection><subsection id="HB77E80B9A4ED49E69550A5D8C7EBC7B9"><enum>(c)</enum><header>Information From
Federal Agencies</header><text>The Board may, upon request, secure directly
from a Federal agency, such information as the Board considers necessary to
carry out this title, and the head of such agency shall promptly respond to any
such request for the provision of information.</text>
</subsection><subsection id="H2A7FA01D137E4CDCB0AF5AA325117FF5"><enum>(d)</enum><header>Incorporation of
Federal Transit Processes for Board Statements</header><text>Section 5334(l) of
title 49, United States Code, as added by section 3032 of the Federal Public
Transportation Act of 2005 (Public Law 109–59, 119 Stat. 1627), shall apply to
statements of the Board in the same manner and to the same extent as that
section applies to statements of the Administrator of the Federal Transit
Administration.</text>
</subsection></section><section id="H09046684CA44492F99F84324F72C119E"><enum>106.</enum><header>Qualified
infrastructure project ratings</header>
<subsection id="HBFB001E1F6804369884850479DC9F65F"><enum>(a)</enum><header>In
general</header><text>The Bank shall, upon application and otherwise in
accordance with this section, designate those qualified infrastructure projects
that will receive financial assistance under this title.</text>
</subsection><subsection id="HAC4F1BE640EA461AB6FF54716095151C"><enum>(b)</enum><header>Applicants</header><text>The
Bank shall accept applications of qualified infrastructure projects for the
designation of those projects that may receive financial assistance under this
section for any infrastructure project having—</text>
<paragraph commented="no" id="HEC01B10EA10F4ABFB227F0CB77ECC772"><enum>(1)</enum><text>a public sponsor;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H2E7EC09CE3E64C8A9FFED68CEC5C6A65"><enum>(2)</enum><text>regional or
national significance.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H4B18B80FD3374E99A929D2A4F8D24655"><enum>(c)</enum><header>Guidelines for
qualified infrastructure projects</header><text>The Executive Director and the
Board shall establish guidelines to assist applications of qualified
infrastructure projects under this title to develop applications for financial
assistance under this section.</text>
</subsection><subsection id="H3D577E0B87FF47D095780B6E06BD89F2"><enum>(d)</enum><header>Ratings</header>
<paragraph id="HFD78560C951341D8B946DEB4B2C6E09E"><enum>(1)</enum><header>In
general</header><text>In making a determination as to which qualified
infrastructure project would receive financial assistance, the Board shall
evaluate and rate each applicant based on the factors appropriate for that type
of infrastructure project, which shall include—</text>
<subparagraph id="H2E0599540EB34AB3836F384D1F5EF436"><enum>(A)</enum><text>regional or
national significance;</text>
</subparagraph><subparagraph id="HA655490D0EEF48498FC906AA8CE519BC"><enum>(B)</enum><text>promotion of
economic growth;</text>
</subparagraph><subparagraph id="H6064F2389ED947F8B89827660B874972"><enum>(C)</enum><text>a preference for
projects in areas of high unemployment;</text>
</subparagraph><subparagraph id="H7A1F23AE9DDA4A11B7CB787987B73F21"><enum>(D)</enum><text>a preference for
projects which substantially leverage State, local and private financing,
including public-private partnerships, for either the explicit cost of the
project or for enhancements which increase the benefits of the project;</text>
</subparagraph><subparagraph id="H14B954D2357B40BBB8E522C40FB450F1"><enum>(E)</enum><text>environmental
benefits including reduction in carbon emissions, oil consumption, water
pollution, and air pollution;</text>
</subparagraph><subparagraph id="H5BCC41845B38424F963FED490B0F8434"><enum>(F)</enum><text>a demonstrated
ability to operate and maintain the infrastructure project throughout its
estimated useful life;</text>
</subparagraph><subparagraph id="HF6FBFF18BF3F4A51938377F2DB7FEDF7"><enum>(G)</enum><text>a life cycle
projection of the project benefits, as compared to project costs;</text>
</subparagraph><subparagraph id="H4D338DCB4CD346C5BAA57EB2124AD32B"><enum>(H)</enum><text>an understanding
of the importance of diverse investment in infrastructure in all regions of the
country;</text>
</subparagraph><subparagraph id="H5B382D5F3E0A4555B58A538B7475C844"><enum>(I)</enum><text>a consideration of
the benefits of preserving and improving existing infrastructure as well as the
benefits of creating new infrastructure;</text>
</subparagraph><subparagraph id="H128A3B3B863A4F56A938C639BEA126AD"><enum>(J)</enum><text>categorical
benefit; and</text>
</subparagraph><subparagraph id="HA37DEB40F83A41EDB5D512CC008E4065"><enum>(K)</enum><text>any other criteria
as determined by the Board with approval by the Board.</text>
</subparagraph></paragraph><paragraph id="H3582301779604E0F87A9B8FDC0DF1694"><enum>(2)</enum><header>Categorical
benefit</header><text display-inline="yes-display-inline">In this subsection,
the term <term>categorical benefit</term> means—</text>
<subparagraph id="HB6C7A2ACA7994C21AE0DC03F43ECE493"><enum>(A)</enum><text>for any transit
project—</text>
<clause id="HC55EC1AB4B704AD6BC0C41EA7059391A"><enum>(i)</enum><text>level of estimated
new ridership;</text>
</clause><clause id="H0E04A988BDEF4B5E9E16C1358A65C2D7"><enum>(ii)</enum><text>level of
transit-oriented development and economic development connected to
project;</text>
</clause><clause id="H28897E9FAB3F42F1B2F6E6E7E8DCAE61"><enum>(iii)</enum><text>ridership on
existing infrastructure that is being rebuilt;</text>
</clause><clause id="HF2773A59F3D04FB48D031895EC040293"><enum>(iv)</enum><text>reduction in
traffic congestion; and</text>
</clause><clause id="HEDF27FAFB1934F7B890908BABD23A67E"><enum>(v)</enum><text>access provided to
elderly, disabled and low-income populations;</text>
</clause></subparagraph><subparagraph id="H01CE7343F7E74AF9AD964A572AD57D04"><enum>(B)</enum><text>for any public
housing or publicly-assisted affordable housing, which may include more than
one building grouped into one proposed project, provided that such housing will
continue to provide long-term affordability for families and persons with
incomes equivalent to those currently assisted—</text>
<clause id="HFC366F4E2AE4431781AC4D07DB1029C9"><enum>(i)</enum><text>improvement of the
physical condition and layout of such housing;</text>
</clause><clause id="HAA3986A7BA674835961E3961ABFF5D9F"><enum>(ii)</enum><text>increasing the
energy efficiency and mitigating any health, safety or other hazardous
conditions of such housing;</text>
</clause><clause id="H570C247B0DB244D69748E5E556E63116"><enum>(iii)</enum><text>exceeding
minimum requirements for length of post-grant affordability period established
under this section;</text>
</clause><clause id="H1AFA5E5CCFA04D7AADCC2BC2D84FD40C"><enum>(iv)</enum><text>exceeding minimum
requirements for targeting of persons and families with incomes below 50
percent of area median income and with incomes below 30 percent of area median
income; and</text>
</clause><clause id="HE0BAF51D5D2E45FB9FFEC0AB433ED175"><enum>(v)</enum><text>need
for affordable housing for persons and families in the community or
communities;</text>
</clause></subparagraph><subparagraph id="HB71E013038794B6B988E202A835DDD47"><enum>(C)</enum><text>for any community
development project, modernization of local land use policies, including those
that promote transit-oriented development and location efficiency;</text>
</subparagraph><subparagraph id="H5D21FA7F674D43C787D4D633F5AEC24E"><enum>(D)</enum><text>for any highway,
bridge, or road project—</text>
<clause id="HC656A80EEA7144B9AEFF690A3AEB3024"><enum>(i)</enum><text>reduction in
traffic congestion; and</text>
</clause><clause id="HCF752AFC26FA4CCAA8D26A7EBA093A3B"><enum>(ii)</enum><text>mobility and
accessibility improvements;</text>
</clause></subparagraph><subparagraph id="HE252ABDA1F794653A720FB14E9EE9F4E"><enum>(E)</enum><text>for any drinking
water system or a wastewater system project—</text>
<clause id="H922C728BD5F049D3ADFF244EC6C02058"><enum>(i)</enum><text>environmental
benefits;</text>
</clause><clause id="H136A846358504A9E92D69130F2451AD3"><enum>(ii)</enum><text>improvements in
the physical condition of such systems; and</text>
</clause><clause id="H8354CDE4E96C4F779E6D9B8098D62731"><enum>(iii)</enum><text>need for
expansion or replacement of such systems;</text>
</clause></subparagraph><subparagraph id="H20743886F5E0464D8FE76AE68EB97065"><enum>(F)</enum><text>for any intercity
rail or freight transportation project—</text>
<clause id="H58B0DD95BABD4D7EA2B66003BBE05CBD"><enum>(i)</enum><text>level of estimated
ridership;</text>
</clause><clause id="H9C880D3A3D0844388A1C2E0EBDBB170A"><enum>(ii)</enum><text>reductions in
delays due to rail congestion;</text>
</clause><clause id="H89B835E11DC9421EBE9D1CDC12080801"><enum>(iii)</enum><text>improvements in
trip times;</text>
</clause><clause id="H70D8793F048148F6AA15AEF5CBD7ED62"><enum>(iv)</enum><text>favorable impact
on air or highway congestion or capacity; and</text>
</clause><clause id="H649F5A41FA6E439EA0ADBA035042AA58"><enum>(v)</enum><text>new
rail capacity created for additional train frequencies; and</text>
</clause></subparagraph><subparagraph id="H5C02175A3D2D49B49A164491DDCCDC03"><enum>(G)</enum><text>for any airport or
air traffic control project—</text>
<clause id="H19C5B43AF66F4D7484ED3582FE0E6742"><enum>(i)</enum><text>reductions in
delays due to congestion;</text>
</clause><clause id="HAD7E85E7E49C41C69EA0ABBA4A32E685"><enum>(ii)</enum><text>improvements in
trip times; and</text>
</clause><clause id="H15967554BDDA4F2F944DC22493D8C515"><enum>(iii)</enum><text>improvements
that increase passenger safety.</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" id="H1A4BF66085DD462685B7DFCEB201B909"><enum>(e)</enum><header>Process and
personnel for creating ratings process</header>
<paragraph commented="no" id="H62944241E34743269C1636E11131F224"><enum>(1)</enum><header>In
general</header><text>The ratings processes described in this section shall be
subject to Federal notice and rulemaking procedures.</text>
</paragraph><paragraph commented="no" id="H32A987A58E784715BC3A8EC5AB10DF01"><enum>(2)</enum><header>Participation by
other agency personnel</header><text>The ratings, and development of the
ratings process, shall be conducted by the Bank in coordination with personnel
on detail to the Bank from the Department of Housing and Urban Development, the
Department of the Treasury, the Department of Transportation, the United States
Army Corps of Engineers, and other relevant departments and agencies from among
individuals who are familiar with and experienced in the selection criteria for
competitive projects. The Bank shall reimburse those departments and agencies
for the staff which are on detail to the Bank.</text>
</paragraph></subsection><subsection id="H689219E26BBB4A89BBF68C7AA4A173F8"><enum>(f)</enum><header>Compliance with
other applicable law</header><text>Projects receiving financial assistance from
the Bank under this section shall comply with applicable provisions of Federal
law and regulations, including—</text>
<paragraph id="H8CB63A9ED85747DDB086B7E4049BEBA0"><enum>(1)</enum><text>for transit,
requirements that would apply to a project receiving funding under section 5307
of title 49, United States Code;</text>
</paragraph><paragraph id="H35392AC20D6E4E29BF9541742E14D1DE"><enum>(2)</enum><text>for public
housing, requirements that would apply to a project receiving funding from a
grant under section 24 of the United States Housing Act of 1937 (42 U.S.C.
1437v);</text>
</paragraph><paragraph id="H17B27BC9B4624C718FE76D400C2F2BD6"><enum>(3)</enum><text>for
publicly-assisted affordable housing, requirements that would apply to the
preservation of such housing under other provisions of law governing such
housing;</text>
</paragraph><paragraph id="HD67DA1B63E3B428AB245AC000C2BD4C8"><enum>(4)</enum><text>for roads and
bridges, requirements that would apply to a project that receives funds
apportioned under section 104(b)(3) of title 23, United States Code;</text>
</paragraph><paragraph id="HA0857EEA35844D55B3B46F8A0C23A775"><enum>(5)</enum><text>for freight and
passenger rail projects, requirements that would apply to a project that
receives funds under subtitle V of title 49, United States Code;</text>
</paragraph><paragraph id="H9741127E74094DFEA4266B3ABD8F1722"><enum>(6)</enum><text>for airport and
air traffic control projects, requirements that would apply to a project that
receives funds apportioned under chapters 471 and 501 of title 49, United
States Code; and</text>
</paragraph><paragraph id="H68714F60945641688B7067ADB781C559"><enum>(7)</enum><text>for water,
requirements that would apply to a project—</text>
<subparagraph id="H8DECA66C921F4D5A9152784F012BECF3"><enum>(A)</enum><text>that receives
funds through a grant or loan under—</text>
<clause id="HCE6C2F1067C84B309CD4428A22903ACF"><enum>(i)</enum><text>section 103 of the
Housing and Community Development Act of 1974 (42 U.S.C. 5303);</text>
</clause><clause id="H051D950119E2488BA02B0CB1C6C2C556"><enum>(ii)</enum><text>section 1452 of
the Public Health Service Act (42 U.S.C. 300j–12); or</text>
</clause><clause id="HE08DAEFB6F194BF1B07B9F8996B7E27E"><enum>(iii)</enum><text>section 601 of
the Federal Water Pollution Control Act (33 U.S.C. 1381), as that section
applied before the beginning of fiscal year 1995; or</text>
</clause></subparagraph><subparagraph id="H377DB22FBE2641BCAFBCD9F15D4B3CDE"><enum>(B)</enum><text>pursuant to
section 605 of the American Recovery and Reinvestment Act of 2009 (Public Law
111–5).</text>
</subparagraph></paragraph></subsection><subsection id="H2CC56D602F3446FFB1A8D2EFAB85D464"><enum>(g)</enum><header>Authority To
determine funding</header><text>Notwithstanding any other provision of law, the
Bank shall determine the appropriate Federal share of funds for each project
described in subsection (f) for purposes of this title.</text>
</subsection></section><section id="H96CC1FCF8CA342FABA5E1C0354BC5179"><enum>107.</enum><header>Financial
assistance</header>
<subsection id="H6CA48C7843CF4366BE6B39C70B611A63"><enum>(a)</enum><header>In
general</header>
<paragraph id="H2EFB36EB7AD243189241A1F0D581FCD4"><enum>(1)</enum><header>Authorization</header><text>The
Board is authorized to provide financial assistance to public sponsors.</text>
</paragraph><paragraph id="H9DEF5F6A205D44A3941E352E0A997116"><enum>(2)</enum><header>Limit on cost
share</header><text>The total amount of financial assistance provided under
this section shall not exceed 50 percent of the total project cost.</text>
</paragraph></subsection><subsection id="H3516E271165C43BDAF59E6B802F12692"><enum>(b)</enum><header>Terms and
conditions of loans and loan guarantees</header><text>Loans made or guaranteed
under this section shall be made pursuant to the Federal Credit Reform Act of
1990 (2 U.S.C. 661 et seq.) and on such terms and conditions as the Executive
Director may prescribe, except that—</text>
<paragraph id="H2E84F1E49EA344F9B612CA474BE6E966"><enum>(1)</enum><text>the Board shall
allow credit to any prospective borrower to achieve the objectives of the Bank
as defined in section 901 and when a credit subsidy is the most efficient way
to meet those objectives on a borrower-by-borrower basis;</text>
</paragraph><paragraph id="HCEA1D9DA890F4A2FBC754DE87F95BE75"><enum>(2)</enum><text>the final maturity
of loans made or guaranteed within a period shall not exceed 35 years, or 90
percent of the useful life of any physical asset to be financed by the loan,
whichever is less as determined by the Board;</text>
</paragraph><paragraph id="HBC7B7C2C922D49E9B6A317D4830DE1D5"><enum>(3)</enum><text>no loan made or
guaranteed shall be subordinated to another debt contracted by the borrower or
to any other claims against the borrowers in the event of bankruptcy,
insolvency, or liquidation of the obligor;</text>
</paragraph><paragraph id="H7EE84B04E2924A619E68AB537CB74C2E"><enum>(4)</enum><text>direct loans and
interest supplements on guaranteed loans shall be at an interest rate that is
informed by reference to a benchmark interest rate (yield) on marketable
Treasury securities with a similar maturity to the direct loans being made or
the non-Federal loans being guaranteed;</text>
</paragraph><paragraph id="H091FB5654599424C93F7DDA843B0E543"><enum>(5)</enum><text>the Board shall
prescribe explicit standards for use in periodically assessing the credit risk
of new and existing direct loans or guaranteed loans, including a requirement
that there is a reasonable assurance of repayment before extending credit
assistance; and</text>
</paragraph><paragraph id="H0094DBD695014A23B5850407D1BAF58A"><enum>(6)</enum><text>no loan shall be
made or guaranteed unless the Board determines that the lender is responsible
and that adequate provision is made for servicing the loan on reasonable terms
and protecting the financial interest of the United States.</text>
</paragraph></subsection><subsection id="H1891BB07316E4570B658EF91F6BC68FE"><enum>(c)</enum><header>Repayment of
direct loans</header>
<paragraph id="H9E46983B648E432EA396E97F39AD2D59"><enum>(1)</enum><header>Schedule</header><text>The
Board shall establish a repayment schedule for each loan made under his section
based on the projected cash flows from project revenues and other repayment
sources, which may include user fees, dedicated property or sales taxes, or
other dedicated revenue sources approved by the Executive Director.</text>
</paragraph><paragraph id="H78388A19BB884A568670A7BE99AE4658"><enum>(2)</enum><header>Commencement</header><text>Scheduled
loan payments of principal or interest on a loan shall commence not later than
5 years after the date of substantial completion of the project.</text>
</paragraph><paragraph id="HC992CBC4E84D496C8D4286D513A8A310"><enum>(3)</enum><header>Deferred
payments</header>
<subparagraph id="HF8392465643B4D8496F75E79A71685ED"><enum>(A)</enum><header>In
general</header><text>If, at any time after the date of substantial completion
of a project, the Executive Director determines that dedicated revenue sources
of an eligible borrower are insufficient to make the scheduled loan repayments
of principal and interest on a loan made under this section, the Executive
Director may, subject to criteria established by the Executive Director and the
Board, allow the eligible borrower to add unpaid principal and interest to the
outstanding balance of the loan.</text>
</subparagraph><subparagraph id="H06CEDEDA1B1B4A7C960A7AC01CE21799"><enum>(B)</enum><header>Treatment of
deferred payments</header><text>Any payment deferred under this section
shall—</text>
<clause id="H1F7999843D1047FBB3BB3FF1BFDE58B3"><enum>(i)</enum><text>continue to accrue
interest until fully repaid; and</text>
</clause><clause id="HDE1C10FBBC4947579106A7A6ECA37167"><enum>(ii)</enum><text>be
scheduled to be amortized over the remaining term of the loan.</text>
</clause></subparagraph></paragraph></subsection><subsection id="H1D839B98356A40CC81E563463A25CE4E"><enum>(d)</enum><header>Fees</header><text>The
Board is authorized to establish fees at a level sufficient to cover all or a
portion of the costs to the Federal Government of making a loan under this
section.</text>
</subsection><subsection id="H1C7DE09D77394209B389FD12396F30F5"><enum>(e)</enum><header>Payment of
losses</header>
<paragraph id="H694024CD8274490AB13F1D62A51E7BA3"><enum>(1)</enum><header>Default</header><text>If,
as a result of a default by a borrower under a guaranteed loan made under this
section, after the holder of the loan has made such further collection efforts
and instituted such enforcement proceedings as the Executive Director and Board
may require, the Board determines that the holder has suffered a loss, the
Board shall pay up to such holder amounts specified in the guarantee contract.
Upon making any such payment, the Board shall be subrogated to all the rights
of the recipient of the payment. The Board shall be entitled to recover from
the borrower the amount of any payments made pursuant to any guarantee entered
into under this section.</text>
</paragraph><paragraph id="HB212A49EF7D64B428DE3E13B5F7215FB"><enum>(2)</enum><header>Enforcement</header><text>The
Attorney General shall take such action as may be appropriate to enforce any
right accruing to the United States as a result of the issuance of any
guarantee under this section.</text>
</paragraph><paragraph id="H73D817CA8BB841C1BBD99C13E2D61D44"><enum>(3)</enum><header>Forbearance</header><text>Nothing
in this section shall be construed to preclude any forbearance for the benefit
of the borrower which may be agreed upon by the parties to the guaranteed loan
and approved by the Board, provided that budget authority for any resulting
subsidy costs as defined under the Federal Credit Reform Act of 1990 is
available.</text>
</paragraph><paragraph id="H1867B2E42A414D32BA4C600F4E698938"><enum>(4)</enum><header>Right of
disposition</header><text>Notwithstanding any other provision of law relating
to the acquisition, handling, or disposal of property by the United States, the
Board shall have the right in its discretion to complete, recondition,
reconstruct, renovate, repair, maintain, operate, or sell any property acquired
by him pursuant to the provisions of this title.</text>
</paragraph></subsection><subsection id="H37C9CEB441114EFBA4C386658FDACA77"><enum>(f)</enum><header>Terms and
conditions of grants</header><text>The Board is authorized to make grants
according to the criteria set forth under section 105. A grant under this
section shall constitute no more than 20 percent of the total value of a
infrastructure project.</text>
</subsection></section><section id="H6ECA5AC11A1E43F09DBD7CDBC4F3F9BA"><enum>108.</enum><header>Authorization
of appropriation</header><text display-inline="no-display-inline">There are
authorized to be appropriated $5,000,000,000 for each fiscal year through 2015
to the Bank for cost of direct loans and loan guarantees made by the Bank and
administrative expenses of the Bank. Of amounts appropriated, not more than 15
percent shall be available for forgiveness of loan principal or negative
interest rate loans.</text>
</section><section id="HD551F46FE1E144FAAAB79D04D5E478E8"><enum>109.</enum><header>Administrative
provisions</header>
<subsection id="H140F4C6E3F2B4A5287351712AB03CF97"><enum>(a)</enum><header>Inspector
General</header>
<paragraph id="H2BFFDAF4A7FC47C68D4BC161A4F8D4A0"><enum>(1)</enum><header>In
general</header><text>Section 11 of the Inspector General Act of 1978 (5 U.S.C.
App.) is amended—</text>
<subparagraph id="HE7C167B850EB4C88838DB1FB53DD1A1A"><enum>(A)</enum><text>in paragraph (1),
by inserting <quote>the Chairperson of the National Infrastructure
Bank;</quote> after <quote>the Chairperson of the Federal Deposit Insurance
Corporation;</quote>; and</text>
</subparagraph><subparagraph id="H2A458E8E32F3429B9A2538E967494A91"><enum>(B)</enum><text>in paragraph (2),
by inserting <quote>the National Infrastructure Bank;</quote> after <quote>the
Federal Deposit Insurance Corporation;</quote>.</text>
</subparagraph></paragraph><paragraph id="H7430F04815744D2DB4D3399D907DC237"><enum>(2)</enum><header>Executive
Schedule Level IV</header><text>Section 5315 of title 5, United States Code, is
amended by inserting after the item relating to the Inspector General of the
Federal Deposit Insurance Corporation, the following:</text>
<quoted-block display-inline="no-display-inline" id="HC0BCB88F442449E5AD87B4CF50B44031" style="OLC">
<toc>
<toc-entry bold="off" level="section">Inspector General, National
Infrastructure
Bank.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HDD7E201A548B4F0194D9033DAAA83D5F"><enum>(b)</enum><header>Compensation of
Board Members</header>
<paragraph id="H59C167CAD3694D0ABFBA2D6AEBAF1E52"><enum>(1)</enum><header>Chairperson</header><text>Section
5314 of title 5, United States Code, is amended by inserting after the item
relating to the Chairman of the Board of Directors of the Federal Deposit
Insurance Corporation, the following:</text>
<quoted-block display-inline="no-display-inline" id="H9FCC802C334E445DBC991F8ACC9E2199" style="OLC">
<toc>
<toc-entry bold="off" level="section">Chairperson, Board of
Directors, National Infrastructure
Bank.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H8D105FA73E0E4314A3FAE373F0DA1DE5"><enum>(2)</enum><header>Other
members</header><text>Section 5315 of title 5, United States Code, is amended
by inserting after the item relating to the Inspector General of the Federal
Deposit Insurance Corporation, the following:</text>
<quoted-block display-inline="no-display-inline" id="H7ACEE9E76265479C9CE16747753BCF2A" style="OLC">
<toc>
<toc-entry bold="off" level="section">Member, Board of Directors of
the National Infrastructure
Bank.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><enum>II</enum><header>Congressional
Oversight</header>
<section commented="no" display-inline="no-display-inline" id="HB3472F9FCF924E1094297738992B4E78"><enum>201.</enum><header>Report;
database</header>
<subsection commented="no" display-inline="no-display-inline" id="HE465652D715B46028D2716AEC65D04C0"><enum>(a)</enum><header>Report</header><text>Not
later than 1 year after the date of enactment of this Act, and annually
thereafter, the Board shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial Services of the
House of Representatives a report describing the activities of the Board, for
the fiscal year covered by the report, relating to—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H641F5BA99DBC476A80151734872D2C85"><enum>(1)</enum><text>the evaluations of
qualified infrastructure projects under section 905 of the Housing and
Community Development Act of 1974, as added by this Act; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H9446713B9B0345598D0DE9C9EC17AC4B"><enum>(2)</enum><text>the financial
assistance packages of qualified infrastructure projects under section 906 of
the Housing and Community Development Act of 1974, as added by this Act.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H220FF1EAA4424EDF9EFCCC4132664D94"><enum>(b)</enum><header>Database</header><text>The
Bank shall develop, maintain, and update a publicly accessible database that
contains—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H027FA49653F04E2BA343A19A79F86FFA"><enum>(1)</enum><text>a description of
each qualified infrastructure project that receives financial assistance from
the Bank under this Act—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HB6112BDEEDFB4F98B7BEA07AC8CB42E6"><enum>(A)</enum><text>by project mode or
modes;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HDEDC112B3A754A169F29CBCBF69C2471"><enum>(B)</enum><text>by project
location;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HE96509E5714D4719A4A4E0F7360A5ECB"><enum>(C)</enum><text>by project sponsor
or sponsors;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H2602B50179E9456B89F004E01FE48951"><enum>(D)</enum><text>by project total
cost;</text>
</subparagraph><subparagraph id="H06F2DCC23AA8402E9B4AA50402497983"><enum>(E)</enum><text>by detailed
estimated costs and benefits over the lifetime of the project; and</text>
</subparagraph><subparagraph id="H744E1018EB6C4B4AA8C9A94406EF1C6D"><enum>(F)</enum><text>by the financial
assistance from each of the members of the public sponsor;</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H999C43613A40411EAED098789D2C861C"><enum>(2)</enum><text>the amount of
financial assistance that each qualified infrastructure project receives from
the Bank under this Act; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HE67D282AD12E47FFBD348B51C7C92E64"><enum>(3)</enum><text>the form of
financial assistance that each qualified infrastructure project receives from
the Bank under section 906 of the Housing and Community Development Act of
1974, as added by this Act.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="H4DABF30512474BCA93663EC9FF3AF44D"><enum>202.</enum><header>GAO
report</header><text display-inline="no-display-inline">Not later than 3 years
after the date of enactment of this Act, the Comptroller General of the United
States shall submit to the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the House of
Representatives, a report evaluating the activities of the Bank for the fiscal
years covered by the report, including—</text>
<paragraph id="HC93760AB8AD34F85B1243E0C748060AB"><enum>(1)</enum><text>the evaluations of
qualified infrastructure projects under section 905 of the Housing and
Community Development Act of 1974, as added by this Act; and</text>
</paragraph><paragraph id="HB6D3F7A5CF7F406B9B6D1AFB4DE1D573"><enum>(2)</enum><text>the financial
assistance of qualified infrastructure projects under section 906 of the
Housing and Community Development Act of 1974, as added by this Act.</text>
</paragraph></section><section id="H24AB03F1DD4747088E458E59F63B236B"><enum>203.</enum><header>Testimony
before committee</header><text display-inline="no-display-inline">Not later
than 1 year after the date of enactment of this Act, the Executive Director
shall provide testimony before the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of the House of
Representatives to discuss activities of the Bank.</text>
</section>