119-hr4985

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4985 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 4985

 To authorize the Secretary of Housing and Urban Development to 
 establish a program enabling communities to better leverage resources 
 to address health, economic development, and conservation concerns 
 through needed investments in parks, recreational areas, facilities, 
 and programs, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 August 15, 2025

 Mr. Menendez (for himself, Mr. Thanedar, Mr. Carter of Louisiana, Ms. 
 Norton, and Mrs. McIver) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
 Committee on Natural Resources, 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 authorize the Secretary of Housing and Urban Development to 
 establish a program enabling communities to better leverage resources 
 to address health, economic development, and conservation concerns 
 through needed investments in parks, recreational areas, facilities, 
 and programs, 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 AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Community Parks 
Revitalization Act''.

    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title and table of contents.
 TITLE I--COMMUNITY PARKS REVITALIZATION PROGRAM

Sec. 101. Purposes.

Sec. 102. Community parks revitalization program.

Sec. 103. Requirements for rehabilitation and construction grants.

Sec. 104. Requirements for innovation and recreation program grants.

Sec. 105. Local commitments to system recovery and maintenance.

Sec. 106. Matching of State amounts, State action incentive.

Sec. 107. Conversion of recreation property.

Sec. 108. Coordination of program.

Sec. 109. Reports; recordkeeping; audit and examination.

Sec. 110. Reports to Congress.

Sec. 111. Definitions.

Sec. 112. Regulations.

Sec. 113. Authorization of appropriations.
 TITLE II--SECURED LOANS AND LOAN GUARANTEES FOR PARKS AND RECREATION 
 INFRASTRUCTURE DEVELOPMENT

Sec. 201. Purposes.

Sec. 202. Authority to provide assistance.

Sec. 203. Eligible entities.

Sec. 204. Projects eligible for assistance.

Sec. 205. Activities eligible for assistance.

Sec. 206. Applications.

Sec. 207. Determination of eligibility and project selection.

Sec. 208. Secured loans and loan guarantees.

Sec. 209. Program administration.

Sec. 210. State and local permits.

Sec. 211. Definitions.

Sec. 212. Regulations.

Sec. 213. Funding.

Sec. 214. Report to Congress.

 TITLE I--COMMUNITY PARKS REVITALIZATION PROGRAM

SEC. 101. PURPOSES.

 The purposes of this title are--

    (1) to authorize the Secretary of Housing and Urban 
 Development to establish a program enabling communities to 
 better leverage resources to address health, economic 
 development, and conservation concerns through needed 
 investments in parks, recreational areas, facilities, and 
 programs;

    (2) to improve and revitalize urban areas through economic 
 development;

    (3) to prevent and improve chronic disease outcomes, 
 including cardiovascular disease, diabetes, depression, and 
 obesity;

    (4) to improve recreational areas and facilities and expand 
 recreation services in urban areas with a high incidence of 
 crime and help expand recreation opportunities for at-risk 
 youth;

    (5) to promote collaboration between local agencies 
 involved in parks and recreation, law enforcement, youth social 
 services, and juvenile justice system;

    (6) to ensure accessibility to therapeutic recreation 
 services and to provide recreation opportunities for injured or 
 disabled members of the Armed Forces; and

    (7) to encourage the use of environmentally responsible 
 components and sustainable landscape features, and promote cost 
 effective solutions to issues such as storm water management, 
 water conservation, and air quality.

SEC. 102. COMMUNITY PARKS REVITALIZATION PROGRAM.

    (a) In General.--The Secretary of Housing and Urban Development 
shall carry out a community parks revitalization program under this 
title under which the Secretary shall, from amounts appropriated 
pursuant to 

section 114, award the following grants on a competitive 
basis:

    (1) Rehabilitation and construction grants.--The Secretary 
 shall make rehabilitation and construction capital grants in 
 accordance with the criteria established pursuant to 

section 104

    (a) to eligible local governments for the purpose of--
        (A) rebuilding, remodeling, expanding, integrating, 
 or developing existing or building new recreational 
 areas and facilities, including improvements in park 
 landscapes, infrastructure, buildings, and support 
 facilities; and
        (B) the provision of lighting, emergency phones, or 
 other capital improvements to improve the security of 
 urban parks, but not including routine maintenance and 
 upkeep activities.

    (2) Innovation and recreation program grants.--The 
 Secretary shall make innovation and recreation program grants 
 in accordance with the criteria established pursuant to 

section 105

    (a) to eligible local governments to cover costs of 
 personnel, facilities, equipment, supplies, or services 
 designed to demonstrate innovative and cost effective ways to 
 augment park and recreation opportunities, or support new or 
 existing programs, that increase access to recreation 
 opportunities for returning veterans and active duty military 
 and their families or provide constructive alternatives for 
 youth at risk for engaging in criminal behavior.

    (3) Recovery action program grants.--The Secretary shall 
 make recovery action program grants to eligible local 
 governments for planning and development of local park and 
 recreation recovery action programs required under 

section 106, 
 including for resource and needs assessment, coordination, 
 citizen involvement and planning, and program development 
 activities to encourage public definition of goals and develop 
 priorities and strategies for overall recreation system 
 recovery.

    (b) Eligibility.--

    (1) In general.--For the purposes of this title, any local 
 government located within a standard metropolitan statistical 
 area, as determined in accordance with the most recent 
 decennial Census, shall be eligible to apply for and receive 
 grant awards pursuant to subsection

    (a) .

    (2) Partial eligibility waiver.--
        (A) Designation.--The Secretary may designate local 
 governments not located within standard metropolitan 
 statistical areas, as determined in accordance with the 
 most recent decennial Census, as eligible to receive 
 grant awards pursuant to subsection

    (a) .
        (B) Limitation on amounts.--The aggregate amount of 
 grants made to eligible local governments that receive 
 such status pursuant to subparagraph
        (A) of this 
 paragraph shall not exceed 15 percent of the total 
 amounts appropriated pursuant to this title for all 
 grants under subsection

    (a) .
            (c) Matching Requirement.--

    (1) In general.--The Secretary shall ensure that each 
 eligible local government that receives a grant pursuant to 
 subsection

    (a) shall supplement, in accordance with this 
 subsection, the amount received under such grant with an amount 
 that is not less than \3/7\ of such grant amount; except that, 
 in the case of grants under subsection

    (a)

    (3) , the Secretary 
 shall ensure that each eligible local government shall 
 supplement the amount received under such grant with amount 
 that is not less than such grant amount.

    (2) Use.--Supplemental amounts made available in accordance 
 with paragraph

    (1) shall be used only for projects and 
 activities for which grant amounts are eligible to be used.

    (3) Sources for supplemental funds.--
        (A) Limitation on federal funds.--Supplemental 
 funds required by paragraph

    (1) may not include any 
 amounts made available from a Federal grant program, 
 other than--
            (i) the community development block grant 
 program under title I of the Housing and 
 Community Development Act of 1974 (42 U.S.C. 
 5301 et seq.);
            (ii) any Federal program for general 
 revenue sharing with local governments; or
            (iii) any Federal program that provides 
 block grants to States and localities to 
 develop, promote, implement, and manage energy 
 efficiency and conservation projects and 
 programs designed to reduce fossil fuel 
 emissions, reduce energy use, improve energy 
 efficiency, and create and retain jobs.
        (B) State and private amounts.--The Secretary may 
 require that a portion of the supplemental funds 
 required by paragraph

    (1) come from the State or 
 private sources.
            (C) Non-federal funds.--Supplemental funds required 
 by paragraph

    (1) may include--
            (i) general or specific purpose State or 
 local revenues;
            (ii) State categorical grants;
            (iii) special appropriations under State 
 law;
            (iv) donations of land, building, or 
 building materials;
            (v) in-kind construction, technical, and 
 planning services; and
            (vi) any combination of funds described in 
 this subparagraph.
            (D) Exception.--The Secretary shall waive the 
 supplemental funds requirement under subparagraph
        (A) if--
            (i) the eligible local government is 
 located in a rural area, as determined by the 
 Secretary; or
            (ii) the eligible local government has 
 demonstrated economic hardship, as determined 
 by the Secretary.
            (d) Transfer.--At the discretion of an eligible local government 
receiving a rehabilitation and construction grant under subsection

    (a)

    (1) or an innovation and recreation program grant under subsection

    (a)

    (2) , and if consistent with the approved application for such grant, 
the grant may be transferred in whole or in part to private nonprofit 
agencies, provided that assisted recreational areas and facilities 
owned or managed by such private nonprofit agencies offer recreation 
opportunities to the general population within the jurisdictional 
boundaries of the local government.

    (e) Payments.--Grant payments may be made only for rehabilitation 
and construction or innovation and recreation projects and programs 
approved by the Secretary. In the case of rehabilitation and 
construction and innovation projects, such payments may be made 
periodically consistent with the rate of progress toward the 
satisfactory completion of a project, except that the Secretary may, 
when appropriate, make advance payments on approved rehabilitation and 
construction and innovation projects in an amount not to exceed 20 
percent of the total project cost.

    (f) Modification of Project.--The Secretary may authorize 
modification of an approved rehabilitation and construction or 
innovation project only when a grantee has adequately demonstrated that 
such modification is necessary because of circumstances not foreseeable 
at the time such project was proposed.

SEC. 103. REQUIREMENTS FOR REHABILITATION AND CONSTRUCTION GRANTS.

    (a) Priority Criteria.--The Secretary shall establish priority 
criteria for the selection and approval of projects to be funded by a 
rehabilitation and construction grant made pursuant to 

section 103

    (a)

    (1) , which shall include whether and the extent to which the 
project would--

    (1) serve a community with a high population density;

    (2) address demonstrated deficiencies in the condition of 
 existing recreational areas and facilities in the project 
 neighborhood;

    (3) address demonstrated deficiencies in access to 
 neighborhood recreation opportunities, particularly for 
 minority and low- and moderate-income residents, veterans or 
 active duty military families, and residents with physical or 
 mental disabilities;

    (4) serve a community with a higher than average number of 
 unemployed people as a percentage of the civilian labor force 
 of the project neighborhood;

    (5) include public participation in determining 
 rehabilitation or development needs and the extent to which a 
 project supports or complements target activities undertaken as 
 part of a local government's overall community development and 
 urban revitalization program;

    (6) provide employment opportunities for minorities, youth, 
 and low- and moderate-income residents in the project 
 neighborhood;

    (7) provide for participation of neighborhood, nonprofit, 
 or tenant organizations in the proposed rehabilitation and 
 construction activity or in subsequent maintenance, staffing, 
 or supervision of recreational areas and facilities;

    (8) demonstrate State, local, and private support for the 
 project, as evidenced by commitments of non-Federal resources 
 to project construction or operation;

    (9) build recreational areas and facilities in areas that 
 are located within one-half of a mile of public housing or a 
 school and do not currently have indoor or outdoor facilities;

    (10) create, maintain, or revitalize playgrounds or active 
 play areas for children;

    (11) connect children to the outdoors for physical activity 
 and access to nature;

    (12) promote physical activity for individuals and the 
 community at large;

    (13) work collaboratively with local governments, colleges, 
 and universities, and other institutions to track the 
 longitudinal rates of chronic diseases in the community such as 
 cardiovascular disease, diabetes, depression, and obesity;

    (14) use environmentally beneficial components such as 
 sustainable landscape features and upcycled and recycled 
 materials;

    (15) provide environmental benefits to urban areas, by 
 including--
        (A) updating lighting;
        (B) planting trees;
            (C) increasing the urban forestry canopy;
            (D) improving stormwater management;
        (E) increasing green infrastructure;
        (F) employing water conservation measures; or
        (G) adding green spaces;

    (16) connect to public transportation;

    (17) apply the LEED Green Building Guidelines of the U.S. 
 Green Building Council or other sustainability benchmarks that 
 incorporate energy efficiency components, such as energy 
 efficient lighting and heating ventilation and air conditioning

    (HVAC) systems and apply the SITES sustainable landscape 
 guidelines of the Sustainable Sites Initiative;

    (18) contain safe trails or routes, such as trails, 
 bikeways, and sidewalks that connect to neighborhoods and 
 enhance access to parks and recreational areas and facilities; 
 and

    (19) update existing equipment or facilities or construct 
 new facilities or sites, to comply with the most recent 
 accessibility guidelines published by the United States Access 
 Board, specifically by removing architectural barriers so that 
 sites comply or exceed the requirements of the final guidelines 
 for the accessibility of recreational areas and facilities.

    (b) Limitation on Use of Funds.--Not more than 10 percent of any 
amounts made available pursuant to 

section 114 for rehabilitation and 
construction grants under 

section 103

    (a)

    (1) in any fiscal year may be 
used for the acquisition of lands or interests in land.

SEC. 104. REQUIREMENTS FOR INNOVATION AND RECREATION PROGRAM GRANTS.

    (a) Priority Criteria.--The Secretary shall establish priority 
criteria for the selection and approval of projects and programs to be 
funded by an innovation and recreation program grant made pursuant to 

section 103

    (a)

    (2) , including whether and the extent to which the 
project or program--

    (1) promotes the unique integration of recreation with 
 other community services, such as transportation, public 
 housing and public safety, either to expand or update current 
 services or to link programs within the social service 
 structure of a neighborhood or between neighborhoods;

    (2) utilizes new management and cost-saving or service-
 efficient approaches for improving the delivery of recreation 
 services;

    (3) serves communities with a high population of active 
 military families or veterans;

    (4) ensures accessibility to therapeutic recreation 
 services and provides recreation opportunities for injured or 
 disabled members of the Armed Forces;

    (5) employs veterans or youth, or uses youth volunteers;

    (6) enhances or expands youth development in neighborhoods 
 and communities by engaging youth in environmental stewardship, 
 conservation, and service projects;

    (7) targets youth that are at the greatest risk of becoming 
 involved in violence and crime;

    (8) demonstrates past success in providing constructive 
 alternatives to youth at risk for engaging in criminal 
 behavior;

    (9) demonstrates collaboration between local park and 
 recreation, juvenile justice, law enforcement, and youth social 
 service agencies and nongovernmental entities, including 
 private, nonprofit agencies; and

    (10) shows the greatest potential of being continued with 
 non-Federal funds or may serve as models for other communities.

    (b) Special Considerations.--Each innovation and recreation program 
grant shall be used in accordance with the goals, priorities, and 
implementation strategies expressed in the local park and recreation 
recovery action program established pursuant to 

section 106 for the 
eligible local government receiving the grant, with particular regard 
to the special considerations set forth in the program pursuant to 

section 106

    (b) .

SEC. 105. LOCAL COMMITMENTS TO SYSTEM RECOVERY AND MAINTENANCE.

    (a) Local Park and Recreation Recovery Action Programs.--

    (1) In general.--As a requirement for approval of a project 
 or program for a grant under paragraph

    (1) or

    (2) of 

section 103

    (a) , the eligible local government applying for the grant 
 shall submit to the Secretary a local park and recreation 
 recovery action program that--
        (A) provides evidence of its commitment to ongoing 
 planning, rehabilitation, service, operation, and 
 maintenance programs for its park and recreation 
 systems; and
        (B) maximizes coordination of all community 
 resources, including other federally supported urban 
 development and recreation programs.

    (2) Interim preliminary programs.--The Secretary shall 
 provide, by regulation, that during an initial interim period 
 the requirement under paragraph

    (1) for an eligible local 
 government to submit a local park and recreation recover action 
 program may be satisfied by submission of a preliminary action 
 program to be carried out by the eligible local government that 
 defines objectives, priorities, and implementation strategies 
 for overall system recovery and maintenance and commit such 
 local government to a scheduled program development process.

    (3) 5-year action program.--After the expiration of the 
 interim period under paragraph

    (2) , each eligible local 
 government that applies for a grant under paragraph

    (1) or

    (2) of 

section 103

    (a) shall, as a condition of eligibility for such 
 grant, submit to the Secretary a 5-year park and recreation 
 recovery action program that demonstrates--
        (A) identification of recovery objectives, 
 priorities, and implementation strategies;
        (B) adequate planning for rehabilitation of 
 specific recreational areas and facilities, including 
 projections of the cost of proposed projects;
            (C) capacity and commitment to ensure that 
 facilities provided or improved under this title shall 
 thereafter continue to be adequately maintained, 
 protected, staffed, and supervised;
            (D) intention to maintain total local public 
 outlays for park and recreation purposes at levels at 
 least equal to those in the year preceding that in 
 which grant assistance is sought, except in any case 
 where a reduction in park and recreation outlays is 
 proportionate to a reduction in overall spending by the 
 applicant; and
        (E) the relationship of the park and recreation 
 recovery action program to overall community 
 development and urban revitalization efforts.

    (4) Continuing planning process.--The Secretary may, in 
 such cases as the Secretary considers appropriate, encourage 
 local governments to meet recovery action program requirements 
 under this section through a continuing planning process that 
 includes periodic improvements and updates in recovery action 
 program submissions to eliminate identified gaps in program 
 information and policy development.

    (b) Special Considerations.--Each local park and recreation 
recovery action program required by this section shall address, at a 
minimum, the following special considerations:

    (1) Rehabilitation of existing recreational areas and 
 facilities, including--
        (A) general systemwide renovation;
        (B) special rehabilitation requirements for 
 recreational areas and facilities in areas of high 
 population concentration and economic distress; and
            (C) restoration of outstanding or unique 
 structures, landscaping, or similar features in parks 
 of historical or architectural significance.

    (2) Local commitments to innovative and cost-effective 
 programs and projects at the neighborhood level to augment 
 recovery of park and recreation systems, including--
        (A) recycling of abandoned schools and other public 
 buildings for recreation purposes;
        (B) multiple use of operating educational and other 
 public buildings;
            (C) purchase of recreation services on a 
 contractual basis;
            (D) use of mobile facilities and recreational, 
 cultural, and educational programs or other innovative 
 approaches to improving access for neighborhood 
 residents;
        (E) integration of the recovery action program with 
 federally assisted projects to maximize recreation 
 opportunities through conversion of abandoned railroad 
 and highway rights-of-way, waterfront, and other 
 redevelopment efforts and such other federally assisted 
 projects, as appropriate;
        (F) conversion to recreational use of street space, 
 derelict land, and other public lands not now 
 designated for neighborhood recreational use; and
        (G) use of various forms of compensated and 
 uncompensated land regulation, tax inducements, or 
 other means to encourage the private sector to provide 
 neighborhood park and recreation facilities and 
 programs.
            (c) Publication of Requirements.--The Secretary shall establish and 
publish in the Federal Register requirements for preparation, 
submission, and updating of local park and recreation recovery action 
programs required under this section.
            (d) Innovation and Recreation Program Grants for At-Risk Youth.--To 
be eligible to receive an innovation and recreation program grant under 

section 103

    (a)

    (2) to be used to provide recreation opportunities or 
programs for at-risk youth, an eligible local government shall--

    (1) include in its 5-year park and recreation recovery 
 action program required under subsection

    (a)

    (3) the goal of--
        (A) utilizing new ideas, concepts, and approaches 
 aimed at improving facility design, operations, or 
 programming in the delivery of recreation services;
        (B) increased access of therapeutic or other 
 recreation services to veterans and military families; 
 or
            (C) reducing crime and juvenile delinquency; and

    (2) provide a description of--
        (A) implementation strategies to achieve such 
 goals; and
        (B) how the local government is coordinating its 
 recreation programs with other community development or 
 service agencies.

SEC. 106. MATCHING OF STATE AMOUNTS, STATE ACTION INCENTIVE.

    (a) Increase in Grant Amounts.--The Secretary may increase Federal 
rehabilitation and construction, innovation, and at-risk youth 
recreation grants authorized in 

section 103

    (a) by providing an 
additional match equal to the total match provided by a State of up to 
15 percent of total project or program costs, except that in no event 
may--

    (1) such additional grant amount exceed 15 percent of the 
 total project or program cost; or

    (2) the aggregate amount of the grant and the additional 
 grant amounts under this subsection exceed 85 percent of total 
 project or program cost.

    (b) State Action Incentive.--The Secretary shall further encourage 
the States to assist in assuring that local recovery plans and programs 
are adequately implemented by cooperating with the Department of 
Housing and Urban Development in monitoring local park and recreation 
recovery action programs and in assuring consistency of such plans and 
programs, where appropriate, with State recreation policies as set 
forth in statewide comprehensive outdoor recreation plans.

SEC. 107. CONVERSION OF RECREATION PROPERTY.

    (a) No Conversion Without Approval.--No property improved or 
developed with assistance under a grant under this title may be 
converted for uses other than for public recreation, without the 
approval of the Secretary.

    (b) Standard for Approval.--The Secretary may approve such 
conversion only--

    (1) if the Secretary determines the conversion to be 
 consistent with the current local park and recreation recovery 
 action program for the local government that improved or 
 developed the property; and

    (2) subject to such conditions as the Secretary determines 
 necessary to ensure the provision of adequate recreation 
 properties and opportunities of reasonably equivalent location 
 and usefulness.

SEC. 108. COORDINATION OF PROGRAM.

 The Secretary shall--

    (1) coordinate the community parks revitalization program 
 for grants under this title with other Federal departments and 
 agencies and with State agencies that administer programs and 
 policies affecting urban areas such as the White House Office 
 of Urban Policy and departments that administer programs and 
 policies affecting climate change, green jobs, housing, urban 
 development, natural resources management, employment, 
 transportation, community services, and voluntary action;

    (2) encourage maximum coordination of the program between 
 appropriate State agencies and local government applicants; and

    (3) require that local government applicants include 
 provisions for participation of community and neighborhood 
 residents, including youth, and for public-private coordination 
 in recovery action program planning and project selection.

SEC. 109. REPORTS; RECORDKEEPING; AUDIT AND EXAMINATION.

    (a) Reports.--Each recipient of assistance under this title shall 
submit to the Secretary, for each fiscal year such assistance is 
received, an annual report detailing the projects and programs 
undertaken with such assistance, the number of jobs created by such 
assistance, and any other information the Secretary determines 
appropriate based on the priority criteria established by the Secretary 
under sections 105 and 106.

    (b) Recordkeeping.--Each recipient of assistance under this title 
shall keep such records as the Secretary shall prescribe, including 
records that fully disclose the amount and disposition of project or 
program undertakings in connection with which assistance under this 
title is given or used, and the amount and nature of that portion of 
the cost of the project or program undertaking supplied by other 
sources, and such other records as will facilitate an effective audit.
            (c) Audit and Examination.--The Secretary and the Comptroller 
General of the United States, or their duly authorized representatives, 
shall have access, for the purpose of audit and examination, to any 
books, documents, papers, and records of a recipient of assistance 
under this title that are pertinent to such assistance.

SEC. 110. REPORTS TO CONGRESS.

    (a) Interim Report.--Not later than 5 years after the date of 
enactment of this Act, the Secretary shall submit to the Congress an 
interim report containing such findings and recommendations as the 
Secretary determines appropriate with respect to the community parks 
revitalization program established pursuant to this title.

    (b) Final Report.--Not later than 10 years after the date of 
enactment of this Act, the Secretary shall submit to Congress a report 
describing the overall impact of the community parks revitalization 
program established pursuant to this title.

SEC. 111. DEFINITIONS.

 In this title, the following definitions shall apply:

    (1) The term ``eligible local government'' means a local 
 government that, pursuant to 

section 103

    (b) , is eligible for a 
 grant under 

section 103

    (a) .

    (2) The term ``insular areas'' means Guam, the Virgin 
 Islands, American Samoa, and the Northern Mariana Islands.

    (3) The term ``local government'' means any city, county, 
 town, township, parish, village, or any local or regional 
 special district, such as a park district, conservation 
 district, or park authority.

    (4) The term ``maintenance'' means all commonly accepted 
 practices necessary to keep recreational areas and facilities 
 operating in a state of good repair and to protect such areas 
 and facilities from deterioration resulting from normal wear 
 and tear.

    (5) The term ``private nonprofit agency'' means a 
 community-based, nonprofit organization, corporation, or 
 association organized for purposes of providing recreation, 
 conservation, and educational services directly to urban 
 residents on either a neighborhood or community-wide basis 
 through voluntary donations, voluntary labor, or public or 
 private grants.

    (6) The term ``recreational areas and facilities'' means 
 indoor or outdoor parks, buildings, sites, or other facilities 
 that are dedicated to recreation purposes and administered by 
 public or private nonprofit agencies to serve the recreation 
 needs of community residents, with emphasis on public 
 facilities readily accessible to residential neighborhoods, 
 including multiple-use community centers that have recreation 
 as a primary purpose, but not including major sports arenas, 
 exhibition areas, and conference halls used primarily for 
 commercial sports, spectator, or display activities.

    (7) The term ``Secretary'' means the Secretary of Housing 
 and Urban Development.

    (8) The term ``State'' means any State of the United States 
 (or any instrumentality of a State approved by the Governor), 
 the District of Columbia, and the Commonwealth of Puerto Rico.

SEC. 112. REGULATIONS.

    (a) Regulations.--Not later than 180 days after the date of the 
enactment of this Act, the Secretary shall promulgate regulations 
establishing the community parks revitalization program under this 
title to provide the grants authorized in 

section 103

    (a) , in accordance 
with this title.

    (b) Requirements.--The regulations required under this section 
shall include--

    (1) the criteria necessary to carry out sections 104, 105, 
 and 106;

    (2) requirements regarding the form of, and elements to be 
 included in, applications by eligible local governments for 
 grants under this title, requirements for and detailed 
 instructions on the process for submitting such applications, 
 and deadlines for such applications;

    (3) criteria pursuant to sections 104

    (a) and 105

    (a) for 
 priority in selection and approval by the Secretary of projects 
 or programs to receive grant funds;

    (4) guidelines regarding whether an applicant may modify a 
 pending application and the process for modifying pending 
 applications, and guidelines for submitting a request for 
 modification of a project awarded grant funding under this 
 title after such an award has been made; and

    (5) penalties that will be assessed on local governments 
 awarded a grant under this title for failure to comply with the 
 reporting and recordkeeping requirements under 

section 110, 
 which shall provide penalties up to and including rescission of 
 grant amounts for repetitive violations.

SEC. 113. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated such sums 
as may be necessary to carry out this title for each of fiscal years 
2026 through 2035.

    (b) Limitation on Innovation and Recreation Program Grants.--Not 
more than 10 percent of any amounts appropriated pursuant to subsection

    (a) of this section in any fiscal year may be used for grants under 

section 103

    (a)

    (2) .
            (c) Limitation on Recovery Action Program Grants.--Not more than 3 
percent of any amounts appropriated pursuant to subsection

    (a) of this 
section in any fiscal year may be used for grants under 

section 103

    (a)

    (3) .
            (d) Grants for Insular Areas.--Notwithstanding any other provision 
of this title, the Secretary may use not more than 2 percent of any 
amounts appropriated pursuant to subsection

    (a) in any fiscal year may 
to provide rehabilitation and construction grants under 

section 103

    (a)

    (1) , innovation and recreation program grants under 

section 103

    (a)

    (2) , and recovery action program grants under 

section 103

    (a)

    (3) to be used in the insular areas. Any such grants shall not be subject 
to sections 103
            (c) and 107

    (a) (relating to matching amounts), and may 
only be subject to such conditions, reports, plans, and agreements, if 
any, as determined by the Secretary.

 TITLE II--SECURED LOANS AND LOAN GUARANTEES FOR PARKS AND RECREATION 
 INFRASTRUCTURE DEVELOPMENT

SEC. 201. PURPOSES.

 The purposes of this title are--

    (1) to promote increased development of parks and 
 recreation infrastructure by establishing additional 
 opportunities for financing parks and recreation projects;

    (2) to attract new investment capital to infrastructure 
 projects that are capable of generating revenue streams through 
 user fees or other dedicated funding sources;

    (3) to complement existing Federal funding sources and 
 address budgetary constraints on the National Park Service; and

    (4) to leverage private investment in parks and recreation 
 infrastructure.

SEC. 202. AUTHORITY TO PROVIDE ASSISTANCE.

 The Secretary of Housing and Urban Development may provide 
financial assistance under 

section 208 to eligible entities to carry 
out parks and infrastructure projects selected for such assistance 
pursuant to 

section 207.

SEC. 203. ELIGIBLE ENTITIES.

 Financial assistance under 

section 208 may be provided only to the 
following entities:

    (1) A corporation.

    (2) A partnership.

    (3) A joint venture.

    (4) A trust.

    (5) A Federal, State, or local governmental entity, agency, 
 or special purpose park and recreation district.

    (6) A State infrastructure financing authority.

SEC. 204. PROJECTS ELIGIBLE FOR ASSISTANCE.

 Financial assistance may be provided under 

section 208, subject to 

section 207, only for the following types of projects:

    (1) A project for the development of indoor or outdoor 
 parks, buildings, sites, or other facilities that are dedicated 
 to recreation purposes and administered by public or private 
 nonprofit agencies to serve the recreation needs of community 
 residents, including multiple-use community centers that have 
 recreation as a primary purpose, but not including major sports 
 arenas, exhibition areas, and conference halls used primarily 
 for commercial sports, spectator, or display activities.

    (2) A project for the construction, planning, and design of 
 on-road and off-road trail facilities for pedestrians, 
 bicyclists, and other nonmotorized forms of transportation, 
 including sidewalks, bicycle infrastructure, pedestrian and 
 bicycle signals, traffic calming techniques, lighting and other 
 safety-related infrastructure, and transportation projects to 
 achieve compliance with the Americans with Disabilities Act of 
 1990 (42 U.S.C. 12101 et seq.).

    (3) A project for the construction, planning, and design of 
 infrastructure-related projects and systems that will provide 
 safe routes for non-drivers, including children, older adults, 
 and individuals with disabilities to access daily needs.

    (4) A project for the conversion and use of abandoned 
 railroad corridors for trails for pedestrians, bicyclists, or 
 other nonmotorized transportation users.

    (5) A project for the construction of turnouts, overlooks, 
 and viewing areas.

SEC. 205. ACTIVITIES ELIGIBLE FOR ASSISTANCE.

 Amounts from a loan made or guaranteed under 

section 208 provided 
for an eligible project may be used for costs of carrying out such 
project, including costs of--

    (1) development-phase activities, including planning, 
 feasibility analysis, revenue forecasting, environmental 
 review, permitting, preliminary engineering and design work, 
 and other preconstruction activities;

    (2) construction, reconstruction, rehabilitation, 
 preservation, and replacement activities;

    (3) the acquisition of real property (including water 
 rights, land relating to the project, and improvements to 
 land), environmental mitigation, construction contingencies, 
 and acquisition of equipment;

    (4) capitalized interest necessary to meet market 
 requirements, reasonably required reserve funds, capital 
 issuance expenses, and other carrying costs during 
 construction; and

    (5) refinancing interim construction funding, long-term 
 project obligations, or a secured loan or loan guarantee made 
 under this title.

SEC. 206. APPLICATIONS.

    (a) In General.--The Secretary shall provide for eligible entities 
to submit applications for selection of eligible projects to receive 
financial assistance under 

section 208, at such time, in such manner, 
and containing such information as the Secretary may require.

    (b) Combined Projects.--The Secretary shall provide that in the 
case only of an eligible entity described in 

section 203

    (6) , such an 
entity may submit a single application for a combination of projects, 
each of which is an eligible project under paragraphs

    (1) through

    (5) of 

section 205.

SEC. 207. DETERMINATION OF ELIGIBILITY AND PROJECT SELECTION.

    (a) Selection of Projects.--Using the selection criteria under 
subsection
            (c) of this section, the Secretary shall select, from 
applications submitted pursuant to 

section 206, eligible projects that 
meet the criteria under subsection

    (b) of this section for financial 
assistance under 

section 208.

    (b) Project Requirements.--An eligible project may not be selected 
to receive financial assistance under 

section 208 unless the Secretary 
determines that the project meets all of the following criteria:

    (1) Creditworthiness.--
        (A) In general.--Subject to subparagraph
        (B) , the 
 project shall be creditworthy, as determined by the 
 Secretary as applicable, to shall ensure that any 
 financing for the project has appropriate security 
 features, such as a rate covenant, to ensure repayment.
        (B) Preliminary rating opinion letter.--The 
 Secretary shall require the applicant for each project 
 to provide, as part of the application for the project 
 under 

section 206, a preliminary rating opinion letter 
 from at least one rating agency indicating that the 
 senior project obligations of the project (which may be 
 the Federal credit instrument) have the potential to 
 achieve an investment-grade rating.
            (C) Special rule for certain combined projects.--
 The Secretary shall develop a credit evaluation process 
 for a Federal credit instrument provided to a State 
 infrastructure financing authority for a project 
 described in 

section 206

    (b) , which may include 
 requiring the provision of a preliminary rating opinion 
 letter from at least one rating agency.

    (2) Eligible project costs.--The costs of the eligible 
 project shall be reasonably anticipated to be not less than 
 $20,000,000.

    (3) Dedicated revenue sources.--The Federal credit 
 instrument for the project shall be repayable, in whole or in 
 part, from dedicated revenue sources that also secure the 
 project obligations.

    (4) Public sponsorship of private entities.--In the case of 
 a project carried out by an entity that is not a State or local 
 government or an agency or instrumentality of a State or local 
 government, the project shall be publicly sponsored.
            (c) Selection Criteria.--

    (1) Establishment.--The Secretary shall establish criteria 
 for the selection of projects that meet the eligibility 
 requirements of subsection

    (b) . Such criteria shall be designed 
 to ensure a diversity of project types and geographical 
 locations, and shall include the following:
        (A) The extent to which the project is statewide or 
 regionally significant, with respect to the generation 
 of increased recreational opportunities.
        (B) The extent to which assistance under this title 
 would foster innovative public-private partnerships and 
 attract private debt or equity investment.
            (C) The likelihood that assistance under this title 
 would enable the project to proceed at an earlier date 
 than the project would otherwise be able to proceed.
            (D) The extent to which the project uses new or 
 innovative approaches.
        (E) The amount of budget authority required to fund 
 the Federal credit instrument for the project made 
 available under this title.
        (F) The extent to which the project helps maintain 
 or protect the environment.
        (G) The extent to which assistance under this 
 section reduces the contribution of Federal grant 
 assistance to the project.

    (2) Special rule for certain combined projects.--For a 
 project described in 

section 206

    (b) , the Secretary shall only 
 consider the criteria described in subparagraphs
        (B) through
        (G) of paragraph

    (1) .
            (d) Federal Requirements.--Nothing in this section may be construed 
to alter, affect, or annul the applicability of any other Federal laws 
or regulations.

SEC. 208. SECURED LOANS AND LOAN GUARANTEES.

    (a) Authority.--The Secretary may enter into agreements with 
eligible entities to make, and may make, secured loans to such entities 
as provided under this section for eligible projects selected under 

section 207 for financial assistance under this section.

    (b) Use.--

    (1) In general.--The proceeds of a secured loan under this 
 section shall be used only--
        (A) to finance eligible project costs of an 
 eligible project selected under 

section 207;
        (B) subject to paragraph

    (2) of this subsection, to 
 refinance interim construction financing of eligible 
 project costs of an eligible project selected under 
 

section 207; or
            (C) to refinance long-term project obligations or 
 Federal credit instruments, if such refinancing 
 provides additional funding capacity for the 
 completion, enhancement, or expansion of a project 
 that--
            (i) is selected under 

section 207; or
            (ii) was originally financed, in whole or 
 in part, with amounts provided other than under 
 this title, if the project otherwise meets the 
 requirements of 

section 207.

    (2) Limitation on refinancing of interim construction 
 financing.--The proceeds of a secured loan under this section 
 made for an eligible project may not be used for the purpose 
 under paragraph

    (1)
        (B) after the expiration of the 12-month 
 period beginning upon the date of substantial completion of the 
 project.
            (c) Risk Assessment.--Before entering into an agreement under this 
subsection for a secured loan, the Secretary, in consultation with the 
Director of the Office of Management and Budget and each rating agency 
providing a preliminary rating opinion letter under 

section 207

    (b)

    (1)
        (B) , shall determine an appropriate capital reserve subsidy 
amount for the secured loan, taking into account each such preliminary 
rating opinion letter.
            (d) Investment-Grade Rating Requirement for Senior Obligations.--
The execution of a secured loan under this section shall be contingent 
on receipt by the senior obligations of the project of an investment-
grade rating.

    (e) Terms and Limitations.--

    (1) Maximum amount.--The amount of a secured loan under 
 this section shall not exceed the lesser of--
        (A) an amount equal to 49 percent of the reasonably 
 anticipated eligible project costs; or
        (B) if the secured loan does not receive an 
 investment-grade rating, the amount of the senior 
 project obligations of the project.

    (2) Payment.--A secured loan under this section--
        (A) shall be payable, in whole or in part, from 
 State or local taxes, user fees, or other dedicated 
 revenue sources that also secure the senior project 
 obligations of the relevant project;
        (B) shall include a rate covenant, coverage 
 requirement, or similar security feature supporting the 
 project obligations; and
            (C) may have a lien on revenues described in 
 subparagraph
        (A) , subject to any lien securing project 
 obligations.

    (3) Interest rate.--The interest rate on a secured loan 
 under this section shall be--
        (A) not less than the yield on United States 
 Treasury securities of a similar maturity to the 
 maturity of the secured loan on the date of execution 
 of the loan agreement; and
        (B) fixed for the term of the loan.

    (4) Maturity date.--
        (A) In general.--Except as provided in subparagraph
        (B) , the final maturity date of a secured loan under 
 this section for an eligible project shall be not later 
 than 35 years after the date of substantial completion 
 of the project.
        (B) Special rule for state infrastructure financing 
 authorities.--The final maturity date of a secured loan 
 under this section made to a State infrastructure 
 financing authority shall be not later than 35 years 
 after the date on which loan amounts are first 
 disbursed.

    (5) Nonsubordination.--A secured loan under this section 
 shall not be subordinated to the claims of any holder of 
 project obligations in the event of bankruptcy, insolvency, or 
 liquidation of the obligor.

    (6) Fees.--The Secretary may establish fees in connection 
 with a secured loan under this section, in amounts sufficient 
 to cover all or a portion of the costs to the Federal 
 Government of secured loans under this section.

    (7) Use of proceeds for payment of non-federal share.--The 
 proceeds of a secured loan under this section may be used to 
 pay any non-Federal share required with respect to other 
 funding obtained for project costs, but only if such secured 
 loan is repaid using non-Federal funds.

    (8) Maximum federal involvement.--For any project for which 
 assistance is provided under this title, the total amount of 
 Federal assistance from all sources, including this title, 
 shall not exceed 80 percent of the total project cost.

    (9) Others.--A secured loan provided for a project under 
 this section shall be subject to such other terms and 
 conditions, and contain such covenants, representations, 
 warranties, and requirements (including requirements for 
 audits), as the Secretary determines to be appropriate.

    (f) Repayment.--

    (1) Schedule.--The Secretary shall establish a repayment 
 schedule for each secured loan provided under this section, 
 based on the projected cash flow from project revenues and 
 other repayment sources.

    (2) Commencement.--
        (A) In general.--Except as provided in subparagraph
        (B) , scheduled loan repayments of principal or interest 
 on a secured loan under this section for an eligible 
 project shall commence not later than 5 years after the 
 date of substantial completion of the project.
        (B) Special rule for state infrastructure financing 
 authorities.--Scheduled loan repayments of principal or 
 interest on a secured loan made under this section to a 
 State infrastructure financing authority shall commence 
 not later than 5 years after the date on which amounts 
 are first disbursed.

    (3) Deferred payments.--
        (A) Authorization.--If, at any time after the date 
 of substantial completion of a project for which a 
 secured loan is provided under this section, the 
 project is unable to generate sufficient revenues to 
 pay the scheduled loan repayments of principal and 
 interest on the loan, the Secretary may, subject to 
 subparagraph
            (C) , allow the obligor to add unpaid 
 principal and interest to the outstanding balance of 
 the secured loan.
        (B) Interest.--Any payment deferred pursuant to 
 subparagraph
        (A) shall--
            (i) continue to accrue interest in 
 accordance with subsection

    (e)

    (3) until fully 
 repaid; and
            (ii) be amortized over the remaining term 
 of the secured loan.
            (C) Criteria.--Any payment deferral pursuant to 
 subparagraph
        (A) shall be contingent on the project 
 meeting--
            (i) standards for reasonable assurance of 
 repayment, as the Secretary shall establish; 
 and
            (ii) such other criteria as the Secretary 
 may establish.

    (4) Prepayment.--
        (A) Use of excess revenues.--Any excess revenues 
 from an eligible project that remain after satisfying 
 scheduled debt service requirements on the project 
 obligations and secured loan and all deposit 
 requirements under the terms of any trust agreement, 
 bond resolution, or similar agreement securing project 
 obligations may be applied annually to prepay a secured 
 loan under this section without penalty.
        (B) Use of proceeds of refinancing.--A secured loan 
 under this section may be prepaid at any time, without 
 penalty, from the proceeds of refinancing from non-
 Federal funding sources.

    (g) Sale of Secured Loans.--

    (1) In general.--Subject to paragraph

    (2) , if the Secretary 
 determines that the sale or reoffering of a secured loan under 
 this section for an eligible project can be made on favorable 
 terms, the Secretary may sell the loan to another entity or 
 reoffer the loan into the capital markets as soon as 
 practicable after the date of substantial completion of a 
 project and after providing notice to the obligor.

    (2) Consent of obligor.--In making a sale or reoffering 
 under paragraph

    (1) , the Secretary may not change the original 
 terms and conditions of the secured loan without the written 
 consent of the obligor.

    (h) Loan Guarantees.--

    (1) In general.--In lieu of making a secured loan under 
 this section for an eligible project, the Secretary may provide 
 a loan guarantee for a project obligation for the project 
 funded by a qualified lender (as such term is defined in 
 

section 211), but only if the Secretary determines that the 
 cost as such term is defined in 

section 502 of the Federal 
 Credit Reform Act of 1990 (2 U.S.C. 661a) of the loan guarantee 
 is substantially the same as or less than that of making a 
 secured loan.

    (2) Terms.--The terms of a loan guarantee provided under 
 this subsection shall be consistent with the terms established 
 in this section for a secured loan, except that the interest 
 rate on the guaranteed loan and any prepayment features shall 
 be negotiated between the obligor and the qualified lender, 
 subject to the consent of the Secretary.

SEC. 209. PROGRAM ADMINISTRATION.

    (a) Requirement.--The Secretary shall establish a uniform system to 
service the Federal credit instruments made available under this title.

    (b) Fees.--

    (1) In general.--The Secretary may collect and spend fees, 
 to the extent provided in advance in appropriations Acts, in 
 amounts sufficient to cover--
        (A) the costs of services obtained pursuant to 
 subsection
            (d) ; and
        (B) all or a portion of the costs to the Federal 
 Government of servicing the Federal credit instruments 
 provided under this title.
            (c) Servicer.--

    (1) In general.--The Secretary may appoint a financial 
 entity to assist the Secretary in servicing Federal credit 
 instruments provided under this title.

    (2) Duties.--A servicer appointed under paragraph

    (1) shall 
 act as the agent for the Secretary.

    (3) Fee.--A servicer appointed under paragraph

    (1) shall 
 receive a servicing fee, subject to approval by the Secretary.
            (d) Assistance From Experts.--The Secretary may retain the 
services, including counsel, of organizations and entities with 
expertise in the field of municipal and project finance to assist in 
the underwriting and servicing of Federal credit instruments provided 
under this title.

SEC. 210. STATE AND LOCAL PERMITS.

 The provision of financial assistance under 

section 208 for an 
eligible project shall not--

    (1) relieve any recipient of such assistance of any 
 obligation to obtain any required State or local permit or 
 approval with respect to the project;

    (2) limit the right of any unit of State or local 
 government to approve or regulate any rate of return on private 
 equity invested in the project; or

    (3) otherwise supersede any State or local law or 
 regulation applicable to the construction or operation of the 
 project.

SEC. 211. DEFINITIONS.

 In this title, the following definitions shall apply:

    (1) Commercial sports.--The term ``commercial sport'' means 
 a sports enterprise of which profit-making forms a major part.

    (2) Eligible entity.--The term ``eligible entity'' means an 
 entity eligible pursuant to 

section 203 to receive financial 
 assistance under 

section 208.

    (3) Eligible project.--The term ``eligible project'' means 
 a project for which financial assistance under 

section 208 may 
 be provided, pursuant to 

section 204.

    (4) Eligible project costs.--The term ``eligible project 
 costs'' means, with respect to an eligible project, any costs 
 of the project eligible under 

section 205 to be paid with 
 amounts from a loan made or guaranteed pursuant to 

section 208.

    (5) Federal credit instrument.--The term ``Federal credit 
 instrument'' means a secured loan made, or loan guarantee 
 provided, under 

section 208.

    (6) Investment-grade rating.--The term ``investment-grade 
 rating'' means, with respect to project obligations, a rating 
 of BBB minus, Baa3, bbb minus, BBB

    (low) , or higher as assigned 
 by a rating agency.

    (7) Loan guarantee.--The term ``loan guarantee'' means any 
 guarantee or other pledge by the Secretary to pay all or part 
 of the principal of, and interest on, a loan or other debt 
 obligation.

    (8) Obligor.--The term ``obligor'' means--
        (A) with respect to a Federal credit instrument 
 that is a secured loan under 

section 208, the eligible 
 entity that is primarily liable for payment of the 
 principal of, or interest on, the loan; and
        (B) with respect to a Federal credit instrument 
 that is a loan guarantee under 

section 208

    (h) , the 
 eligible entity that is primarily liable for payment of 
 the loan or other debt obligation repayment of which is 
 guaranteed pursuant to such section.

    (9) Project obligation.--The term ``project obligation'' 
 means, with respect to an eligible project, any note, bond, 
 debenture, or other debt obligation issued by an obligor in 
 connection with the financing of the project. Such term does 
 not include a Federal credit instrument.

    (10) Qualified lender.--
        (A) In general.--The term ``qualified lender'' 
 means any non-Federal qualified institutional buyer, as 
 such term is defined in 

section 230.144A

    (a) of title 
 17, Code of Federal Regulations (or any successor 
 regulation), known as Rule 144A

    (a) of the Securities 
 and Exchange Commission and issued under the Securities 
 Act of 1933 (15 U.S.C. 77a et seq.).
        (B) Inclusions.--Such term includes--
            (i) a qualified retirement plan (as defined 
 in 

section 4974
            (c) of the Internal Revenue Code 
 of 1986) that is a qualified institutional 
 buyer; and
            (ii) a governmental plan (as defined in 
 

section 414
            (d) of the Internal Revenue Code of 
 1986) that is a qualified institutional buyer.

    (11) Rating agency.--The term ``rating agency'' means a 
 credit rating agency registered with the Securities and 
 Exchange Commission as a nationally recognized statistical 
 rating organization (as defined in 

section 3

    (a) of the 
 Securities Exchange Act of 1934 (15 U.S.C. 78c

    (a) )).

    (12) Secretary.--The term ``Secretary'' means the Secretary 
 of Housing and Urban Development.

    (13) Secured loan.--The term ``secured loan'' means a 
 direct loan or other debt obligation issued by an obligor and 
 funded by the Secretary pursuant to 

section 208.

    (14) State.--The term ``State'' means a State, the District 
 of Columbia, the Commonwealth of Puerto Rico, and any other 
 territory or possession of the United States.

    (15) State infrastructure financing authority.--The term 
 ``State infrastructure financing authority'' means the State 
 entity established or designated by the Governor of a State to 
 receive assistance under this title.

    (16) Subsidy amount.--The term ``subsidy amount'' means, 
 with respect to a Federal credit instrument, the amount of 
 budget authority sufficient to cover the estimated long-term 
 cost to the Federal Government of the Federal credit 
 instrument, as calculated on a net present value basis, 
 excluding administrative costs and any incidental effects on 
 governmental receipts or outlays in accordance with the Federal 
 Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).

    (17) Substantial completion.--The term ``substantial 
 completion'' means, with respect to a project, the earliest 
 date on which a project is considered capable of performing the 
 functions for which the project is designed.

SEC. 212. REGULATIONS.

 The Secretary may issue such regulations as the Secretary considers 
appropriate to carry out this title.

SEC. 213. FUNDING.

 From amounts made available for Federal purposes under 

section 5 of 
the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l-7), 
there is authorized to be appropriated to the Secretary to carry out 
this title $50,000,000 for each of fiscal years 2026 through 2030, to 
remain available until expended, of which in each such fiscal year--

    (1) the Secretary may use for the administration of this 
 title, including program administration under 

section 209, not 
 more than $2,200,000; and

    (2) the remainder shall be available for costs (as such 
 term is defined in 

section 502 of the Federal Credit Reform Act 
 of 1990 (2 U.S.C. 661a)) of loans and loan guarantees under 
 

section 208.

SEC. 214. REPORT TO CONGRESS.

 Not later than 2 years after the date of enactment of this Act, and 
every 2 years thereafter, the Secretary shall submit to the Congress a 
report summarizing the financial performance of the projects that are 
receiving, or have received, assistance under this title, including a 
recommendation as to whether the objectives of this title are being 
met.
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