TOD Advancement Act of 2019
This bill revises and extends until December 4, 2021, the Railroad Rehabilitation Improvement and Financing program.
Specifically, the bill revises program purposes to include financing economic development and infrastructure that (1) incorporates private investment of greater than 20% of total project costs; (2) is physically connected to, or within one half mile walking distance from, a passenger rail station or minimodal station that includes rail services; (3) will commerce construction within 90 days after the loan or loan guarantee is obligated for the project; and (4) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service.
The bill requires the Department of Transportation to periodically report to Congress on the number of applications for loans and loan guarantees under the program.