Bill > S942

This bill, the Transportation Infrastructure Grants and Economic Reinvestment Act, directs the Secretary of Transportation (DOT) to establish a national program offering competitive grants, secured loans, and loan guarantees to states, local governments, and transit agencies for eligible transportation projects. These projects, which can include highways, bridges, public transit, rail, and ports, must have a significant positive impact on a state, metropolitan area, region, or the entire United States. The program prioritizes projects that need federal funds to complete their overall financing and sets aside at least 20% of funds for projects in rural areas. Grants and secured loans will range from $10 million to $500 million, with a federal contribution of up to 80% of project costs, though this can be increased to 100% for rural projects. The bill also outlines criteria for selecting projects, emphasizing benefits like improved safety, condition, economic competitiveness, environmental impact, and accessibility, and requires applicants to provide cost-benefit analyses.