text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Brownfield Redevelopment and 
  Economic Development Innovative Financing Act of 2014''.
  
  SEC. 2. BROWNFIELD REDEVELOPMENT AND ECONOMIC DEVELOPMENT INNOVATIVE 
                FINANCING PROGRAM.
  
      (a) Establishment and Purpose.--The Secretary of Housing and Urban 
  Development, in consultation with the Secretary of the Treasury, shall 
  establish a program, to be known as the Brownfield Redevelopment and 
  Economic Development Innovative Financing program, under which the 
  Secretary may guarantee, and make commitments to guarantee, the 
  repayment of principal and interest on loans made by lenders to local 
  governments, local redevelopment agencies, or BRAC redevelopment 
  projects for the purposes of carrying out projects for redeveloping 
  brownfields and promoting urban renewal.
      (b) Eligibility Requirements.--
              (1) Application.--A local government, local redevelopment 
          agency, or BRAC redevelopment project shall be eligible to 
          receive a loan guarantee under the Program only if such 
          government, agency, or project submits to the Secretary (at 
          such time and in such form as the Secretary may require)--
                      (A) a master plan that meets the requirements under 
                  subsection (c);
                      (B) a certification from the Environmental 
                  Protection Agency, or an entity designated by the 
                  Environmental Protection Agency, that the brownfield to 
                  be redeveloped under the master plan requires 
                  environmental remediation; and
                      (C) any other information as the Secretary may 
                  require.
              (2) Loan eligibility.--A loan may be guaranteed under the 
          Program only if the loan meets the following requirements:
                      (A) Use.--Such loan shall be used for costs of 
                  carrying out a project to redevelop brownfields and 
                  promote urban renewal, which may include--
                              (i) acquisition of a brownfield site;
                              (ii) remediation of a brownfield site;
                              (iii) relocation of existing facilities in 
                          operation on the redevelopment site; or
                              (iv) site preparation, including the 
                          installation of utilities, sewers, storm 
                          drains, and transportation facilities.
                      (B) Contamination.--A local government, local 
                  redevelopment agency, or BRAC redevelopment project may 
                  not receive a loan guarantee under the Program if the 
                  applying agency was responsible for contaminating a 
                  brownfield to be redeveloped using such loan.
                      (C) Number of loans.--A local government, local 
                  redevelopment agency, or BRAC redevelopment project may 
                  not at any time have more than one outstanding loan 
                  that is guaranteed under the Program.
                      (D) Amount of principal.--The original principal 
                  amount of such loan shall not--
                              (i) be less than $25,000,000; and
                              (ii) exceed the lesser of--
                                      (I) the total cost of the 
                                  redevelopment project for which the 
                                  loan is to be used; or
                                      (II) $150,000,000.
                      (E) Interest rate.--Such loan shall bear interest 
                  at a rate negotiated between the lender and the 
                  borrower, subject to any limitations that the Secretary 
                  may establish.
                      (F) Duration.--The term to maturity of such loan 
                  shall not be shorter than 20 years nor longer than 30 
                  years.
                      (G) Repayment.--Such loan--
                              (i) shall not require any repayment of 
                          principal or interest within 10 years after the 
                          date that the lender makes the loan to the 
                          borrower; and
                              (ii) shall require that repayment shall 
                          begin not later than 15 years after the date 
                          that such loan is made.
      (c) Master Plan.--A master plan under this subsection shall 
  describe the proposed brownfield redevelopment project for which the 
  loan guarantee is to be made, and shall include--
              (1) a description of the project to be funded by the loan, 
          including a schedule of activities to be undertaken and a 
          budget for such project;
              (2) a demonstration that the brownfield redevelopment 
          project will result in major redevelopment, based on economic 
          development and environmental quality and restoration, in the 
          community in which such project is located, which shall include 
          information regarding--
                      (A) the extent of non-Federal funds committed to 
                  the project;
                      (B) the number of long-term jobs created by the 
                  project;
                      (C) the environmental remediation of brownfield 
                  sites due to the project;
                      (D) a description of the environmental and economic 
                  impact of the project on the community;
                      (E) the amount of affordable housing created by the 
                  project;
                      (F) the reduction of vehicle congestion and 
                  emissions expected to result from the project;
                      (G) the extent of integration of green technology 
                  into developments and buildings created by the project;
                      (H) the extent of improvement in air quality 
                  expected to result from the project; and
                      (I) the extent to which complete streets planning 
                  and transit-oriented development is incorporated into 
                  the project;
              (3) evidence of the commitments of investment from non-
          Federal entities, established through zoning or other 
          documentation; and
              (4) a remediation action plan that has been approved by the 
          Environmental Protection Agency, or its designee.
      (d) Selection Criteria.--The Secretary shall establish criteria for 
  selecting local governments, local redevelopment agencies, and BRAC 
  redevelopment projects to receive loan guarantees under the Program. 
  Such criteria shall take into consideration the information required 
  under subsection (c)(2). Such criteria shall provide that existing BRAC 
  redevelopment projects having existing Federal grants, loans, or other 
  assistance or commitments for Federal grants, loans, or other 
  assistance, shall be given additional favorable consideration toward 
  such selection.
      (e) Full Faith and Credit.--The full faith and credit of the United 
  States is pledged to the payment of all guarantees made under this 
  section. Any such guarantee made by the Secretary shall be conclusive 
  evidence of the eligibility of the obligations for such guarantee with 
  respect to principal and interest, and the validity of any such 
  guarantee so made shall be incontestable in the hands of a holder of 
  the guaranteed obligations.
      (f) Protection Against Liability for Environmental Remediation.--
  The Federal Government shall not be liable under the Comprehensive 
  Environmental Response, Compensation, and Liability Act of 1980 (42 
  U.S.C. 9601 et seq.) or any other Federal, State, or local law as a 
  result of a loan guarantee made under this section.
      (g) Processing; Repayment and Collateral; Congressional 
  Oversight.--
              (1) Processing.--The Secretary shall consider, process, and 
          approve all requests for loan guarantees under this section 
          using an approval process that is substantially identical to 
          the approval process used for loan guarantees provided under 
          section 108 of the Housing and Community Development Act of 
          1974 (42 U.S.C. 5308).
              (2) Repayment schedule and collateralization.--To be 
          eligible for a loan guarantee under this section, an applicant 
          shall demonstrate a viable repayment schedule and shall provide 
          sufficient collateral to ensure repayment of loans so 
          guaranteed, which may be in the form of a pledge of grants for 
          which the applicant may become eligible under title I of the 
          Housing and Community Development Act of 1974 (42 U.S.C. 5301 
          et seq.), except that the Secretary may not require a pledge of 
          such grants as collateral and shall provide for applicants to 
          provide collateral in other forms, at the option of the 
          applicant.
              (3) Congressional oversight.--Before final approval of any 
          loan guarantee under this section, the Secretary shall notify 
          the Committees on Financial Services and Appropriations of the 
          House of Representatives and Committees on Banking, Housing, 
          and Urban Affairs and Appropriations of the Senate of such 
          approval.
      (h) Definitions.--For purposes of this section the following 
  definitions shall apply:
              (1) BRAC redevelopment project.--The term ``BRAC 
          redevelopment project'' means a project to redevelop a site 
          that has been designated as a Base Realignment and Closure Site 
          by the Secretary of Defense, through the Defense Base Closure 
          and Realignment Commission, and is listed on the website of the 
          Department of Defense as such a site.
              (2) Brownfield.--The term ``brownfield'' has the meaning 
          given such term in section 101(39) of the Comprehensive 
          Environmental Response, Compensation, and Liability Act of 1980 
          (42 U.S.C. 9601(39).
              (3) Local redevelopment agency.--The term ``local 
          redevelopment agency'' means any agency, office, or division of 
          a State government whose purpose includes improving blighted, 
          deteriorated, or otherwise economically depressed areas.
              (4) Remediation action plan.--The term ``remediation action 
          plan'' means, with respect to a brownfield redevelopment 
          project, a document that describes how the project site will be 
          remediated, what technology will be used to accomplish such 
          remediation, and when the remediation actions will take place.
              (5) Program.--The term ``Program'' means the Brownfield 
          Redevelopment and Economic Development Innovative Financing 
          program established under this section.
              (6) Secretary.--The term ``Secretary'' means the Secretary 
          of Housing and Urban Development.
      (i) Regulations.--Not later than 6 months after the date of 
  enactment of this section, the Secretary shall issue regulations as may 
  be necessary to carry out the Program.
      (j) Authorization of Appropriations.--There is authorized to be 
  appropriated to the Secretary $100,000,000 for fiscal year 2015 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 guaranteed under this 
  section, which amounts shall remain available through fiscal year 2019.
target: Brownfield Redevelopment and Economic Development Innovative Financing Act of 2014 - Directs the Secretary of Housing and Urban Development (HUD) to establish the Brownfield Redevelopment and Economic Development Innovative Financing Program, under which the Secretary may guarantee the repayment of loans made by lenders to local governments, local redevelopment agencies, or Base Realignment and Closure Commission (BRAC) redevelopment projects to carry out projects for redeveloping brownfields and promoting urban renewal. Requires such an entity, in order to receive such a loan guarantee, to submit: (1) a master plan that describes the proposed brownfield redevelopment project, demonstrates that such project will result in major redevelopment, provides evidence of investment commitments from non-federal entities, and includes a remediation action plan approved by the Environmental Protection Agency (EPA); and (2) a certification from EPA that the brownfield to be redeveloped requires environmental remediation. Prohibits an entity from: (1) receiving a loan guarantee if it was responsible for contaminating the brownfield to be redeveloped, or (2) having more than one outstanding loan that is guaranteed under the Program.  Sets forth requirements regarding an eligible loan's principal amount, interest rate, duration, and repayment terms. Directs the Secretary to establish criteria for selecting entities to receive loan guarantees. 
feat_title: Brownfield Redevelopment and Economic Development Innovative Financing Act of 2014