REGIONAL INFRASTRUCTURE ACCELERATOR DEMONSTRATION PROGRAM.

SEC. 1441. [23 U.S.C. 601 note] REGIONAL INFRASTRUCTURE ACCELERATOR DEMONSTRATION PROGRAM. (a) In general.—The Secretary shall establish a regional infrastructure demonstration program (referred to in this section as the “program”) to assist entities in developing improved infrastructure priorities and financing strategies for the accelerated development of a project that is eligible for funding under the TIFIA program under chapter 6 of title 23, United States Code. (b) Designation of Regional Infrastructure Accelerators.—In carrying out the program, the Secretary may designate regional infrastructure accelerators that will— (1) serve a defined geographic area; and (2) act as a resource in the geographic area to qualified entities in accordance with this section. (c) Application.—To be eligible for a designation under subsection (b), a proposed regional infrastructure accelerator shall submit to the Secretary a proposal at such time, in such manner, and containing such information as the Secretary may require. (d) Criteria.—In evaluating a proposal submitted under subsection (c), the Secretary shall consider— (1) the need for geographic diversity among regional infrastructure accelerators; and (2) the ability of the proposal to promote investment in covered infrastructure projects, which shall include a plan— (A) to evaluate and promote innovative financing methods for local projects, including the use of the TIFIA program under chapter 6 of title 23, United States Code; (B) to build capacity of State, local, and tribal governments to evaluate and structure projects involving the investment of private capital; (C) to provide technical assistance and information on best practices with respect to financing the projects; (D) to increase transparency with respect to infrastructure project analysis and using innovative financing for public infrastructure projects; (E) to deploy predevelopment capital programs designed to facilitate the creation of a pipeline of infrastructure projects available for investment; (F) to bundle smaller-scale and rural projects into larger proposals that may be more attractive for investment; and (G) to reduce transaction costs for public project sponsors. (e) Annual report.—Not less frequently than once each year, the Secretary shall submit to Congress a report that describes the findings and effectiveness of the program. (f) Authorization of Appropriations.—There is authorized to be appropriated to carry out the program $12,000,000, of which the Secretary shall use— (1) $11,750,000 for initial grants to regional infrastructure accelerators under subsection (b); and (2) $250,000 for administrative costs of carrying out the program.