AIRPORT INVESTMENT PARTNERSHIP PROGRAM.

SEC. 160. AIRPORT INVESTMENT PARTNERSHIP PROGRAM. (a) In General.—Section 47134 of title 49, United States Code, is amended— (1) by striking the section heading and inserting “Airport investment partnership program”; (2) in subsection (b), by striking “, with respect to not more than 10 airports,”; (3) in subsection (b)(2), by striking “The Secretary may grant an exemption to a sponsor” and inserting “If the Secretary grants an exemption to a sponsor pursuant to paragraph (1), the Secretary shall grant an exemption to the sponsor”; (4) in subsection (b)(3), by striking “The Secretary may grant an exemption to a purchaser or lessee” and inserting “If the Secretary grants an exemption to a sponsor pursuant to paragraph (1), the Secretary shall grant an exemption to the corresponding purchaser or lessee”; (5) by amending subsection (d) to read as follows: “(d) Program Participation.— “(1) Multiple airports.—The Secretary may consider applications under this section submitted by a public airport sponsor for multiple airports under the control of the sponsor if all airports under the control of the sponsor are located in the same State. “(2) Partial privatization.—A purchaser or lessee may be an entity in which a sponsor has an interest.” ; and (6) by striking subsections (l) and (m) and inserting the following: “(l) Predevelopment Limitation.—A grant to an airport sponsor under this subchapter for predevelopment planning costs relating to the preparation of an application or proposed application under this section may not exceed $750,000 per application or proposed application.” . (b) [49 U.S.C. 471101] Clerical Amendment.—The analysis for chapter 471 of title 49, United States Code,is amended by striking the item relating to section 47134 and inserting the following: “47134. Airport investment partnership program.” .