1515 - New initiatives program.

     § 1515.  New initiatives program.        (a)  Eligible applicants.--Persons eligible to apply for     financial assistance under section 1514 (relating to asset     improvement program) shall also be eligible to apply for     financial assistance for new or expansions of fixed guideway     systems under this section.        (b)  Applications.--In addition to the information required     under section 1507 (relating to application and approval     process), an application for financial assistance under this     section shall include all of the information required in an     application for financial assistance under section 1514. If the     application is for a proposed expansion of a capital project,     the application shall also include evidence satisfactory to the     department that the applicant will have sufficient future annual     operating funds to support the proposed expansion.        (c)  Source of funds and priorities.--            (1)  Sums allocated for the asset improvement program        under section 1506(e)(2) (relating to fund), up to a maximum        of $50,000,000 annually, may be used by the department to        provide financial assistance under this section.            (2)  In awarding financial assistance under this section,        the department shall give priority to applicants that intend        to use the funds to satisfy the local matching portion of        federally approved New Starts projects funded pursuant to 49        U.S.C. § 5309 (relating to capital investment grants and        loans). The department may fund projects that do not receive        funding from the Federal New Starts Program if the applicant        can provide sufficient evidence that the project can meet all        of the following requirements:            (i)  Investments in existing service areas have been        optimized.            (ii)  An analysis reveals a reasonable return on        investment.            (iii)  The public benefit of the project has been        identified.            (iv)  There exists a local dedicated funding commitment        to pay any required local match for the project and ongoing        operating costs.            (v)  There exists local technical ability and capacity to        manage, construct and operate the project.            (vi)  The project is supported by the adoption of an        integrated land use plan by local municipalities.        (d)  Local match requirement.--Financial assistance under     this section shall be matched by local or private cash funding     in an amount not less than 3.33% of the amount of the financial     assistance being provided. The source of funds for this local     match shall be subject to the requirements of section 1513(d)(3)     (relating to operating program).        Cross References.  Section 1515 is referred to in section     1514 of this title.