Railroad rehabilitation and improvement financing

(a) In general Section 22402 of title 49, United States Code, is amended— (1) in subsection (b)(1)— (A) in subparagraph (D) by inserting or at the end; (B) in subparagraph (E) by striking; or and inserting a period at the end; and (C) by striking subparagraph (F); and (2) in subsection (c)(6) by striking and increase transit-oriented development. (b) Applicability This section and the amendments made by this section shall apply to applications for direct loans or guaranteed loans submitted on or after the date of enactment of this Act.