Passenger rail project transactions

(a) In general Chapter 242 of title 49, United States Code, is amended by adding at the end the following: 24203. Passenger rail project transactions (a) Acquisition of real property interests during environmental review A recipient of financial assistance under chapter 229, 249, or 243 may use such assistance to acquire, through purchase, lease, or otherwise, any real property interest necessary for a project before the environmental review for the project is complete if the acquisition or related transaction is otherwise permitted by Federal law. (b) Timing of development A real property interest purchased, leased, or otherwise acquired under subsection (a) may not be physically developed or improved in anticipation of the project until all required environmental reviews for the project have been completed.. (b) Clerical amendment The analysis for chapter 242 of title 49, United States Code, is amended by adding at the end the following: 24203. Passenger rail project transactions..