Section 1. Short title
This Act may be cited as the Modal Parity in Permitting Act.
(a) In general
Section 5323(q) of title 49, United States Code, is amended—
(1) in the heading by striking Corridor preservation and inserting Real property interests;
(2) in paragraph (1) by striking right-of-way each time it appears and inserting real property interests;
(3) by inserting acquired after may use the; and
(4) in paragraph (2) by striking Right-of-way and inserting Real property interests.
(b) Updates required
Not later than 6 months after the date of enactment of this Act the Administrator of the Federal Transit Administration shall update FTA Circular 5010.1F, or any successor circular or regulations, and any other necessary guidance necessary to implement the amendments made by subsection (a).
(a) In general
Chapter 242 of title 49, United States Code, is amended by adding at the end the following:
(a) Real property interests
A recipient of financial assistance under chapter 229, 249, or 243 may use such assistance to acquire through purchase, lease, or otherwise secure or control real property interests before or during the completion of the environmental reviews for a project that may use such property interests if the acquisition or related transaction is otherwise permitted by Federal law.
(b) Timing of development
A real property interest acquired, leased, or otherwise secured or controlled under subsection (a) may not be physically developed or improved in anticipation of the proposed 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: