Invest in American Railroads Act

This bill revises and expands the Railroad Rehabilitation and Improvement Financing program of the Department of Transportation (DOT).

Specifically, the bill

• authorizes DOT to pay certain credit risk premiums for loans or loan guarantees;
• requires DOT to set aside at least $100 million for passenger rail projects in a given fiscal year;
• directs DOT to provide loans and loan guarantees to private entities with controlling ownership in one or more freight railroads other than Class I carriers;
• expands eligibility under the loan program to include reimbursement of planning, permitting, and design expenses related to acquiring, improving, or rehabilitating intermodal or rail equipment or facilities;
• sets forth collateral and appraisal standards under the program; and
• allows loan repayment terms to be extended up to 50 years after the date of substantial completion of a project, or the estimated useful life of the rail equipment or facilities to be acquired, rehabilitated, improved, developed, or established.