US HB4985

Summary of H.R. 4985 - Community Parks Revitalization Act

• Establishes a Community Parks Revitalization Program administered by HUD providing competitive grants to local governments in metropolitan areas for rehabilitation and construction of parks and recreational facilities, innovation programs for veterans and at-risk youth, and recovery action planning

• Requires local matching funds of at least 3/7 of grant amounts for capital projects (1:1 for planning grants), with waivers available for rural areas and communities demonstrating economic hardship

• Prioritizes projects that serve high-density communities, address deficiencies in low-income and minority neighborhoods, promote accessibility for disabled individuals, create youth and veteran recreation opportunities, and incorporate sustainable design features like green infrastructure and energy efficiency

• Creates a federal loan and loan guarantee program for parks infrastructure projects costing at least $20 million, with secured loans up to 49% of project costs, 35-year maximum terms, and interest rates tied to Treasury securities

• Authorizes appropriations of "such sums as necessary" for fiscal years 2026-2035 for the grant program, and $50 million annually for fiscal years 2026-2030 from the Land and Water Conservation Fund for the loan program