Establishes the Texas airport investment partnership program to provide below-market interest loans for general aviation airport infrastructure.
The Texas airport investment partnership program provides loans at below-market interest rates to encourage investment in general aviation airport infrastructure projects. Loans may not be provided for projects limited to commercial air carrier services. Eligible projects include runways, hangars, fueling stations, navigational aids, safety enhancements, and environmental mitigation efforts. The program prohibits loans to projects affiliated with or controlled by the government of China, Iran, North Korea, or Russia. The program fund is subject to periodic audits.
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