The Community Parks Revitalization Act establishes a comprehensive program under the Secretary of Housing and Urban Development (HUD) to enhance community parks and recreational infrastructure. This initiative aims to address critical concerns related to public health, economic development, and environmental conservation through strategic investments. The bill is structured into two main titles, focusing on grants and financial assistance for various park-related projects.

Title I authorizes HUD to award competitive grants to eligible local governments through a Community Parks Revitalization Program. These grants include rehabilitation and construction grants for improving existing or building new recreational areas and facilities, such as security enhancements and infrastructure upgrades. Additionally, innovation and recreation program grants support creative approaches to augment park and recreation opportunities, particularly for returning veterans, active-duty military families, and at-risk youth.

Local governments applying for these grants must meet specific eligibility criteria, primarily being located within standard metropolitan statistical areas, though waivers are possible for rural areas. A key requirement is a local matching contribution, which can be waived for economically distressed or rural communities. Grant selection prioritizes projects in high-density areas that address deficiencies, improve access for underserved populations, create employment opportunities, and incorporate environmentally beneficial components like green infrastructure and energy efficiency.

Recipients of grants under Title I are required to develop a local park and recreation recovery action program, demonstrating a commitment to ongoing planning, maintenance, and coordination of community resources. This program encourages collaboration among local agencies and public-private partnerships. The Secretary can also provide additional matching funds as an incentive for state involvement in supporting local recovery plans.

Title II introduces a program for secured loans and loan guarantees to promote increased development of parks and recreation infrastructure. This aims to attract new investment capital for projects capable of generating revenue streams, complementing existing federal funding, and leveraging private sector involvement. Eligible entities for this financial assistance include corporations, governmental bodies, and state infrastructure financing authorities.

Projects eligible for loans and guarantees encompass the development of parks and recreational facilities, construction of trails for pedestrians and bicyclists, and creation of safe routes for non-drivers. To qualify, projects must demonstrate creditworthiness, have anticipated costs of at least $20 million, and secure repayment through dedicated revenue sources. Public sponsorship is required for projects undertaken by private entities.

The terms for secured loans specify a maximum federal contribution, an interest rate not less than that of Treasury securities, and a maturity date generally within 35 years. Repayment schedules are based on projected cash flow, with provisions for deferrals under certain conditions. Loan guarantees are offered as an alternative to direct loans, provided their cost to the federal government is comparable.

Funding for Title I grants is authorized for fiscal years 2026 through 2035, with specific limitations on the percentage of funds allocated to innovation and recovery action grants. Title II authorizes $50 million annually for fiscal years 2026 through 2030 from the Land and Water Conservation Fund to cover the costs of loans and loan guarantees. Both titles include requirements for recipients to submit reports, and for the Secretary to report to Congress on the program's impact and financial performance.