Section 1515 - New initiatives program(a) Eligible applicants.--Persons eligible to apply for financial assistance under section 1514 (relating to asset improvement program) shall also be eligible to apply for financial assistance for new or expansions of fixed guideway systems under this section.(b) Applications.--In addition to the information required under section 1507 (relating to application and approval process), an application for financial assistance under this section shall include all of the information required in an application for financial assistance under section 1514. If the application is for a proposed expansion of a capital project, the application shall also include evidence satisfactory to the department that the applicant will have sufficient future annual operating funds to support the proposed expansion.(c) Source of funds and priorities.--(1) Sums allocated for the asset improvement program under section 1506(e)(2) (relating to fund), up to a maximum of $50,000,000 annually, may be used by the department to provide financial assistance under this section.(2) In awarding financial assistance under this section, the department shall give priority to applicants that intend to use the funds to satisfy the local matching portion of federally approved New Starts projects funded pursuant to 49 U.S.C. § 5309 (relating to capital investment grants and loans). The department may fund projects that do not receive funding from the Federal New Starts Program if the applicant can provide sufficient evidence that the project can meet all of the following requirements: (i) Investments in existing service areas have been optimized.(ii) An analysis reveals a reasonable return on investment.(iii) The public benefit of the project has been identified.(iv) There exists a local dedicated funding commitment to pay any required local match for the project and ongoing operating costs.(v) There exists local technical ability and capacity to manage, construct and operate the project.(vi) The project is supported by the adoption of an integrated land use plan by local municipalities.(d) Local match requirement.--Financial assistance under this section shall be matched by local or private cash funding in an amount not less than 3.33% of the amount of the financial assistance being provided. The source of funds for this local match shall be subject to the requirements of section 1513(d)(3) (relating to operating program).2007, July 18, P.L. 169, No. 44, § 3, retroactive effective 7/1/2007.