To improve and provide increased access to the Railroad Rehabilitation and Improvement Financing program.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to make development phase activities (including planning, feasibility analysis, revenue forecasting, environmental review, permitting, preliminary engineering and design work, and other preconstruction activities) eligible for railroad rehabilitation and improvement direct loans and loan guarantees.

Authorizes the Secretary of Transportation (DOT) to reduce the interest rates on direct loans, made for the sole purpose of installing positive train control systems, to state and local governments, interstate compacts, government sponsored authorities and corporations, and railroads.