Urban Mass Transportation Assistance Act

Urban Mass Transportation Assistance Act - Authorizes the Secretary of Transportation, under the Urban Mass Transportation Act, to make grants or loans to assist States and local public bodies and agencies thereof in the payment of operating expenses incurred in connection with the provision of mass transportation service in urban areas. Requires a State or public body or agency to submit a comprehensive mass transportation service improvement plan to qualify for such assistance.

Authorizes to be appropriated for such grants $400,000,000 for each of the fiscal years 1974 and 1975.

Increases to 80 percent the Federal share of projects other than projects for the paying of operating expenses.

Increases to $6,100,000,000 the obligations the Secretary may incur to finance urban mass transportation projects under the Act.

Authorizes the Secretary to make grants and loans under the Act to private nonprofit corporations and associations for the specific purpose of assisting them in providing transportation services meeting the special needs of elderly and handicapped persons for whom mass transportation services, planned, designed, and carried out under the Act are unavailable, insufficient, or inappropriate.

Provides that no financial assistance shall be provided under the Act to any State or local public body or agency thereof which engages directly or indirectly in the transporting of schoolchildren and school personnel to and from school and school-authorized functions, or proposes to expand present routes, schedules, service, or facilities for the purpose of providing transportation for schoolchildren and school personnel to and from school and school-authorized functions, in competition with or supplementary to the service currently provided by a private transportation company, or other person, engaged in so transporting such schoolchildren and school personnel.