A bill to amend the Urban Mass Transportation Act of 1964 to provide operating assistance for projects located in areas other than urbanized areas, to provide for mass transportation assistance to meet the needs of elderly and handicapped persons.

Amends the Urban Mass Transportation Act of 1964 to authorize the use of funds made available under such Act for the payment of operating subsidies in areas other than urbanized areas.

Removes the limitation that grants for managerial training programs under such Act be available only to students pursuing a graduate course of study.

Directs the Secretary of Transportation to require that projects receiving Federal financial assistance under such Act be planned and operated to allow effective utilization of mass transportation services by elderly and handicapped persons.

Directs the Secretary to require that, effective immediately, all structures and vehicles integrated into any new rapid rail system or other grade-separated fixed guideway system be accessible to such individuals.

Requires the establishment of local advisory committees in each geographical area receiving specified types of Federal assistance under such Act to be utilized in drawing up a detailed timetable for compliance with the requirements of this Act regarding accessibility to transportation services by the handicapped and elderly.

Requires that at least half the membership of such committees consist of elderly or handicapped persons.

Requires that all technical study grants for local transportation planning made under such Act include work elements necessary to produce a comprehensive local plan for meeting the mass transportation needs of such persons by July 1, 1978.

Directs the Secretary to establish a National Advisory Council on Accessibility of Mass Transportation to consult with the Secretary on all matters relating to mass transportation for elderly and handicapped persons. Requires that at least half the members of such Committee be elderly or handicapped persons.

Requires the Secretary to submit to the Congress by July 1, 1978, a comprehensive report on the mass transportation needs of such individuals.

Authorizes the Secretary to make grants and loans to private nonprofit corporations and associations and to State and local public bodies to assist them in providing mass transportation services for the elderly and handicapped.

Authorizes the Secretary to convert specified equipment and facilities loans made under the Urban Mass Transportation Act of 1964 and the Housing Amendments of 1955 into grants under specified conditions.