A bill to amend the Urban Mass Transportation Act of 1964 to require new fixed guideway projects to have local private sector financial commitment of not less than 10 percent of the cost of construction.

Amends the Urban Mass Transportation Act of 1964 to require that fixed guideway system construction or extension proposals include a local private sector financial commitment of at least ten percent of the construction cost before a grant or loan may be made for such a project.

Directs the Secretary of Transportation to report to the Congress regarding the local private sector financial commitment for each project, and the effect of such requirement upon project selections.