Replaces the text of subsection 601(a)(12)(G) to define eligible projects to include construction or improvement of aviation-related facilities (including equipment), regardless of revenue-producing purposes or public accessibility, that facilitate, preserve, enhance, or expand air transportation, access to air transportation (including surface transportation, rental car, and parking facilities), movement of passengers/baggage/cargo, or the safety or security of airport users.

Modifies paragraph (3) to add an exception for projects described in 601(a)(12)(G).

Replaces the phrase "eligible project costs" with "a Federal credit instrument" in paragraph (5)(B)(iii).

Adds a new subparagraph (C) stating that specified waiver-condition subparagraphs shall not be required for projects described in 601(a)(12)(G) to receive a waiver under this paragraph.

Strikes a dollar-threshold phrase referencing eligible project costs and inserts language referencing a TIFIA loan amount.