1. Short title This Act may be cited as the Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act . 2. Transportation infrastructure finance and innovation program (a) Eligibility Section 602(a)(2) of title 23, United States Code, is amended— (1) in subparagraph (A)(iv)— (A) by striking a rating and inserting an investment-grade rating ; and (B) by striking $75,000,000 and inserting $150,000,000 ; and (2) in subparagraph (B)— (A) by striking the senior debt and inserting senior debt ; and (B) by striking credit instrument is for an amount less than $75,000,000 and inserting total amount of other senior debt and the Federal credit instrument is less than $150,000,000 . (b) Streamlined application process Section 603(f) of title 23, United States Code, is amended by adding at the end the following: (3) Additional terms for expedited decisions (A) In general Not later than 120 days after the date of enactment of this paragraph, the Secretary shall implement an expedited decision timeline for public agency borrowers seeking secured loans that meet— (i) the terms under paragraph (2)