1. Short title This Act may be cited as the Generating American Income and Infrastructure Now Act . 2. Required sale of distressed notes and other obligations (a) In general (1) Coordination of sale of distressed notes The Secretary of Agriculture shall sell, under terms established by the Secretary of the Treasury, distressed notes and other obligations held by the Department of Agriculture. (2) Deposit of proceeds Of the proceeds from the sale of the notes and obligations pursuant to paragraph (1)— (A) 50 percent shall be deposited in an account specifically designated for purposes of carrying out infrastructure projects in low-income communities (as defined in section 45D(e) of the Internal Revenue Code of 1986); and (B) 50 percent shall be retained in the Treasury for purposes of deficit reduction. (b) Terms and procedures of sales (1) Fair market valuation The Secretary of the Treasury shall consult with the Secretary of Agriculture to establish a fair market valuation for the sale of the distressed notes or other obligations pursuant to this section. (2) No recourse or liability The sale of distressed notes or other obligations pursuant to this section shall be on a nonrecourse basis. The Secretary of Agriculture and any subsequent purchaser of such notes or other obligations sold on a nonrecourse basis shall be relieved of any responsibilities that might have been imposed had the borrower remained indebted to the Secretary of Agriculture. (3) Contract provisions The sale of distressed notes or other obligations pursuant to this section shall not alter the terms specified in the note or other obligation. (4) Notification