This bill aims to provide significant regulatory relief and increase flexibility for transit agencies, particularly those in smaller urbanized areas, by streamlining federal funding and administrative processes. It mandates the earlier apportionment of certain formula funds to States and urbanized areas under 1,000,000 in population by December 1 of the fiscal year, ensuring quicker access to essential resources. Additionally, the bill extends the availability of bus formula funds from three to five fiscal years, granting agencies more time and flexibility for capital investments. To reduce administrative burdens, the legislation allows transit agencies to use remaining funds from asset disposition for other capital projects and directs the Secretary to minimize documentation for projects seeking categorical exclusion from environmental reviews. It also encourages early consultation with State Historic Preservation Offices to expedite project approvals. Furthermore, the bill requires the Secretary of Transportation to review and consolidate reporting requirements for discretionary grant recipients within one year, and streamlines the Federal Transit Administration's triennial review process by focusing on previous and common deficiencies, rather than a comprehensive review, further easing compliance burdens on transit agencies.