To reinstate and transfer a hydroelectric license under the Federal Power Act to permit the redevelopment of a hydroelectric project located in the State of New York, and for other purposes.

Directs the Federal Energy Regulatory Commission (FERC) to: (1) reinstate the license for a specified hydroelectric project and to transfer it to the town of Stuyvesant, New York, within 30 days of enactment of this Act; and (2) extend the expiration of the term of such license upon the project's return to operation.

Declares that the project shall be entitled within a specified timeframe to the full benefit of any Federal legislation that promotes hydroelectric development.

Directs FERC to permit the town to add any private or public co-licensees to such reinstated license.

States that the town of Stuyvesant is entitled to receive loans under the Public Utility Regulatory Policies Act of 1978 for reimbursement of certain feasibility studies and development costs.