(Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 94-365) Provides, under the Urban Mass Transportation Act of 1964, for the payment of subsidies of operating expenses for mass transportation projects located in areas other than urbanized areas. Authorizes the Secretary of Transportation to make grants to States and private mass transportation operators to provide fellowships for training of personnel employed in the urban mass transportation fields. Declares it to be the national policy that elderly and handicapped persons have the same right as other persons to utilize mass transportation facilities and services. Requires the Secretary of Transportation to insure that any project receiving Federal financial assistance under the Urban Mass Transportation Act of 1964 have facilities accessible to elderly and handicapped persons. Specifies that effective immediately, any new vehicle, station, building, or other structure for any new rapid rail system or for extension to an existing rapid rail system, and any new bus or other step-entry vehicle shall insure accessibility by elderly and handicapped persons. Requires the Secretary to establish a National Advisory Council on Mass Transportation for Elderly and Handicapped. Authorizes the Secretary to make grants and loans to States and local public bodies for the specific purpose of providing mass transportation services to meet the special needs of elderly and handicapped persons. Allows the Secretary to convert equipment and facilities loans made pursuant to the Urban Mass Transportation Act of 1964 and the Housing Amendments of 1955, to grants, under conditions stipulated, to mass transportation projects. Requires the Secretary to report to Congress on or before February 1, 1976, a detailed estimate of the cost of grants to be made for providing public mass transportation service for each fiscal year from 1977 to 1981.