DOT announces notice of funding availability for infrastructure projects

FAST Act authorizes more than $1.4B in credit assistance

Posted March 15, 2016

U.S. Department of Transportation, Secretary Anthony Foxx announced the availability of credit assistance for critical infrastructure projects across the country through the Transportation Infrastructure Finance and Innovation Act (TIFIA) program. Secretary Foxx encouraged states and cities across the country to submit letters of interest for direct loans, loan guarantees, and standby lines of credit through TIFIA as a result of the recently enacted Fixing America’s Surface Transportation Act (FAST Act).

The FAST Act authorizes $1.435 billion in capital over five years for the TIFIA credit assistance program.

A wide range of surface transportation infrastructure is eligible for TIFIA credit assistance, including highways, passenger and freight rail, public transit, intermodal freight facilities, and international bridges and tunnels. The FAST Act expands eligibility to include transit-oriented development and the capitalization of a rural projects fund within a state infrastructure bank.

In addition, for eligible small projects, the FAST Act allows TIFIA to reserve funding to offset the fees charged to applicants by TIFIA for financial and legal services.

According to the Department of Transportation, its Build America Transportation Investment Center (BATIC), which was announced in 2014, has expanded TIFIA’s ability to meet the needs of the nation’s transportation system. BATIC serves as a single point of contact and coordination for states, municipalities, and project sponsors looking to utilize federal transportation expertise, apply for federal transportation credit programs, and explore ways to access private capital in public private partnerships (P3s).

Additional information about the TIFIA program is available on the DOT website.

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