U.S. 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. 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. Historically, one dollar of TIFIA Program funds supported a TIFIA loan of approximately 14 dollars and resulted in infrastructure investment of up to $40, when taking into account other state, local and private sector investments.
A wide range of surface transportation infrastructure projects are 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. Because of the flexibility provided by the TIFIA programs, many qualified, small-scale and large-scale projects that might otherwise be delayed or shelved can move forward quickly, providing an immediate boost to jobs while laying a foundation for continued economic growth.
To date, the TIFIA program has provided $22.7 billion in credit assistance to support more than $82.5 billion in transportation infrastructure investments to help build 56 major transportation projects around the country.