The U.S. Department of Transportation (U.S. DOT) this week announced the Build America Bureau will add $5 million in grants to the Regional Infrastructure Accelerators (Accelerators) Demonstration Program.
This brings the total investment to $10 million to expedite delivery of transportation infrastructure projects at the local and regional level.
“The Accelerators will identify and assist high priority projects that can take advantage of the billions of dollars available in the Bureau’s flexible, low-interest loans, providing an innovative financing mechanism to jump start transformative projects and assure they are delivered expeditiously to serve the public,” Build America Bureau Executive Director Morteza Farajian said in a statement. “We look forward to adding more Accelerators to expedite project development at the local level.”
U.S. DOT says this program serves an essential project development role that can focus resources, funding, and expertise to expedite planning, development, and delivery at the local and regional level. The Accelerators assist in project planning, evaluating innovative financing, accessing technical assistance and best practices, and developing a pipeline of projects ready for investment.
In the first round of Accelerators, announced last September, the Bureau selected five Regional Infrastructure Accelerators: Fresno, California; Chicago, Illinois; Cleveland, Ohio; San Diego, California; and Seattle, Washington— totaling $5 million—for support carrying out a range of projects, from rail intermodal complexes, to bridge rehabilitation, to electric vehicle infrastructure, and more.
U.S. DOT says the Infrastructure Investment and Jobs Act (IIJA)—signed by President Biden in November 2021—expands project eligibility for the Bureau’s credit program and extends maturity of the loans, giving borrowers additional flexibility.
SOURCE: U.S. DOT