On July 7, the U.S. Department of Transportation’s (USDOT) Build America Bureau announced a policy update to the Transportation Infrastructure Finance and Innovation Act (TIFIA) credit program that will allow all types of transportation infrastructure projects to finance up to 49 percent of eligible costs as authorized by TIFIA legislation.
Due to a longstanding DOT policy, only limited kinds of projects could finance up to 49 percent, while most were capped at up to 33 percent, presenting a roadblock for many project sponsors seeking to build critical infrastructure.
“Unleashing the full value of the TIFIA program represents another step forward in getting America building again,” said Sean Duffy, U.S. transportation secretary. “It’s common sense to allow all eligible projects the same access to our low-interest financing opportunities. This update is the result of extensive analysis, successful pilot programs and listening to feedback from our partners.”