On July 27 U.S. Transportation Secretary Ray LaHood announced the availability of more than $16 billion in Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance for critical infrastructure projects across the country as a result of the recently enacted surface transportation bill — MAP-21.
MAP-21’s TIFIA amendments provide $1.75 billion in budget authority over two years for the TIFIA credit assistance program and will be the largest transportation infrastructure finance fund in the U.S. Department of Transportation’s (DOT) history. Each dollar of federal funds — except funds to pay program administrative costs — can provide approximately $10 in TIFIA credit assistance (or approximately $16.1 billion) and can leverage up to $20 billion to $30 billion in transportation infrastructure investment. As a whole, the federal loan program could support up to $50 billion in federal, state, local and private sector investment.
To date, the