Accessibility

LaHood announces availability of TIFIA funding

Posted on July 27, 2012

U.S. Transportation Secretary Ray LaHood announced the availability of up to $17 billion in loans for critical infrastructure projects across the country, encouraging states and cities across the country to submit letters of interest for the TIFIA (Transportation Infrastructure Finance and Innovation Act) program, which provides direct loans, loan guarantees, and standby lines of credit to major infrastructure projects with the potential to create jobs and spur economic development and growth.

“Americans have always done big things — not in spite of hard times, but as a means of overcoming them,” said U.S. Transportation Secretary Ray LaHood. “That’s why the Obama Administration is launching the largest infrastructure loan program in our history – these investments will help cities and states create jobs right away building the big transportation projects we need to make sure our economy continues to grow and prosper.”

The recently enacted surface transportation bill, known as MAP-21, provided $1.7 billion in capital over two years for the TIFIA credit assistance program, up from $120 million in FY2012, making it the largest transportation infrastructure finance fund in the U.S. Department of Transportation’s (U.S. DOT) history.

Each dollar of federal funds can provide approximately $10 in TIFIA credit assistance, meaning $17 billion in loans through TIFIA, which in turn can leverage $20 billion to $30 billion in transportation infrastructure investment. Altogether, the expanded federal loan program could result in up to $50 billion in federal, state, local and private sector investment for critical transportation projects across the country.

A wide range of critical transportation projects are eligible for the funding, including everything from highway and passenger rail projects to public transit and international bridges and tunnels. Because of the flexibility provided by the TIFIA programs, many qualified, 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 used $9.2 billion in funding to leverage more than $36.4 billion in private and other capital to help build 27 major transportation projects around the country.

In addition to announcing the availability of the expanded TIFIA funding, Secretary LaHood also announced the establishment of the Project Finance Center (PFC) to help state and local government project sponsors analyze financial options for highway, transit, rail, intermodal and other surface transportation projects facing funding challenges.

Through the PFC, the U.S. DOT will have a unique opportunity to provide technical assistance to state and local sponsors of surface transportation projects seeking financial support, making it easier for communities to build the transportation projects they need.

View comments or post a comment on this story. (0 Comments)

More News

Investigation finds issues with Miami-Dade paratransit contract

At various times, the county paid too much when prices should have decreased, missed deadlines to seek damages from its contractor for alleged substandard performance and failed to accurately calculate the most basic of contract functions — cost of living adjustments.

KCATA taking over neighboring city's transit services

The new contract, which begins July 1, enables city of Independence riders with disabilities who depend on paratransit services would only need to make one phone call to get transportation.

Fla. paratransit driver fired for driving drunk, injuring customer

The driver was spotted driving poorly, before slamming his brakes, causing a 90-year-old passenger to fall to the floor. According to the arrest report, the driver's blood alcohol content was more than three times the legal limit.

Website helps commuters tap multimodal options

CarFreeAtoZ plans trips in a manner similar to Google Maps or Mapquest, but it combines different transit options, such as walking, using the Metro and biking.

Tech. breakthroughs inspire personal mobility device design

Models coming on the market or in development can climb stairs, turn tight corners, make their way over trails, and are lighter and easier to maneuver than earlier generations.

See More News

Post a Comment

Post Comment

Comments (0)



More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close