The US DoT has now released its public request for letters of interest for TIFIA supported projects. Generally, TIFIA can support the finance of a wide range of transport infrastructure projects including highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure. Eligible highway facilities include interstates, state highways, bridges, toll roads, international bridges or tunnels, and any other type of facility eligible for grant assistance under title 23, the highways title of the U.S. Code (23 U.S.C.).
Pursuant to the recently enacted Fixing America’s Surface Transportation Act (the FAST Act), the DOT announces the availability of funding authorized in the amount of $1.435 billion ($275 million in Fiscal Year (FY) 2016 funds, $275 million in FY 2017 funds, $285 million in FY 2018 funds, $300 million in FY 2019 funds, and $300 million in FY 2020 funds (and any funds that may be available from prior fiscal years)) to provide TIFIA credit assistance for eligible projects. The FY 2016-2020 authorized funds are subject to an annual obligation limitation that may be established in appropriations law. The amount of TIFIA funding authority available in a given year may be less than the amount authorized for that fiscal year. Under TIFIA, the DOT provides secured (direct) loans, lines of credit, and loan guarantees to public and private applicants for eligible surface transportation projects. Projects must meet statutorily specified eligibility criteria to receive credit assistance.
This notice outlines the process that project sponsors must follow in seeking TIFIA credit assistance. The DOT is publishing this notice to give project sponsors an opportunity to submit Letters of Interest for the newly authorized funding as soon as possible. However, in addition to authorizing funding for TIFIA credit assistance, the FAST Act made a number of changes to the TIFIA program’s structure, including the terms and conditions pursuant to which the DOT can provide TIFIA credit assistance. This notice outlines certain changes made by the FAST Act and invites interested parties to submit comments about the DOT’s implementation of the FAST Act and the DOT’s guidance for awarding TIFIA credit assistance. Unless otherwise noted, statutory section references in this notice are to sections of title 23 of the U.S. Code, as amended by the FAST Act, which took effect as of October 1, 2015.
Letter of Interest Submission: All project sponsors wishing to apply for TIFIA credit assistance must first submit a Letter of Interest, as more fully described in this notice of funding availability. Only after a project sponsor has submitted a Letter of Interest and demonstrated the satisfaction of all statutory eligibility requirements will the project sponsor be invited to submit an application. Letters of Interest will be received on a rolling basis using the form on the TIFIA Web site: https://www.transportation.gov/tifia/applications.
Eligible Projects and Costs
Highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure projects may receive credit assistance through the TIFIA Program. Eligible highway facilities include interstates, state highways, bridges, toll roads, international bridges or tunnels, and any other type of facility eligible for grant assistance under title 23, the highways title of the U.S. Code (23 U.S.C.).
This also includes a category specifically permitted under the TIFIA statute, i.e., a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible.
Eligible transit projects include the design and construction of stations, track, and other transit-related infrastructure, purchase of transit vehicles, and any other type of project that is eligible for grant assistance under the transit title of the U.S. Code (chapter 53 of 49 U.S.C.).
Additionally, intercity bus vehicles and facilities are eligible to receive TIFIA credit assistance.
Rail projects involving the design and construction of intercity passenger rail facilities or the procurement of intercity passenger rail vehicles are eligible for TIFIA credit assistance.
Public freight rail facilities, private facilities providing public benefit for highway users by way of direct freight interchange between highway and rail carriers, intermodal freight transfer facilities, projects that provide access to such facilities, and service improvements (including capital investments for intelligent transportation systems) at such facilities, are also eligible for TIFIA credit assistance.
In addition, a logical series of such projects with the common objective of improving the flow of goods can be combined.
Projects located within the boundary of a port terminal are also eligible to receive TIFIA credit assistance, so long as the project is limited to only such surface transportation infrastructure modifications as are necessary to facilitate direct intermodal interchange, transfer, and access into and out of the port.
MAP-21 expands eligibility to encourage rural infrastructure projects. As much as 10% of the TIFIA Program’s budget authority can be set aside to fund the subsidy cost of secured loans for rural infrastructure projects at a reduced interest rate of one-half of the Treasury Rate.
Rural infrastructure projects are defined as surface transportation infrastructure projects located in any area other than a city with a population of more than 250,000 inhabitants within the city limits.
In reviewing Letters of Interest for rural infrastructure projects, the DOT may prioritize rural infrastructure projects to receive the reduced rate based on the project’s: (i) location outside of an urbanized area (as defined in Section 101(a)(34)), (ii) alignment with MAP-21’s reduced total minimum eligible project cost requirement of $25 million for rural infrastructure projects, and (iii) readiness to proceed.
Additionally, MAP-21 expands eligibility to include related transportation improvement projects grouped together in order to reach the minimum cost threshold for eligibility, so long as the individual components are eligible and the related projects are secured by a common pledge
See more at: https://www.transportation.gov/tifia/chapter-3-eligibility-requirements#sthash.9CaLB8v3.dpuf
