Foxx announces TIFIA funding availability

 U.S. Transportation Secretary Anthony Foxx late last week announced the availability of credit assistance for critical infrastructure projects through the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) program.

The federal Fixing America’s Surface Transportation Act (FAST Act) passed by Congress late last year authorized $1.435 billion in capital over five years for TIFIA. Projects eligible for credit assistance include passenger and freight rail, public transit, intermodal freight facilities, highways, and international bridges and tunnels, according to a U.S. Department of Transportation (USDOT) press release.

Additionally, for eligible small projects, the FAST Act allows TIFIA to reserve funding to help applicants offset the financial and legal services fees that TIFIA charges.

"The TIFIA credit program has a strong record of success in stimulating local economies and bringing critical transportation projects to communities that need them,” said Foxx. "This year, the added flexibility and streamlined review process should make it easier for a variety of applicants to take advantage of the funding opportunities, and to bring significant infrastructure developments to their neighborhoods."

The TIFIA program has provided $22.7 billion in credit assistance to support more than $82.5 billion in transportation infrastructure investments to help build 56 major transportation projects around the country.