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5/25/2021
The U.S. Department of Transportation (USDOT) has issued new guidance to clarify the eligibility of transit-oriented development (TOD) projects for specific department resources.
The USDOT's Build America Bureau developed the guidance for public and private entities seeking loans for TOD projects through the Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation and Improvement Financing (RRIF) programs.
The guidance is intended to help project sponsors understand the parameters for TOD projects to qualify for financing under the TIFIA and RRIF loan programs, USDOT officials said in a press release.
Congress, under the Fixing America’s Surface Transportation (FAST) Act, determined that TIFIA and RRIF financing could support TOD projects, but the department had not set clear eligibility guidelines, which became a barrier to using these funds for that purpose, according to USDOT. The new guidance opens the door to project sponsors interested in pursuing transit oriented development in keeping with the Biden-Harris administration's priorities, the department said.
There is nearly $100 billion of lending capacity available through the TIFIA and RRIF programs.
The new guidelines can be read here.