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3/2/2021
U.S. Sens. Maggie Hassan (D-N.H.) and John Thune (R-S.D.) have reintroduced the Railroad Rehabilitation and Financing Innovation Act, a bill aimed at improving the Railroad Rehabilitation and Improvement Financing (RRIF) loan program that provides direct loans to help develop passenger railroads and short lines.
The legislation would provide dedicated funding for RRIF financing costs, streamline the application process and extend loan terms for certain assets, the senators said in a press release.
The RRIF program was originally designed to provide stable financing to small railroads for infrastructure investments.
"Unfortunately, short lines are often unable to afford the time and expense associated with the current RRIF application process, discouraging them from using the program," said Thune. "This legislation makes necessary updates to RRIF so short lines are better able to use the program as originally intended."
The legislation would improve financing options for passenger-rail lines, as well. For example, the loan program could be used to help finance such projects as the Capitol Corridor project that would connect Manchester and Nashua, New Hampshire, to Boston via commuter rail, said Hassan.
"Infrastructure investments will be a critical part of our economic recovery form the COVID-19 pandemic," she said.