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3/11/2024
The U.S. Department of Transportation's Build America Bureau today released a notice of funding opportunity (NOFO) for a new program that makes $100 million available over five years to assist public entities in facilitating and evaluating public-private partnerships and exploring innovative financing and delivery opportunities for Transportation Infrastructure Finance and Innovation Act (TIFIA) eligible projects.
The new Innovative Finance and Asset Concession Grant Program is authorized under the Infrastructure Investment and Jobs Act of 2021.
The NOFO allocates funds for fiscal years 2022, 2023 and 2024 totaling $57.7 million. Grants up to $2 million are available, with the first $1 million requiring no local match. Applications are due May 9.
"The grants will allow local and state leaders the opportunity to explore innovative financing solutions by accessing external expertise and building internal support," said U.S. Deputy Transportation Secretary Polly Trottenberg in a press release.
Eligible applicants include states, tribal governments, local governments, special purpose public authorities, or agencies chartered by a state, tribal, or local government. Two types of grants are available under the new program: technical assistance grants and expert services grants.