USDOT expands financing for transit projects

The U.S. Department of Transportation has expanded its Transportation Infrastructure Finance and Innovation Act (TIFIA) program to include funding for transit and transit-oriented development projects.

Previously, the TIFIA program capped disbursed loans at 33% of eligible project costs. Under the new initiative, loans will be capped at 49% of eligible project costs, USDOT officials said in a press release.

The change is designed to help reduce costs and accelerate project delivery, they said.

Initiatives that meet the new criteria include:

• projects that construct or improve public transportation systems, including any capital projects or associated improvements eligible for Federal Transit Administration funding;
• joint development projects that involve coordinated improvement of transit infrastructure and non-transit facilities, including commercial and residential projects; and
• projects eligible for assistance under certain chapters of the U.S. Code.