WASHINGTON (dpa-AFX) - The U.S. Department of Transportation's Build America Bureau has announced a policy update to the Transportation Infrastructure Finance and Innovation Act credit program that will allow all types of transportation infrastructure projects to finance up to 49 percent of eligible costs as authorized by TIFIA legislation.
Due to a long-standing DOT policy, only limited kinds of projects could finance up to 49 percent, while most were capped at up to 33 percent, presenting a roadblock for many project sponsors seeking to build critical infrastructure.
'It's common sense to allow all eligible projects the same access to our low-interest financing opportunities. We are building infrastructure easier, quicker, and cheaper. This update is the result of extensive analysis, successful pilot programs, and listening to feedback from our partners,' said U.S. Transportation Secretary Sean P. Duffy.
The Bureau's TIFIA credit program provides flexible, long-term, low-interest loans that enable public and private project sponsors to accelerate the delivery of infrastructure at a lower financing cost and must be repaid using non-Federal funding.
'The TIFIA loan program has proven to be a highly effective tool, supporting the delivery of more than $150 billion in infrastructure investment through over $52 billion in flexible, low-cost loans. This policy update will ensure the program remains available at full capacity to support our private and local partners,' said Build America Bureau Executive Director Morteza Farajian.
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