Construction Reserve Fund
Department Of Transportation, Maritime Administration
To promote the construction, reconstruction, reconditioning, or acquisition of merchant vessels built and documented under the laws of the United States for purposes of national defense and the development of U.S. commerce.
Jargon-free version
Helps U.S. vessel owners defer taxes when they sell or lose a ship, as long as the money is used to build or buy new vessels. This supports the growth of the U.S. maritime industry.
Quick Facts
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What Is This Program?
What Benefits Are Offered?
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📋What Are the Application Steps & Timeline?
- 📝Steps to Apply
- Complete the Grants.gov registration process (2-4 weeks)
- Submit final applications through Grants.gov
- Deposit funds into a CRF account within 60 days of receiving payment or indemnity
- Obligate deposited funds under a contract for construction or acquisition of a new vessel within three years
- Expend at least 12.5% of the vessel price and complete 5% of the work on the vessel
- 🌐Application Portal
- https://www.grants.gov/applicants/grant-applications/how-to-apply-for-grants
- 📤Submission Method
- online
- 🔄Intake Type
- fixed-deadline
📄What Documents Are Required?
- ✅Required Documents
- SF-424 (Application for Federal Assistance)
- SF-424A (Budget Information - Non-Construction)
- SF-424B (Assurances)
- Project Narrative
- Budget Narrative
- Indirect cost rate agreement
- 📐Format Requirements
- PDF only, max 10MB
- 📥Templates Available
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💰What Expenses Are Eligible?
- 🧾Eligible Expenses
- Proceeds from the sale of a vessel
- Indemnities for the loss of a vessel
- Earnings from the operation of a documented vessel
- Interest or other amounts accrued on deposits in the fund
- 🚫Ineligible Expenses
- Costs not associated with the construction, reconstruction, or acquisition of a new vessel
- 💳Payment Model
- mixed
- ⏪Retroactive Expenses Eligible
- No
🤝Is Matching Funding Required?
- 🔀Matching Required
- Yes
- 📊Matching Ratio
- 12.5% minimum
- 🏦Eligible Matching Sources
- proceeds from the sale of a vessel
- indemnities for the loss of a vessel
- earnings from the operation of a documented vessel
- interest accrued on deposits
- 📚Stacking Rules
- Combining with other government funding is not mentioned.
- 🛡️Proof of Matching Required
- The taxpayer must make the election in the taxpayer's income tax return for the taxable year in which the gain was realized.
📊What Are the Reporting Requirements?
- 🗓️Reporting Frequency
- null
- 📑Reporting Requirements
- Quarterly Project Progress Report
- SF-425 Federal Financial Report
- 🔍Audit Requirements
- OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards.
- 📢Branding Requirements
- null
- 🗄️Record Retention Period
- null
How Do I Apply?
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FAQFrequently Asked Questions
Visit the program page for detailed eligibility requirements.
Contact the program administrator for funding details.
This program accepts applications on a rolling basis.
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