Transportation Infrastructure Finance and Innovation Act (TIFIA) Program

Department Of Transportation, Office Of The Secretary

To finance projects of national or regional significance by filling market gaps and leveraging substantial non-Federal and private co-investment. Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance is intended to facilitate the financing of projects that would otherwise have been significantly delayed because of funding limitations or difficulties accessing the capital markets. Through TIFIA, the USDOT provides Federal credit assistance to eligible highway, transit

Jargon-free version

Helps state and local governments and private companies pay for large transportation projects. Provides low-interest loans covering up to 49% of project costs.

Quick Facts

Funding
From $4,900,000
Deadline
Rolling
Status
Rolling Intake
Category
Regional & Community Development
Organization
Department Of Transportation, Office Of The Secretary

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What Is This Program?

The TIFIA Credit Program provides flexible, low-interest financing for various eligible surface transportation projects and project sponsors throughout the United States. Because the TIFIA Program offers credit assistance, rather than grant funding, its potential users are infrastructure projects capable of pledging revenue streams generated through user charges or other dedicated funding sources.

What Benefits Are Offered?

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Credit assistance for large-scale transportation infrastructure projects, including direct loans, loan guarantees, and standby lines of credit. Benefits include low, fixed interest rates (US Treasury rates), interest deferral until proceeds are drawn, flexible amortization, repayment periods of up to 35 years (up to 75 years in some cases), deferrable for five years after substantial project completion, and no pre-payment penalty. The program can finance up to 49% of eligible project costs and offers technical assistance.

Who Is Eligible?

Industries: transportation infrastructure, highway, transit, railroad, intermodal freight, port access, aviation, intelligent transportation systems, bicycle and pedestrian infrastructure, transit-oriented development

Region: United States

Other Criteria: Projects of regional and national significance, Eligible applicants include: State, Tribal, county, regional, and municipal governments; government-sponsored authorities (e.g., port authorities, transportation improvement districts); state infrastructure banks; and private entities, Minimum anticipated project costs: $10 million for Transit-Oriented Development, Local, and Rural Projects; $15 million for Intelligent Transportation System Projects; $50 million for all other eligible Surface Transportation Projects, Revenue-backed Public-Private Partnership (P3) projects must include at least 25% private co-investment, Senior debt and TIFIA loan must receive investment-grade ratings from at least two nationally recognized credit rating agencies (only one rating required if less than $75 million), Project must have a dedicated revenue source pledged to secure both the TIFIA and senior debt financing, Compliance with applicable federal requirements (e.g., Civil Rights, NEPA, Uniform Relocation, Buy America, Titles 23 and 49), Ability to satisfy creditworthiness standards, including adequate coverage requirements and ability to obtain investment-grade ratings on senior debt, Ability to foster partnerships that attract public and private investment for the project, Construction contracting process can commence no more than 90 days from execution of a TIFIA credit instrument, Project consistent with state transportation plan and, if applicable, included in metropolitan transportation plan, Project included in STIP (Statewide Transportation Improvement Program), Draft EIS circulated (or Categorical Exclusion/FONSI obtained); ROD obtained

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๐Ÿ† Detailed Application Guide

๐Ÿ“‹What Are the Application Steps & Timeline?

๐Ÿ“Steps to Apply
  • Engage with Bureau Outreach Staff to determine project needs
  • Submit Letter of Interest/Draft Application on a rolling basis
  • Provide additional information if requested by DOT
  • Make oral presentation to DOT upon invitation
  • Submit complete application upon invitation
  • DOT notifies regarding completeness of application
  • DOT staff prepare evaluation and make recommendation
  • DOT Council on Credit and Finance offers recommendation to the Secretary
  • DOT notifies regarding project approval
  • DOT issues term sheet, executes credit agreement, and obligates funds
  • DOT disburses funds upon satisfaction of conditions
๐ŸŒApplication Portal
https://www.transportation.gov/buildamerica/financing/tifia
๐Ÿ“คSubmission Method
online
๐Ÿ”„Intake Type
rolling

๐Ÿ“„What Documents Are Required?

โœ…Required Documents
  • Letter of Interest
  • Formal Application
  • Preliminary Rating Opinion Letter
  • Advisors' Fees Upfront Payment
  • Oral Presentation
๐Ÿ“Format Requirements
PDF only, max 10MB

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๐Ÿ’ฐWhat Expenses Are Eligible?

๐ŸงพEligible Expenses
  • construction costs
  • permanent financing of capital costs
  • project revenues
๐ŸšซIneligible Expenses
  • equity investor returns unless borrower is current on TIFIA interest payments
๐Ÿ“Expense Caps
Credit assistance limited to up to 49 percent of reasonably anticipated eligible project costs.
๐Ÿ’ณPayment Model
mixed
โชRetroactive Expenses Eligible
No

๐ŸคIs Matching Funding Required?

๐Ÿ”€Matching Required
Yes
๐Ÿ“ŠMatching Ratio
51% minimum
๐ŸฆEligible Matching Sources
  • cash
  • in-kind
  • private co-investment
๐Ÿ“šStacking Rules
Can combine with other government funding
๐Ÿ›ก๏ธProof of Matching Required
Documentation of private co-investment and project financing plans

๐Ÿ“ŠWhat Are the Reporting Requirements?

๐Ÿ—“๏ธReporting Frequency
annual
๐Ÿ“‘Reporting Requirements
  • SF-425 Federal Financial Report
  • performance progress report
๐Ÿ”Audit Requirements
OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards.
๐Ÿ“ขBranding Requirements
Acknowledgment of federal funding is required in project materials.
๐Ÿ—„๏ธRecord Retention Period
3 years post-final-report

How Do I Apply?

buildamerica@dot.gov
2023662300

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