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NEWS HEADLINES |
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LaHood: Major Increase in TIFIA Funding |
DOT Secretary Ray LaHood announced today the availability of up to $17 billion in loans for critical U.S. infrastructure projects across the country through the Transportation Infrastructure Finance and Innovation Act (TIFIA). The recently enacted surface transportation authorization bill, the Moving Ahead for Progress in the 21st Century Act (MAP-21), provides $1.7 billion in TIFIA capital funding over two years, up from $120 million in Fiscal Year 2012.
“Americans have always done big things—not in spite of hard times, but as a means of overcoming them,” LaHood said. “That’s why the Obama Administration is launching the largest infrastructure loan program in our history: these investments will help cities and states create jobs right away building the big transportation projects we need to make sure our economy continues to grow and prosper.”
With the increased funding in MAP-21, TIFIA is now the largest transportation infrastructure finance fund in DOT’s history. Each dollar of federal funds can provide approximately $10 in TIFIA credit assistance, meaning $17 billion in loans through TIFIA, which in turn can leverage $20 billion-$30 billion in transportation infrastructure investment.
Altogether, the expanded federal loan program could result in up to $50 billion in federal, state, local and private sector investment for critical transportation projects across the country.
LaHood also announced establishment of the Project Finance Center to help state and local government project sponsors analyze financial options for public transit, rail, highway, intermodal, and other surface transportation projects facing funding challenges. |
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