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Foxx Announces Plan to Streamline DOT's Financing, Grantmaking; Calls Build America Bureau 'One-Stop Shop'
DOT Secretary Anthony Foxx recently announced that DOT has established the Build America Bureau, which will combine several public transportation infrastructure-related programs, streamline credit and grant opportunities, provide technical assistance and encourage best practices in planning, financing, delivery and monitoring.
The bureau combines the Transportation Infrastructure Finance and Innovation Act (TIFIA), Railroad Rehabilitation and Improvement Financing (RRIF), the private activity bond (PAB), the Build America Transportation Investment Center (BATIC) and the new $800 million Fostering Advancements in Shipping and Transportation for the Long-term Achievement of National Efficiencies (FASTLANE) grant program.
“The Build America Bureau will be a one-stop shop to help develop projects and provide financing in a single streamlined, effective and comprehensive manner,” Foxx said. “It will allow DOT to be responsive to America’s changing transportation needs and opportunities so we can deliver real, tangible infrastructure development for local, regional and national population centers.”
How It Will Work
The bureau will use resources from all the DOT modes to create one entity in charge of DOT credit, large scale and intermodal project development and to provide a single point of contact for working with DOT on infrastructure finance.
The bureau outreach and development team, continuing the work of the BATIC, will collaborate with project sponsors to help combine DOT credit, funding and project delivery approaches (such as P3s) and then offer technical assistance.
DOT’s credit team will be able to underwrite loans from multiple sources so the customers no longer get a TIFIA or RRIF loan, but a single credit package from DOT to help them build the infrastructure they need. In addition, officials said, the bureau will manage the application and evaluation process for the FASTLANE program, which funds high-impact projects.
BATIC, which was announced in 2014, coordinates DOT support for states, municipalities and project sponsors looking for federal transportation expertise in applying for federal transportation credit programs and exploring ways to access private capital in P3s. Since BATIC was formed, DOT officials said the department has closed more than $10 billion in financing to support $26 billion in projects.
For more on the center’s role in P3s, see BATIC Executive Director Andrew Curtis Right’s “Commentary” in the Jan. 11 Passenger Transport.
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| DOT Secretary Anthony Foxx recently announced that DOT has established the Build America Bureau, which will combine several public transportation infrastructure-related programs, streamline credit and grant opportunities, provide technical assistance and encourage best practices in planning, financing, delivery and monitoring. |
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