DOT Expands Funding Eligibility for Low-Cost Transit-Oriented Development Funding
Eligible applicants: local governments, local authorities. Applications are due: NA
DOT’s Transportation Infrastructure Finance and Innovation Act (TIFIA) program today announced that it would provide low-cost financing for up to 49% of eligible projects, up from the previous cap of 33%. More information about the TIFIA program can be found below.
About TIFIA:
Overview and Eligible Uses: Funding can finance transit and transit-oriented development (TOD) projects that improve or construct public infrastructure or advance economic development. Transit projects can include capital projects or associated improvement infrastructure or vehicles for public transportation systems, such as bus, subway, light rail, commuter rail, trolley, or ferry, etc. Eligible TOD projects include those within walking distance of a transit facility or include commercial or residential development.
Amount: Projects may borrow up to 49 percent of eligible project costs. The total project cost must be at least $10 million.
TIFIA has favorable terms including low interest rates (Treasury rate), interest does not accrue until proceeds are drawn, flexible amortization, up to 35 year repayment period (Bipartisan Infrastructure Law allows up to 75 years for some projects), deferrable for five years after substantial project completion and no pre-payment penalty.
Award Type: Direct loan, loan guarantee, or standby line of credit
Eligible Applicants: Eligibility is broad: Public or private entities that finance, design, construct, own, or operate eligible projects (e.g., departments of transportation, local government, transit agencies, special authorities, etc.)
Key Dates: Applications are reviewed on a rolling basis
Key Links:
For a full list of currently available grant programs under the Infrastructure Law and other helpful tools, take a look at our Helpful Resources page.
This tracker will continue to send updates when new funding opportunities are announced.