U.S. Transportation Secretary Pete Buttigieg announced this week that the U.S. Department of Transportation’s Build America Bureau will offer low-cost, flexible financing for Transit-oriented Development projects at the maximum level authorized under law.
Buttigieg and USDOT are relying on the Transportation Infrastructure Finance and Innovation Act program, which helps project sponsors reduce costs, which leads to faster approval and execution of infrastructure projects. The program allows for borrowing up to 49% of eligible project costs for projects that meet eligibility requirements.
“There are countless promising transportation projects with the potential to better connect people to housing, jobs, schools, and more – but that never get off the ground because of a lack of financing,” Buttigieg said in a press release. “With TIFIA 49, we’ll be able to support more of them than ever, and lower costs for taxpayers.”
Before this announcement, construction eligible for 49% financing was limited to rural and INFRA programs. Now, USDOT can provide additional financing as well as technical assistance for project sponsors for any transit-related project.
Keep up with all government policies related to precast concrete, infrastructure and construction in general by bookmarking the National Precast Concrete Association’s Working for You page.