U.S. Department of Transportation Celebrates the Build America Bureau’s 5th Anniversary with a Virtual Event Featuring Deputy Secretary Polly Trottenberg and Former Secretary Anthony Foxx
WASHINGTON – Deputy Transportation Secretary Polly Trottenberg and former Transportation Secretary Anthony Foxx celebrated the U.S. Department of Transportation’s Build America Bureau , marking five years of the Bureau’s work offering innovative finance programs and technical assistance to state and local partners across the country.
“The Bureau was created under the Obama Administration with a simple goal: creating a simplified, one-stop shop for cities and states and transportation agencies trying to find innovative financing for infrastructure projects,” said Deputy Transportation Secretary Polly Trottenberg. “Today, as we stand on the precipice of passing a major transportation bill, the mission of the Build America Bureau has never been more important.”
Since its creation, the Bureau has closed over 50 loans totaling over $20 billion, to projects in eight states and is accelerating the number of loans being awarded. In FY2021, the Bureau set records both with the number of loans and the dollar value with just under $10 billion of closed loans, and the Bureau projects an even better year in FY2022, with many project sponsors already working with Bureau staff to develop their applications.
“The Build America Bureau, through outreach and development will continue to provide technical assistance to regional transportation agencies to deliver their projects faster and more efficiently,” said Morteza Farajian, Executive Director, Build America Bureau.
The event was highlighted by two major announcements by the Bureau. The Regional Infrastructure Accelerators Demonstration Program (RIA) selection of five recipients to receive a total of $5 million and the first ever INFRA Extra project Designations. These 44 project selections around the country will be eligible for credit assistance for up to 49% of costs. These projects made it to the final round for funding under the 2021 INFRA competitive grant program but were not awarded due to a combination of overwhelming demand for INFRA grants and limited funds.
The Bureau utilizes the full resources of all the modes within DOT and continues to promote a culture of innovation and customer service. The Bureau serves as a single entity in charge of DOT credit, large scale, and intermodal project development, and a single point of contact for working with DOT on infrastructure finance and development.