U.S. Department of Transportation Launches New Regional Infrastructure Accelerators Program
Program will expedite delivery of transportation infrastructure projects through innovative finance and delivery methods; includes $5 million in financial support
WASHINGTON – The U.S. Department of Transportation today launched a new demonstration program to establish several Regional Infrastructure Accelerators (Accelerators), which will expedite delivery of transportation infrastructure projects through innovative finance and delivery methods. The Department’s Build America Bureau (the Bureau) issued a Notice of Funding Opportunity to solicit applications to designate Accelerators that will serve defined geographic areas, act as a resource to qualified entities within the designated areas, and demonstrate the effectiveness of these Accelerators to expedite the delivery of eligible projects through Federal credit assistance programs, including Transportation Infrastructure Finance and Innovation Act (TIFIA) and other innovative financing methods. A total of $5 million is available for the program.
“These Regional Infrastructure Accelerators will deliver projects more quickly to local communities through innovative financing methods,” said U.S. Transportation Secretary Elaine L. Chao.
The Accelerators will assist project sponsors in project planning, evaluating innovative financing options, accessing technical assistance and best practices, and developing a pipeline of projects ready for investment.
The Bureau will administer the Regional Infrastructure Accelerator program. The Bureau was established as a “one-stop shop” to streamline credit opportunities while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and operation.
During Secretary Chao’s tenure at Department, the Bureau has closed over $9.91 billion in TIFIA and Railroad Rehabilitation and Improvement Financing (RRIF) loans, supporting more than $33.16 billion in infrastructure investment across the country. Under Secretary Chao’s leadership, the Department has sought to address the unique challenges rural communities face in upgrading their infrastructure. Last year, Secretary Chao announced the Rural Opportunities to Use Transportation for Economic Success (ROUTES) Initiative to address disparities in rural transportation infrastructure investment. Additionally, the Department launched the TIFIA Rural Project Initiative (RPI) to assist rural communities in overcoming financial barriers that slow infrastructure investment in rural America.
For more information on the Regional Infrastructure Accelerators program and to learn more about the Build America Bureau, please visit https://www.transportation.gov/buildamerica/financing/tifia/regional-infrastructure-accelerators-program.