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Credit Oversight and Risk Management


DOT administers several credit programs that provide direct loans, loan guarantees, or lines of credit to support the construction of transportation projects and infrastructure. These credit programs maximize limited Federal resources by leveraging non-Federal co-investment and enabling eventual repayment of the taxpayer. The Office of Credit Oversight and Risk Management oversees these transportation investment credit programs as well as the Build America Transportation Investment Center. Michael Bouril manages the office. Below you will find links to more information about the office's credit programs, Build America, PABs, and the Credit Council.



The Transportation Infrastructure Finance and Innovation Act (TIFIA) of 1998 Program provides credit assistance for major surface transportation projects around the country.

Railroad Rehabilitation and Improvement Financing (RRIF) logo


The Railroad Rehabilitation and Improvement Financing (RRIF) Program provides direct loans and loan guarantees to acquire, improve, or rehabilitate intermodal or rail equipment or facilities.

MARAD logo


The Maritime Guaranteed Loan (Title XI) Program provides for a full faith and credit guarantee by the United States Government to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards.

Build America

Build America

The Build America Transportation Investment Center serves as a one-stop shop for state and local governments, public and private developers, and investors seeking to utilize innovative financing strategies for transportation infrastructure projects.

Private Activity Bonds (PABs)


The Department also allocates tax-exempt Private Activity Bonds (PABs), which allow private project sponsors to benefit from lower financing costs of tax-exempt municipal bonds.