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.
The Railroad Rehabilitation and Improvement Financing (RRIF) Program provides direct loans and loan guarantees to aquire, improve, or rehabilitate intermodal or rail equipment or facilities.
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.
The Office of Small and Disadvantaged Business Utilization's (OSDBU) Short-Term Lending Program (SLTP) enables small businesses to gain access to the financing they need to participate in transportation-related contracts.
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.
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.
In 2004, the Department restructured the oversight and management of its credit programs to ensure the application of consistent credit policies and management practices across all DOT credit programs. The restructuring plan called for the establishment of a DOT Credit Council.
The DOT Credit Council has the following primary responsibilities:
- Set the Department's credit policies and oversee the Department's credit programs and allocation of tax exempt PABs;
- Review the financial analysis of proposed credit assistance and PAB allocations;
- Review on a regular basis the status of the outstanding loan portfolios of the Department's credit programs and PAB allocations; and
- Recommend the approval or disapproval of proposed credit assitance and PAB allocations.
Click here to acccess the meeting schedule and agenda of the Credit Council.