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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Airports

Under the Bipartisan Infrastructure Law (BIL), the Build America Bureau can now consider Transportation Infrastructure Finance and Innovation Act (TIFIA) loans for airport-related projects, as defined in section 40117(a) of title 49. In addition, the Bureau can consider TIFIA or RRIF loans to support surface transportation projects at airports (such as consolidated rental car facilities and intermodal facilities) through other eligibilities as well. We encourage early coordination with the Bureau, so that we can help identify applicable requirements and potential opportunities.  As noted in the Credit Programs Guide, “…DOT expects recipients of TIFIA and RRIF credit assistance to comply with the domestic steel, iron, and other manufactured products content requirements of the applicable modal agency…”  The same applies to Prevailing Wage, DBE, and other applicable provisions.

Eligible Project Sponsors:

  • State DOTs
  • State Infrastructure Banks
  • Private Entities
  • Airport Authorities
  • County and Local Governments
  • Transportation Improvement Districts

Eligible projects under the BIL:

  • Airport planning and development, as defined at 49 USC 47102(3), undertaken by the sponsor, owner, or operator of a public-use airport
  • Airport terminal development, as defined at 49 USC 47102(28), including gates, access roads, and more
  • Airport noise compatibility planning
  • Noise compatibility measures, eligible under 49 USC 47504
  • Converting vehicles and ground support equipment to low-emission technology, as defined at 49 USC 47102(12)

Eligible projects under other TIFIA eligibility:

  • Consolidated rental car facilities
  • Transit/rail facilities

Credit Assistance for Airport Projects

TIFIA:

  • Borrow up to 33 percent of total eligible project costs
  • Low fixed interest rates equal to Treasury rates with maturities most equivalent to the term of the loan (typical 35-year loan = 30-year Treasury rate) 
  • Requires dedicated revenue source
  • Flexible amortization, up to 75 years for some projects
  • Accrues interest when funds are drawn
  • Optional five-year repayment deferral after substantial completion
  • No pre-payment penalty

Rural Project Initiative:

  • Outside urbanized areas of >150,000
  • Borrow up to 49 percent of total eligible project costs
  • Lower fixed interest rates at 1/2 the normal Treasury rate
  • Total eligible project costs must be between $10M and $100M
  • Waiver of advisor fees for projects with total eligible project costs under $75M