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United States Department of Transportation United States Department of Transportation

Railroad Rehabilitation & Improvement Financing (RRIF)

Looking for RRIF Express?

Learn more about our exciting pilot project for short line and regional railroads.

Why RRIF?

  • Low interest rate 
  • Interest does not accrue until proceeds are drawn 
  • Flexible amortization 
    • Up to 35 year repayment period 
    • Deferrable for 5 years after substantial project completion
  • No pre-payment penalty

RRIF Program Dashboard

This dashboard lists summary information for all projects actively seeking RRIF, and for which a final Letter of Interest (LOI) has been received. Project sponsors work with the Bureau to develop an LOI, after which DOT evaluates the eligibility and creditworthiness of the project. When the review is complete, the Bureau invites the project sponsor to apply for financing. Once DOT has reviewed the application and it has been approved by the Secretary, the credit agreement may be executed.

Project Sponsor Project Name Est. Project Cost Instrument Status Final LOI Received Final Application Received Credit Agreement Executed
Grenada Railway Central Mississippi Rural Railroad Project $42.4 million Direct Loan Credit Review Nov. 20, 2020    
Indiana Finance Authority West Lake Corridor Commuter Rail Project $878.3 million Direct Loan Credit Review March 8, 2021    

Program Overview

The RRIF program was established by the Transportation Equity Act for the 21st Century (TEA-21) and amended by the Safe Accountable, Flexible and Efficient Transportation Equity Act: a Legacy for Users (SAFETEA-LU), the Rail Safety Improvement Act of 2008, and the Fixing America’s Surface Transportation (FAST) Act. Under this program the Department of Transportation is authorized to provide direct loans and loan guarantees up to $35.0 billion to finance development of railroad infrastructure. Not less than $7.0 billion is reserved for projects benefiting freight railroads other than Class I carriers.

The funding may be used to:

  • Acquire, improve, or rehabilitate intermodal or rail equipment or facilities, including track, components of track, bridges, yards, buildings and shops, and including the installation of positive train control systems;
  • Develop or establish new intermodal or railroad facilities;
  • Reimburse planning and design expenses relating to activities listed above;
  • Refinance outstanding debt incurred for the purposes listed above; and
  • Finance transit-oriented development (credit assistance available until September 30, 2021).

Direct loans can fund up to 100% of a railroad project with repayment periods of up to 35 years and interest rates equal to the cost of borrowing to the government. 

Eligible borrowers include railroads, state and local governments, government-sponsored authorities and corporations, limited option freight shippers that intend to construct a new rail connection, and joint ventures that include at least one of the preceding.

Executed Loan Agreements

The table below lists all executed RRIF loan agreements since program inception.

FISCAL
YEAR

ORGANIZATION

STATUS

AMOUNT

2020 Massachusetts Bay Transportation Authority Active $851,150,000

2019

Dallas Area Rapid Transit

Active

$908,000,000

2019

Port of Everett

Active

$5,949,999

2018

Massachusetts Bay Transportation Authority

Active

$220,000,000

2016

Amtrak

Active

$2,450,000,000

2015

The Arkansas and Missouri Railroad Company

Active

$6,809,000

2015

Metropolitan Transportation Authority

Active

$967,100,000

2012

Alameda Corridor Transportation Authority

Active

$83,710,000

2012

Kansas City Southern Railway Company

Active

$54,648,000

2011

Northwestern Pacific Railroad Company and
North Coast Railroad Authority

Active

$3,180,000

2011

Amtrak

Retired

$562,900,000

2011

C&J Railroad

Retired

$56,204

2010

Denver Union Station Project Authority

Retired

$155,000,000

2010

Great Lakes Central Railroad

Active

$17,000,000

2009

Georgia & Florida Railways

Retired

$8,100,000

2009

Permian Basin Railways, Inc.

Retired

$64,400,000

2009

Iowa Interstate Railroad

Retired

$31,000,000

2007

Nashville and Eastern Railroad

Retired

$4,000,000

2007

Nashville and Eastern Railroad

Retired

$600,000

2007

Columbia Basin Railroad

Retired

$3,000,000

2007

Great Western Railway

Retired

$4,030,000

2007

Dakota Minnesota & Eastern Railroad

Retired

$48,320,000

2007

Iowa Northern Railroad

Retired

$25,500,000

2006

Virginia Railway Express

Retired

$72,500,000

2006

RJ Corman Railway

Retired

$11,768,274

2006

RJ Corman Railway

Retired

$47,131,726

2006

Wheeling & Lake Erie Railway

Retired

$14,000,000

2006

Iowa Interstate Railroad

Retired

$9,350,000

2005

Great Smoky Mountains Railroad

Active

$7,500,000

2005

Riverport Railroad

Active

$5,514,774

2005

The Montreal Maine & Atlantic Railway

Active

$34,000,000

2005

Tex-Mex Railroad

Active

$50,000,000

2005

Iowa Interstate Railroad

Retired

$32,732,533

2004

Stillwater Central Railroad

Retired

$4,675,250

2004

Wheeling & Lake Erie Railway

Retired

$25,000,000

2004

Dakota Minnesota & Eastern Railroad

Retired

$233,601,000

2003

Arkansas & Missouri Railroad

Retired

$11,000,000

2003

Nashville and Western Railroad

Active

$2,300,000

2002

Amtrak

Retired

$100,000,000

2002

Mount Hood Railroad

Active

$2,070,000

Total

$7,137,596,760

 

 

RRIF Credit Risk Premium (CRP) Cohort Definition

As required by the Continuing Appropriations Act, 2019, and the Save Our Seas Act of 2018, the Department of Transportation, in consultation with the Office of Management and Budget, has defined the term "cohorts of loans" as applicable to RRIF loans executed prior to the enactment of the FAST Act.  Click here for a list of each RRIF loan within each cohort.

Last updated: Friday, July 16, 2021