Notice of Funding Opportunity Coming Soon!

Learn more about the 45 Innovative Finance and Asset Concession (IFAC) grant program recipients or view the list of FY22-24 awards.

Please check back here or subscribe to email updates for information on the FY 2025 Notice of Funding Opportunity. Materials from the previous application cycle are available in the Resource Section of this page. 

Page Contents

Program Overview 

Resources and Additional Information

Program Overview

Authorized by the Infrastructure Investment and Jobs Act (IIJA), this new program assists public entities in exploring innovative financing and delivery opportunities, including facilitation and evaluations of public-private partnerships for Transportation Infrastructure Finance and Innovation Act (TIFIA) eligible projects. 

Types of Grants:

• Technical Assistance –
  • Asset Scan – conduct assessments of multiple existing assets
  • Program of Existing Assets – conduct pre-construction tasks that consider innovative financing and delivery to achieve project goals
• Expert Services -
  • Explore opportunities to leverage public and private funding or alternative approaches to project delivery or procurement of an identified asset or group of assets  
  • More than one asset may be developed as long as the proposed activities pertain to specific projects and are not programmatic in scope

Eligibility

Eligible applicants are public entities that own, control, or maintain assets that could be enhanced through Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance.  Additional information is available in the frequently asked questions (FAQs).

Funding Available

The IIJA authorizes $100 million over five fiscal years (FY 2022-2026) for the program. The FY2022-FY2024 Notice of Funding Opportunity (NOFO) funding availability was up to $57.72 million. No more than $4 million can be awarded to grantees in a single state during any three-year period. Only one agreement can be awarded per recipient.

Cost Sharing and Matching

The maximum value of cooperative agreements is $2 million. Cooperative agreements of up to $1 million are offered at 100 percent federal share (no required non-federal match). Amounts in excess of $1 million are offered at 50 percent federal share (50 percent required non-federal match). For example, a cooperative agreement of $2 million in federal aid would be matched by $1 million of non-federal funds, supporting a $3 million effort.

Please sign up for email updates and email InnovativeFinanceTA@dot.gov with any questions.