Innovative Finance and Asset Concession Grant Program
Notice of Funding Opportunity Now Available!
$45.98 Million Available – Applications Due October 1, 2025
The Innovative Finance and Asset Concession Grant Program Notice of Funding Opportunity (NOFO) provides up to $45.98 million to help public entities scan their existing assets to unlock their value and explore innovative financing, alternative delivery, and public-private partnership opportunities. Grants up to $2 million are available, with the first million requiring no local match.
Two types of grants are available under the program: Technical Assistance Grants and Expert Services Grants. Applicants can apply for either type of grant but must choose one. Applications must be submitted through grants.gov by October 1, 2025, at 11:59 p.m. ET. More information about the NOFO and eligibility requirements can be found below.
The Build America Bureau will hold a free informational webinar on August 27, 2025, at 2:00 p.m. ET. Register for the webinar. Participation is not required, but is strongly recommended for applicants to learn more about the program and its requirements. For accommodations, please contact InnovativeFinanceTA@dot.gov by August 20, 2025. The recording and a copy of the presentation slides from the webinar will be posted on this webpage following the event.
Page Contents
Current Notice of Funding Opportunity
Resources and Additional Information
Program Overview
The Innovative Finance and Asset Concession (IFAC) Grant Program, established by the Infrastructure Investment and Jobs Act (IIJA) in 2021, authorizes $100 million over five years to assist 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.
Two types of grants are available under the program:
- Technical Assistance Grants can be used for –
- Asset Scans: Conduct assessments of multiple existing assets.
- Advancing a Program of Existing Assets: Conduct pre-construction tasks that consider innovative financing and delivery to achieve project goals.
For Technical Assistance Grants, two or more existing assets must be bundled together for joint analysis.
- Expert Services Grants can be used for –
- Exploring opportunities to leverage public and private funding or alternative approaches to project delivery or procurement of an identified asset or group of assets.
For Expert Services Grants, more than one asset may be developed as long as the proposed activities pertain to specific projects and are not programmatic in scope.
Current Notice of Funding Opportunity
The current NOFO combines funding from fiscal years (FY) 2024, 2025, and 2026 (if available) for a total of $45.98 million. Grants up to $2 million are available, with the first million requiring no local match. No more than $4 million can be awarded to recipients in a single state during any three-year period, and only one agreement can be awarded per recipient. Before developing an application, those interested should thoroughly review the NOFO and the following information to ensure that they understand the application, program, and eligibility requirements. Applications are due on October 1, 2025, by 11:59 p.m. ET.
The Bureau will hold an informational webinar on August 27, 2025, at 2:00 p.m. ET. Register for the webinar. For accommodations, please email InnovativeFinanceTA@dot.gov by August 20, 2025.
Eligibility:
Eligible applicants include states, Tribal governments, local governments, special purpose public authorities, or agencies chartered by a state, Tribal, or local government. Eligible public entities must 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).
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 over $1 million are offered at a 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. No more than $4 million can be awarded to grantees in a single state over a three-fiscal-year period, and only one agreement can be awarded per recipient.
Application Instructions:
To apply for the program, applicants must submit the following materials through grants.gov (see NOFO Section IV, “Application Content and Format,” for more details and specific information on submission requirements):
- Standard Forms – submit all required forms via grants.gov
- Application Narrative – submit all components of application narrative via grants.gov
- Key Information Table – this component of the application must be submitted via this online form. Applicants may, but are not required to, also submit a copy of the Key Information Table via grants.gov.
- Asset Information Table – submit table via grants.gov
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