The U.S. Department of Transportation’s (DOT) Build America Bureau will offer low-cost, flexible financing for transit and Transit-oriented Development (TOD) projects at the maximum level allowable, U.S. Transportation Secretary Pete Buttigieg said Tuesday.
The new initiative “TIFIA 49” – part of the DOT’s Transportation Infrastructure Finance and Innovation Act (TIFIA) program – would authorize the borrowing of up to 49 percent of eligible project costs for projects that meet certain eligibility requirements. Previously, TIFIA loans have been capped at 33 percent of eligible project costs.
