On April 24, 2015, the Department of Transportation (DOT) redistributed to the states almost $640 million of funding authorized for the Transportation Infrastructure Finance and Innovation Act (TIFIA) program. TIFIA loans have been important in financing major surface transportation projects such as the Tappan Zee Bridge replacement in New York State and the reconstruction of Denver Union Station in Colorado. As a result of the redistribution, DOT will have approximately $6 billion less to lend. DOT still had approximately $5 billion in loan capacity as of April 1, 2015, and may receive more budget authority in the months ahead. But its reduced capacity could lead to fewer and/or smaller loans, inhibiting the development of major transportation infrastructure projects.
Date of Report: 5/5/2015
Order Number: IN10269
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