May 25, 2024

News World 24

worldwide online news

U.S. DEPARTMENT OF TRANSPORTATION ANNOUNCES $57 MILLION AVAILABLE FOR INNOVATIVE FINANCE AND ASSET CONCESSION GRANTS

U.S. DEPARTMENT OF TRANSPORTATION ANNOUNCES $57 MILLION AVAILABLE FOR INNOVATIVE FINANCE AND ASSET CONCESSION GRANTS
U.S. DEPARTMENT OF TRANSPORTATION ANNOUNCES  MILLION AVAILABLE FOR INNOVATIVE FINANCE AND ASSET CONCESSION GRANTS

First of its Kind Federal Grants to Explore and Develop Projects Using Public-Private Partnerships Made Possible Thanks to President Biden’s Bipartisan Infrastructure Law WASHINGTON – The U.S. Department of Transportation (DOT’s) Build America Bureau (Bureau) today released a Notice of Funding Opportunity NOFO) for a new program authorized by the Bipartisan Infrastructure Law. The Innovative Finance […]

The post U.S. DEPARTMENT OF TRANSPORTATION ANNOUNCES $57 MILLION AVAILABLE FOR INNOVATIVE FINANCE AND ASSET CONCESSION GRANTS first appeared on Reliable News.

First of its Kind Federal Grants to Explore and Develop Projects 
Using Public-Private Partnerships Made Possible Thanks to President Biden’s Bipartisan Infrastructure Law

WASHINGTON – The U.S. Department of Transportation (DOT’s) Build America Bureau (Bureau) today released a Notice of Funding Opportunity NOFO) for a new program authorized by the Bipartisan Infrastructure Law. The Innovative Finance and Asset Concession Grant Program makes $100 million available over five years to assist public entities in facilitating and evaluating public-private partnerships and exploring innovative financing and delivery opportunities for Transportation Infrastructure Finance and Innovation Act (TIFIA) eligible (TIFIA) eligible projects. The NOFO allocates funds for fiscal years 2022, 2023, and 2024, totaling $57.72 million. Grants up to $2 million are available, with the first million requiring no local match. Applications are due May 10, 2024.

“This program is a great example of how we are empowering state and local governments to deliver transformational transportation projects,” said Deputy Transportation Secretary Polly Trottenberg. “The grants will allow local and state leaders the opportunity to explore innovative financing solutions by accessing external expertise and building internal support.”

Two types of grants are available under the new program: Technical Assistance Grants and Expert Services Grants. Technical Assistance grants will build organizational capacity and advance a portfolio of assets by conducting pre-construction tasks, such as asset scans, value-for-money analyses, and other tasks that consider innovative finance and delivery, including asset concessions. Expert Services Grants enable recipients to hire expert professionals to develop and deliver public-private partnerships in connection with the development of a specific asset. Applicants must choose one of the grant types to apply for in this round of funding. 

Eligible applicants include states, tribal governments, local governments, special purpose public authorities, or agencies chartered by a state, tribal, or local government. 

“Providing 100 percent funding with no match for the first $1 million will enable lower-resourced agencies to apply for these funds without impacting their budget or daily services to the public,” said Bureau Executive Director Morteza Farajian. “This funding will enable communities to develop and evaluate innovative solutions and delivery models to more efficiently and cost-effectively construct complicated projects.”

The Bureau is managing the program and will host two free informational webinars on each of the types of grants:

Register for the Technical Assistance Grants webinar on March 21 from 1 p.m. to 2 p.m. ET.  

Register for the Expert Services Grants webinar on March 21 from 2:30 p.m. to 3:30 p.m. ET. 

While participation in the webinar is not mandatory to receive funding, the Bureau encourages potential applicants to learn about the application process and what activities can be funded through this new program. The Bureau will post a recording of the webinars and copies of the presentations on the Innovative Finance and Asset Concession Grant Program website.

The program joins the Rural and Tribal Assistance Pilot Program, Thriving Communities Program, the , and other new technical assistance opportunities at DOT to ensure communities have the needed tools to access federal funding and financing for transformative infrastructure projects. Additional DOT technical assistance resources can be found on the DOT Navigator.

We strive to provide an inclusive and accessible presentation. The webinar slides will be posted to the website in advance, and live captioning will be provided during the meeting. For relay services, please use the dial-in number noted when you register. If you need translation or other accommodations, please contact [email protected] by noon on March 18.

###

The Build America Bureau advances investments in transportation infrastructure by lending Federal funds to qualified borrowers; clearing roadblocks for credit-worthy projects; and encouraging best practices in project planning, financing, delivery, and operations. The Bureau draws on expertise across DOT to serve as the point of coordination for states, municipalities, private partners, and other project sponsors seeking Federal financing.
 

Official news published at https://www.transportation.gov/briefing-room/us-department-transportation-announces-57-million-available-innovative-finance-and

The post U.S. DEPARTMENT OF TRANSPORTATION ANNOUNCES $57 MILLION AVAILABLE FOR INNOVATIVE FINANCE AND ASSET CONCESSION GRANTS first appeared on Reliable News.