Infrastructure loan coverage percentage raised.
Transportation Secretary Pete Buttigieg recently announced that flexible financing for transit-oriented development will be offered at the maximum level. The Department of Transportation has loans available for transit projects through the Transportation Infrastructure Finance and Innovation Act (TIFIA). Usually, TIFIA loans only could cover 33 percent of total project costs, but that cap has been increased to 49 percent for the foreseeable future.
“There are countless promising transportation projects with the potential to better connect people to housing, jobs, schools, and more – but that never get off the ground because of a lack of financing,” said Secretary Buttigieg. “The Department of Transportation has long offered flexible, low-cost financing to help bring some of those ideas to life, and now, with TIFIA 49, we’ll be able to support more of them than ever, and lower costs for taxpayers.”
As the Lord Leads, Pray with Us…
- For the president and his administration as infrastructure developments continue.
- For Secretary Buttigieg as he oversees funding to infrastructure programs.
- For U.S. transportation officials as they review projects for grant and loan investments.
Sources: Department of Transportation
