According to a Department of Transportation press release, the agency is expanding its RIA program with $24 million in new funding from the Bipartisan Infrastructure Law
U.S. Transportation Secretary Pete Buttigieg made a statement about the expansion on October 13, 2023, in a press release that was issued by the Department of Transportation (DOT). He said, "We are pleased to expand the Regional Infrastructure Accelerator program to 24 regions, helping communities build capacity and getting much-needed transportation projects underway." The Department of Transportation is collaborating with local governments to assist them in the process of finance raising and capacity building so that they can more effectively execute big projects.
In the news release issued by the DOT, there was also a remark from Morteza Farajian, Ph.D., Executive Director of the Build America Bureau. Dr. Farajian emphasized how important the program is. "Building capacity at the regional level to use innovative delivery and financing options is critical," he said in conclusion.
The most current financing cycle resulted in the allocation of grants in the amounts of $974,00 to $2,000,000 to 14 distinct locations, as stated in a news statement issued by the DOT. Both the Metropolitan Atlanta Rapid Transit Authority and the California Department of Transportation each received one and a half million dollars, with the latter receiving two million dollars. Twenty one submissions were received in response to a call for proposals issued in the spring. The bids requested a combined total of sixty-six million dollars in funding. It is the mission of the RIA program, which is overseen by the Build America Bureau, to hasten the completion of essential transportation infrastructure projects all around the country.
Additionally, the accomplishments of previous grantees and the finished projects they were working on were recognized in the press release issued by the DOT. For example, the Pacific Northwest Economic Region was able to parlay an RIA grant for 1.235 million dollars into a RAISE grant worth 21.6 million dollars in order to fund a grade separation project including highways and railroads. A logistics and renewable energy project with a total value of $49.7 million is now being advanced by the Fresno Council of Governments with the help of a grant.
