The U.S. Department of Transportation (DOT) is set to allocate over $57 million to assist municipalities in managing public-private initiatives. This funding, backed by the Bipartisan Infrastructure Law, was announced via a Notice of Funding Opportunity (NOFO) for eligible projects.
In a news release from the DOT, it was revealed that the Transportation Infrastructure Finance and Innovation Act (TIFIA) will contribute up to $2 million for various projects. The first million dollars for these projects will not necessitate a matching contribution from local governments, who have until May 9 to apply for the funds. The sum of $57.72 million in grants will be derived from NOFO allocated funds for the fiscal period spanning 2022 through 2024.
Bureau Executive Director Morteza Farajian stated, "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." Farajian went on to say that this funding would empower communities "to develop and evaluate innovative solutions and delivery models to more efficiently and cost-effectively construct complicated projects."
According to the same news release, eligible recipients of this funding include local governments, special purpose public authorities, states or tribal governments, along with state, tribal, or local government chartered by agencies. Expert Services Grants and Technical Assistance Grants will also be made available through this program. These grants are expected to cover much of a project's work prior to its design phase including finance and delivery aspects, asset scans and value-for-money analyses. Local governments will need to specify which grant they are applying for when submitting their applications.
The DOT has announced plans to hold a technical assistance grants webinar on March 21 from 1 p.m. to 2 p.m., followed by an experts services grants webinar on March 21 from 2:30 p.m. to 3:30 p.m. The news release further stated that video recordings of these webinars will be available on the Innovative Finance and Asset Concession Grant Program website for those unable to attend.
