The U.S. Department of Transportation has opened a funding opportunity to help states and cities form public-private partnerships (P3s) for transportation projects.
The newly created Innovative Finance and Asset Concession Grant Program will make $100 million available over the next five years for projects that could be eligible for Transportation Infrastructure Finance and Innovation (TIFIA) loans.
The NOFO allocates a total of $57.72 million for FY 2022, 2023 and 2024. Grants of up to $2 million are available, with the first $1 million requiring no match, officials said. Applications are due May 9.
Two types of grants will be available:
Technical Assistance Grants, which will help “build organizational capacity to develop, review, or enter into asset concessions to advance TIFIA-eligible projects.”
Expert Services Grants, which will support “project development of identified assets, including hiring professional services to explore opportunities for leverage.”
“This program is a great example of how we are empowering state and local governments to deliver transformational transportation projects,” Deputy Transportation Secretary Polly Trottenberg said in a press release. “The grants will allow local and state leaders the opportunity to explore innovative financing solutions by accessing external expertise and building internal support.”
Photo by George Pagan III on Unsplash
The post Grants available to advance P3s for transportation projects appeared first on Government Market News.