Investments will go towards developing innovative financing solutions to help develop P3 partnerships in 27 states
WASHINGTON, D.C. – U.S. Transportation Secretary Sean P. Duffy and the Build America Bureau (Bureau) are investing $46.97 million across 27 states to build big, beautiful infrastructure projects with the help of public-private partnerships (P3s). Through the Bureau’s Innovative Finance and Asset Concession Program (IFAC) , states will have the resources to engage with businesses that can provide innovative financing solutions on local projects. The Department is equipping states with tools necessary to get bureaucracy out of the way and help build new and robust infrastructure safely and efficiently in their communities.
The Department awarded 45 grants via IFAC, including:
- $1.25 million to the Pennsylvania Department of Transportation to explore P3 opportunities for creating high-occupancy toll lanes on Interstate 279/579 to ease congestion and improve safety.
- $1 million for the Road Commission of Oakland County, Michigan, to support the development of a countywide wireless communications program.
- $1 million for the City of Denton, Texas, to develop an intelligent transportation systems master plan for the city to integrate modern communications, sensors, and data analytics into its transportation infrastructure.
- $999,763 to the West Virginia Department of Highways to evaluate improvement needs for state-owned bridges and explore P3 project delivery opportunities.
“These grants are about reducing taxpayer waste, accelerating construction timelines, and helping people get where they want to go safer,” said U.S. Transportation Secretary Sean P. Duffy. “The Trump Administration is making America the number one destination for private investment in the world-that’s why we are equipping communities with the tools they need to work with the private sector to deliver projects at the Speed of Trump.”
“Funding from the IFAC program will help recipients look beyond traditional project funding and delivery methods to generate value and complete critical infrastructure upgrades faster and at lower cost to taxpayers,” said Build America Bureau Executive Director Morteza Farajian, Ph.D. “This novel program, combined with other capacity building grants such as Regional Infrastructure Accelerators, is not only helping our state and local partners identify opportunities, but also enabling them to connect with private developers and investors and their innovative ideas and capital. As a result, communities will receive transportation benefits from projects that would otherwise stall.”
Additional Information:
IFAC empowers America’s builders to explore innovative financing and P3 opportunities for infrastructure projects eligible for Transportation Infrastructure Finance and Innovation Act (TIFIA) loans. Two types of grants are available under the IFAC program: technical assistance grants for capacity-building and expert services grants for procuring professional services to develop assets.