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	Private Activity Bonds (PABs)
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Tools & Programs

The Federal Government encourages the use of public-private partnerships through an array of innovative financing mechanisms and initiatives designed to provide flexibility in the ways projects are delivered. These tools can augment traditional funding sources and enable agencies to accelerate the speed in which a project is typically completed. The following links provide detailed information on the range of tools currently available:

SEP-15 is a new experimental process for FHWA to identify for trial evaluation new public-private partnership approaches to project delivery.

Private Activity Bonds (PABs) refer to a new type of financing that provides private developers and operators with access to the tax-exempt bond market, lowering the cost of capital significantly.

The TIFIA credit program is designed to fill market gaps and leverage substantial private co-investment by providing supplemental and subordinate capital.

It is important to recognize that the benefits associated with these tools are not mutually exclusive and that there is potential synergy in combining tools on a single project.