Railroad Rehabilitation & Improvement Financing (RRIF)
Program Overview
The RRIF program was established by the Transportation Equity Act for the 21st Century (TEA-21) and amended by the Safe Accountable, Flexible and Efficient Transportation Equity Act: a Legacy for Users (SAFETEA-LU). Under this program the FRA Administrator is authorized to provide direct loans and loan guarantees up to $35.0 billion to finance development of railroad infrastructure. Up to $7.0 billion is reserved for projects benefiting freight railroads other than Class I carriers.
The funding may be used to:
- Acquire, improve, or rehabilitate intermodal or rail equipment or facilities, including track, components of track, bridges, yards, buildings and shops;
- Refinance outstanding debt incurred for the purposes listed above; and
- Develop or establish new intermodal or railroad facilities
Direct loans can fund up to 100% of a railroad project with repayment periods of up to 35 years and interest rates equal to the cost of borrowing to the government.
Eligible borrowers include railroads, state and local governments, government-sponsored authorities and corporations, joint ventures that include at least one railroad, and limited option freight shippers who intend to construct a new rail connection.
Loan agreements have been executed with the following railroads.
FISCAL YEAR |
ORGANIZATION |
|
AMOUNT |
|
2012 |
Alameda Corridor Transportation Authority |
$ |
83,710,000 |
|
2012 |
Kansas City Southern Railway Company |
$ |
54,648,000 |
|
2011 |
Northwestern Pacific Railroad Company and North Coast Railroad Authority |
$ |
3,180,000 |
|
2011 |
Amtrak |
$ |
562,900,000 |
|
2011 |
C&J Railroad |
$ |
56,204 |
|
2010 |
Denver Union Station Project Authority |
$ |
155,000,000 |
|
2010 |
Great Lakes Central Railroad |
$ |
17,000,000 |
|
2009 |
Georgia & Florida Railways |
$ |
8,100,000 |
|
2009 |
Permian Basin Railways, Inc |
$ |
64,400,000 |
|
2009 |
Iowa Interstate Railroad |
$ |
31,000,000 |
|
2007 |
Nashville and Eastern Railroad |
$ |
4,000,000 |
|
2007 |
Nashville and Eastern Railroad |
$ |
600,000 |
|
2007 |
Columbia Basin Railroad |
$ |
3,000,000 |
|
2007 |
Great Western Railway |
$ |
4,030,000 |
|
2007 |
Dakota Minnesota & Eastern Railroad |
$ |
48,320,000 |
|
2007 |
Iowa Northern Railroad |
$ |
25,500,000 |
|
2006 |
Virginia Railway Express |
$ |
72,500,000 |
|
2006 |
RJ Corman Railway |
$ |
11,768,274 |
|
2006 |
RJ Corman Railway |
$ |
47,131,726 |
|
2006 |
Wheeling & Lake Erie Railway |
$ |
14,000,000 |
|
2006 |
Iowa Interstate Railroad |
$ |
9,350,000 |
|
2005 |
Great Smoky Mountains Railroad |
$ |
7,500,000 |
|
2005 |
Riverport Railroad |
$ |
5,514,774 |
|
2005 |
The Montreal Maine & Atlantic Railway |
$ |
34,000,000 |
|
2005 |
Tex-Mex Railroad |
$ |
50,000,000 |
|
2005 |
Iowa Interstate Railroad |
$ |
32,732,533 |
|
2004 |
Stillwater Central Railroad |
$ |
4,675,250 |
|
2004 |
Wheeling & Lake Erie Railway |
$ |
25,000,000 |
|
2004 |
Dakota Minnesota & Eastern Railroad |
$ |
233,601,000 |
|
2003 |
Arkansas & Missouri Railroad |
$ |
11,000,000 |
|
2003 |
Nashville and Western Railroad |
$ |
2,300,000 |
|
2002 |
Amtrak |
$ |
100,000,000 |
|
2002 |
Mount Hood Railroad |
$ |
2,070,000 |