MAP-21, the Moving Ahead for Progress in the 21st Century Act (P.L. 112-141), establishes a multi-step process for TIFIA credit assistance beginning with the submission of a letter of interest (LOI).
The initial LOI eligibility review is intended to identify major statutory, regulatory, financing or timing issues that would prevent the project from receiving TIFIA assistance. The estimated timeframe for the initial review is approximately 30 days, assuming that the Department receives all information as requested.
Next, the creditworthiness review involves evaluation of the plan of finance, financial model, and feasibility of the pledged revenue. The estimated timeframe for the creditworthiness review is between 45 to 90 days after receipt of all requested information.
If a project satisfies all of the statutory eligibility criteria, including creditworthiness, the Department will invite the project sponsor to apply for TIFIA credit assistance. The application review will include review of project documents, notification of whether the application is complete or whether additional materials are needed, and approval or disapproval of the application. We estimate that the timeframe for approval is no more than 90 days after receipt of the application.
If an application is approved, credit and business terms for the financing are negotiated and the loan agreement is drafted. The estimated timeframe for execution of a credit agreement, on terms acceptable to the Secretary of Transportation, is approximately 60 days from approval of the application.
To view a list of projects in the review processs please see our Letter of Interest (LOI) table.