Railroad Rehabilitation & Improvement Financing (RRIF)
Looking for RRIF Express?
Learn more about our exciting pilot project for short line and regional railroads.
Why RRIF?
- Low interest rate
- Interest does not accrue until proceeds are drawn
- Flexible amortization
- Up to 35 year repayment period
- Deferrable for 5 years after substantial project completion
- No pre-payment penalty
RRIF Program Dashboard
The latest RRIF Program monthly dashboard is available here. This dashboard lists summary information for all RRIF letters of interest and the status of applications received by the Build America Bureau.
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), the Rail Safety Improvement Act of 2008, and the Fixing America’s Surface Transportation (FAST) Act. Under this program the Department of Transportation is authorized to provide direct loans and loan guarantees up to $35.0 billion to finance development of railroad infrastructure. Not less than $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, and including the installation of positive train control systems;
- Develop or establish new intermodal or railroad facilities;
- Reimburse planning and design expenses relating to activities listed above;
- Refinance outstanding debt incurred for the purposes listed above; and
- Finance transit-oriented development (credit assistance only available until December 4, 2019).
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, limited option freight shippers that intend to construct a new rail connection, and joint ventures that include at least one of the preceding.
Executed Loan Agreements
The table below lists all executed RRIF loan agreements since program inception.
|
Executed Loan Agreements |
|||
|---|---|---|---|
|
FISCAL |
ORGANIZATION |
STATUS |
AMOUNT |
| 2020 | Massachusetts Bay Transportation Authority | Active | $851,150,000 |
|
2019 |
Active |
$908,000,000 |
|
|
2019 |
Active |
$5,949,999 |
|
|
2018 |
Active |
$220,000,000 |
|
|
2016 |
Amtrak |
Active |
$2,450,000,000 |
|
2015 |
The Arkansas and Missouri Railroad Company |
Active |
$6,809,000 |
|
2015 |
Metropolitan Transportation Authority |
Active |
$967,100,000 |
|
2012 |
Alameda Corridor Transportation Authority |
Active |
$83,710,000 |
|
2012 |
Kansas City Southern Railway Company |
Active |
$54,648,000 |
|
2011 |
Northwestern Pacific Railroad Company and |
Active |
$3,180,000 |
|
2011 |
Amtrak |
Retired |
$562,900,000 |
|
2011 |
C&J Railroad |
Retired |
$56,204 |
|
2010 |
Denver Union Station Project Authority |
Retired |
$155,000,000 |
|
2010 |
Great Lakes Central Railroad |
Active |
$17,000,000 |
|
2009 |
Georgia & Florida Railways |
Retired |
$8,100,000 |
|
2009 |
Permian Basin Railways, Inc. |
Retired |
$64,400,000 |
|
2009 |
Iowa Interstate Railroad |
Retired |
$31,000,000 |
|
2007 |
Nashville and Eastern Railroad |
Retired |
$4,000,000 |
|
2007 |
Nashville and Eastern Railroad |
Retired |
$600,000 |
|
2007 |
Columbia Basin Railroad |
Retired |
$3,000,000 |
|
2007 |
Great Western Railway |
Retired |
$4,030,000 |
|
2007 |
Dakota Minnesota & Eastern Railroad |
Retired |
$48,320,000 |
|
2007 |
Iowa Northern Railroad |
Retired |
$25,500,000 |
|
2006 |
Virginia Railway Express |
Retired |
$72,500,000 |
|
2006 |
RJ Corman Railway |
Retired |
$11,768,274 |
|
2006 |
RJ Corman Railway |
Retired |
$47,131,726 |
|
2006 |
Wheeling & Lake Erie Railway |
Retired |
$14,000,000 |
|
2006 |
Iowa Interstate Railroad |
Retired |
$9,350,000 |
|
2005 |
Great Smoky Mountains Railroad |
Active |
$7,500,000 |
|
2005 |
Riverport Railroad |
Active |
$5,514,774 |
|
2005 |
The Montreal Maine & Atlantic Railway |
Active |
$34,000,000 |
|
2005 |
Tex-Mex Railroad |
Active |
$50,000,000 |
|
2005 |
Iowa Interstate Railroad |
Retired |
$32,732,533 |
|
2004 |
Stillwater Central Railroad |
Retired |
$4,675,250 |
|
2004 |
Wheeling & Lake Erie Railway |
Retired |
$25,000,000 |
|
2004 |
Dakota Minnesota & Eastern Railroad |
Retired |
$233,601,000 |
|
2003 |
Arkansas & Missouri Railroad |
Retired |
$11,000,000 |
|
2003 |
Nashville and Western Railroad |
Active |
$2,300,000 |
|
2002 |
Amtrak |
Retired |
$100,000,000 |
|
2002 |
Mount Hood Railroad |
Active |
$2,070,000 |
|
Total |
$6,286,446,760 |
||
RRIF Credit Risk Premium (CRP) Cohort Definition
As required by the Continuing Appropriations Act, 2019, and the Save Our Seas Act of 2018, the Department of Transportation, in consultation with the Office of Management and Budget, has defined the term "cohorts of loans" as applicable to RRIF loans executed prior to the enactment of the FAST Act. Click here for a list of each RRIF loan within each cohort.