The Transportation Infrastructure Finance and Innovation Act (TIFIA) is a vital U.S. federal program, launched in 1998 as part of the TEA-21 Act, that provides credit assistance for significant regional and national surface transportation projects. Managed by the U.S. Department of Transportation's Build America Bureau, it supports a diverse range of infrastructure, including highways, railways, and port facilities, by offering direct loans, loan guarantees, and lines of credit. TIFIA aims to leverage federal dollars and attract private capital, providing flexible terms like 35-year fixed-rate loans for up to 33% of project costs and deferred payments, often at more affordable rates than the private market.
Reauthorized in 2015 by the FAST Act and with its budget expanded to $250 million by the Infrastructure Investment and Jobs Act in 2022, the program has continually evolved. In 2021, TIFIA introduced "TIFIA Lite," a streamlined application process to accelerate approval for smaller projects. Since its inception through fiscal year 2022, TIFIA has committed an impressive $37.3 billion in loans across 98 projects, facilitating a total of $132.2 billion in crucial transportation infrastructure expenditures.