Construction industry officials have found much to like in the new Fixing America’s Surface Transportation Act, not the least because it was signed into law, extends for five years and is fully funded. But one negative note was the law’s deep cut in the TIFIA loan program, which has provided critical financing for major highway, transit and other projects, including those involving public-private ventures.
The FAST Act slashes direct funding for TIFIA—the Transportation Infrastructure Finance and Innovation Act—by 73%, from 2015’s $1 billion to $275 million in fiscal 2016 and 2017. The amount rises to $300 million in 2019 and 2020. Each direct TIFIA dollar supports an estimated $10 in loan volume.