America Fast Forward gets another thumbs up review; check out list of loan applicants

Will Congress expand America Fast Forward? Metro hopes so. Photo by Andy Withers, via Flickr creative commons.

Will Congress expand America Fast Forward? Metro hopes so. Photo by Andy Withers, via Flickr creative commons.

First, a point of emphasis: the America Fast Forward program to expand federal funding to speed up the construction of transportation projects is very much a work-in-progress.

Congress adopted part of America Fast Forward last year — an expanded federal loan program called TIFIA that backs loans with the big wallet of the federal government and helps secure low interest rates. To put it another way, Low Interest Rates = Lower Project Costs.

The super-size version of TIFIA is so far drawing some pretty good reviews. The Brookings-Rockefeller Project on State and Metropolitan Innovation sung America Fast Forward's praises last week, saying it's one of the top programs of 2012 and poised to make a mark in the years ahead. “This metro-led reform signals a new bottom-up federalist approach that could be replicated to other economy-building efforts,” wrote the Project on its website (It's also on CNN's opinion pages).

It's fair to say other regions are certainly trying to benefit from the expanded TIFIA program. Check out this list of applicants for TIFIA loans below on the Federal Highway Administration's website (the agency that administers the program) — looks like a lot of big asks from Red and Blue states alike.

As I wrote above, America Fast Forward is not yet a complete program. While Congress expanded the TIFIA loan part of AFF last year, Metro is also advocating for an expanded federal bond program (called QTIB) that would supply more funds for transportation projects. More about that in this recent post.

FY 2013 MAP-21 TIFIA Letters of InterestSubmitted through January 17, 2013(Amounts in Millions of Dollars)

View in Excel

Potential Applicant Project Name Date Received Estimated Project Cost Type of Instrument
Central Texas Regional Mobility Authority 183 S Aug-12 $896 Direct Loan
Virginia Dept. of Transportation Route 460 Aug-12 $1,724 Direct Loan
North Carolina Dept. of Transportation I-77 HOT Lanes Aug-12 $545 Direct Loan
Knik Arm Bridge and Toll Authority Knik Arm Crossing Aug-12 $1,022 Direct Loan
Texas Dept. of Transportation SH 288 Aug-12 $272 Direct Loan
Texas Dept. of Transportation SH 183 Aug-12 $876 Direct Loan
Texas Dept. of Transportation Grand Parkway (SH 99) Aug-12 $2,648 Direct Loan and Line of Credit
Texas Dept. of Transportation IH 35 E Aug-12 $1,415 Direct Loan
North Carolina Dept. of Transportation Mid-Currituck Bridge Aug-12 $611 Direct Loan
New York State Thruway Authority Tappan Zee Bridge Sep-12 $5,900 Direct Loan
Chicago Dept. of Aviation CDA ConRac ATS Sep-12 $765 Direct Loan
Georgia Dept. of Transportation Northwest Corridor Sep-12 $960 Direct Loan
Chicago Dept. of Transportation Riverwalk Sep-12 $440 Direct Loan or Loan Guarantee
Indiana Finance Authority East End Crossing (OH River Bridges) Sep-12 $1,276 Direct Loan
Kentucky Public Trans. Infra. Authority Downtown Crossing (OH River Bridges) Sep-12 $1,227 Direct Loan
City of Kansas City, MO Kansas City Streetcars Sep-12 $102 Direct Loan
City of New Orleans Treme Iberville Project Sep-12 $157 Direct Loan
Louisiana Dept. of Transportation I-49 North Oct-12 $631 Direct Loan
Metropolitan Washington Airports Authority Dulles Metrorail Oct-12 $5,999 Direct Loan
Louisiana Dept. of Transportation LA 1 Toll Road Oct-12 $371 Direct Loan
Southeastern Tours Inc. Southeastern Tour Buses Oct-12 $1 Direct Loan
Ohio Dept. of Transportation Portsmouth Bypass Nov-12 $819 Direct Loan
Cameron County Regional Mobility Authority South Padre Island Nov-12 $694 Direct Loan
LA Metro Westside Subway and Regional Connector Nov-12 $3,908 Direct Loan
Sound Transit East Link Dec-12 $4,038 Direct Loan
Pennsylvania Turnpike Commission Southern Beltway Dec-12 $651 Direct Loan
Delaware Dept. of Transportation US 301 Jan-13 $513 Direct Loan
Florida Dept. of Transportation I-4 Ultimate Improvements Jan-13 $2,746 Direct Loan
Totals $41,264

 

3 thoughts on “America Fast Forward gets another thumbs up review; check out list of loan applicants

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