Transportation Infrastructure Finance and Innovation Act (TIFIA)

Transportation Infrastructure Finance and Innovation Act (TIFIA)
Current Law	Administration Proposal H.R. 2088 & S. 1072 as Modified SAFETEA of 2003	House H.R. 3 as Passed House TEA-LU	Senate H.R. 3 as Passed Senate SAFETEA of 2005
	Section 1304	Section 1601	Section 1303
$530 million in contract authority to support up to $10.6 billion in credit assistance over 5 years.	Continues program funding to support up to $15.6 billion in credit assistance over 6 years.	Continues funding at $830 M over 6 years to support $15.6B in credit assistance.	Continues funding at $610.1M, but no limiting amount on credit assistance
To be eligible project costs must be at least $100M, except for ITS projects where minimum is $30M	Reduces minimum total cost of an eligible project to $50 million	Reduces minimum total cost of eligible projects to $50M and also reduces ITS project minimum cost to $15M	Minimum total cost of eligible projects is reduced to $50M
The Federal loan or line of credit may not exceed 33% of eligible project costs	Loan or line of credit may not exceed the lesser of 33% of eligible project costs or the amount of senior project obligations.	Loan or line of credit may not exceed the lesser of 33% of eligible project costs or the amount of senior project obligations.	Loan or line of credit may not exceed the lesser of 33% of eligible project costs or the amount of senior project obligations.
Line of credit can be drawn only if project revenues, including reserve funds, are inadequate to cover debt service.	Line of credit can be drawn if project revenues are inadequate to cover debt service, without regard to reasonably required reserve funds.	Line of credit can be drawn if project revenues are inadequate to cover debt service, without regard to reasonably required reserve funds.	Line of credit can be drawn if project revenues are inadequate to cover debt service, without regard to reasonably required reserve funds.
Allows Secretary to set fees to cover all or a portion of the costs to the Federal Govt.	Same as current law	Same as current law	Makes fees collected available until expended without further appropriation.
The Secretary may use not more than $2 M of available funding for program administration each fiscal year.	The Secretary may use not more than $3 M of available funding for program administration each fiscal year.	Allows the Secretary to use up to $3M per year of the funding to cover administrative costs.	Not more than $1.87 M from program funds may be used for administrative costs each year. Allows additional use of collected fees to reimburse program costs.
Report to Congress required	Report requirement eliminated	Eliminates Report to Congress requirement	Report requirement eliminated
Eligible projects include: any highway or transit project eligible under 23 USC or 49 USC Chap. 53; international bridges or tunnels; intercity passenger bus or rail facilities and vehicles; and publicly owned intermodal surface freight transfer facilities.	Expands the eligibility of freight rail projects to include public and private freight rail (consistent with the proposed Freight Transportation Gateways program, section 1205).	Same as current law	Expands the eligibility of freight rail projects to include public and private rail facilities (private freight rail must provide public benefit). Also adds surface transportation infrastructure modifications necessary to facilitate direct intermodal interchange, transfer, and access into and out of the port as an eligible activity within the boundaries of a port terminal.
Eligible projects meeting the initial threshold criteria will be evaluated by the Secretary and selected based on eight statutory criteria	No change from current law	No change from current law	No change from current law
The program consists of three distinct types of financial assistance: secured loans; loan guarantees; and standby lines of credit	No change in the types of financial assistance. The usefulness of the line of credit is improved by making it available to a borrower in order to avoid an event of default rather than simply respond to one.	No change in the types of financial assistance. The usefulness of the line of credit is improved by making it available to a borrower in order to avoid an event of default rather than simply respond to one.	No change in the types of financial assistance. The usefulness of the line of credit is improved by making it available to a borrower in order to avoid an event of default rather than simply respond to one.

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