“These Regional Infrastructure Accelerators will deliver projects more quickly to local communities through innovative financing methods,” said U.S. Transportation Secretary Elaine L. Chao.
The Accelerators will assist project sponsors in project planning, evaluating innovative financing options, accessing technical assistance and best practices, and developing a pipeline of projects ready for investment.
The Bureau will administer the Regional Infrastructure Accelerator program. The Bureau was established as a “one-stop shop” to streamline credit opportunities while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and operation.
During Chao’s tenure at department, the Bureau has closed over $9.91 billion in TIFIA and Railroad Rehabilitation and Improvement Financing loans, supporting more than $33.16 billion in infrastructure investment across the country. Under Chao’s leadership, the department has sought to address the challenges rural communities face in upgrading their infrastructure. In 2019, Chao announced the Rural Opportunities to Use Transportation for Economic Success Initiative to address disparities in rural transportation infrastructure investment. Additionally, the department launched the TIFIA Rural Project Initiative to assist rural communities in overcoming financial barriers that slow infrastructure investment in rural America.