From day one, President Obama and the DOT have been committed to creating jobs as we rebuild and repair our nation’s roads, bridges, tunnels and transit systems. For example, since its launch, our Transportation Infrastructure Finance and Innovation Act credit assistance program, TIFIA, has helped 27 projects turn $9.2 billion in DOT assistance into $36 billion in infrastructure investment across America.
Now, the recently enacted transportation bill, Moving Ahead for progress in the 21st Century (MAP-21) transforms TIFIA into the largest transportation infrastructure loan program in history, making available up to $17 billion in credit assistance for critical infrastructure projects.
Under MAP-21, DOT can extend $1.7 billion in capital for TIFIA. But each dollar of federal funds can actually provide approximately $10 in TIFIA credit assistance, meaning $17 billion in loan. Projects can then use this credit to leverage an additional $20 to $30 billion in investment from other sources.
This means that, altogether, the expanded loan program could result in up to $50 billion in public and private investment in critical transportation infrastructure needs from coast to coast.
And we're wasting no time putting this invigorated program to work. Thanks to the new resources and information we've made available to our state and local partners, the response to MAP-21's TIFIA provision has been tremendous. Although MAP-21 was only signed in July, we have already received 11 different Letter of Interest from projects that plan to seek TIFIA credit assistance from DOT.
That's the power of TIFIA.
Submitting a Letter of Interest is no guarantee of DOT approval. Once all applications are in, they will be held to strict standards. Congress entrusted us with this responsibility on America's behalf, and we take our stewardship of taxpayer dollars very seriously.
As these projects progress through the TIFIA process, we'll keep you posted. So stay tuned to the Fast Lane to more about how TIFIA is making a real difference in people's lives.