Government Market News StaffThe U.S. Department of Transportation has opened a funding opportunity to help states and cities form public-private partnerships (P3s) for transportation projects.
The newly created Innovative Finance and Asset Concession Grant Program will make $100 million available over the next five years for projects that could be eligible for Transportation Infrastructure Finance and Innovation (TIFIA) loans.
The NOFO allocates a total of $57.72 million for FY 2022, 2023 and 2024. Grants of up to $2 million are available, with the first $1 million requiring no match, officials said. Applications are due May 9.
Two types of grants will be available:
- Technical Assistance Grants, which will help “build organizational capacity to develop, review, or enter into asset concessions to advance TIFIA-eligible projects.”
- Expert Services Grants, which will support “project development of identified assets, including hiring professional services to explore opportunities for leverage.”
“The launch of this program is a great news for government agencies facing tough infrastructure challenges,” Marshall Macomber, founder and president of ThinkP3, a DC-based consulting and lobbying firm, told Government Market News. “The program will provide qualified P3 advisors to help cities, counties and states develop projects that leverage the many financing programs at USDOT, and open new opportunities for private infrastructure investment via public-private partnerships.”
Macomber is co-host of “The Connection: Partnering Public and Private Entities,” a companion podcast to Government Market News and the definitive resource for professionals navigating the intricacies of government procurement, public-private partnerships, and policy innovation.
In the latest episode of the Connection, Macomber and co-host Mary Scott Nabers, founder and CEO of Strategic Partnerships, delve into the intricacies of P3s.
Photo by George Pagan III on Unsplash
