Hit the Accelerator As More Funds Become Available
Time to step on the gas!! Well, in this case, we’re using a different meaning for the word “accelerator.” The Build America Bureau within the Department of Transportation (DOT) is providing another $5 million in grants under the Regional Infrastructure Accelerators Demonstration Program, bringing the total investment in the program to $10 million to expedite delivery of transportation infrastructure projects at the local and regional level.
The grant program, authorized by the Fixing America's Surface Transportation (FAST) Act (Pub. L. 115-94), seeks to designate “accelerators” that will serve defined geographic areas, provide technical resources, and fund planning and development activities to boost the progress of project delivery through the bureau’s loan programs and other innovative financing methods, including public-private partnerships. According to DOT, the accelerators can assist in project planning, evaluating innovative financing, accessing technical assistance and best practices, and developing a pipeline of projects ready for investment.
In the first round of the program last September, DOT provided a total of $5 million in grants to five selected regional infrastructure accelerators ― Fresno, Calif.; Chicago, Ill.; Cleveland, Ohio; San Diego, Calif.; and Seattle, Wash. ― to carry out projects such as rail intermodal complexes, bridge rehabilitation, electric vehicle infrastructure and other efforts. Although DOT recently issued a notice of funding availability for the new $5 million in program funding, with an application due date of April 11, it plans to post additional informational materials about the application criteria on the Accelerators website in the coming weeks.
DOT’s Build America Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. It offers low-interest, long-term credit programs, technical assistance and best practices in project planning, financing, delivery and operation.
Join us for our following Thompson Grants event:
Thompson Grants Workshop: Managing Key ARPA Programs, their Relation to the Uniform Guidance Addendum| Jan. 27, 2022 | Washington, D.C.
Nonprofit Legal, Finance, and Grants Conference | March 22, 2022 | Washington, D.C.
