1. FAST Act Overview $305 billion 5 year bill – FY ‘16 – FY ’20
FY 2016 is 6.6% above 2015 levels
Overall growth of 3.2% over life of bill
92% contract authority (not subject to annual appropriations
Includes for the first time, passenger rail funding
New discretionary grant programs
Creates a new freight program
RRIF Reforms

2. New Freight Programs $6.3B in National Highway Freight Program
Formula program
Up to 10% for port projects
$4.5B in Nationally Significant Freight and Highway Projects Program
Discretionary program
$500M available for intermodal projects including rail and port related projects
State freight plans now required
Establishes a National Highway Freight Network
Creates a National Multimodal Freight Network
o Projects must be able to commence within 18 months.
o HTF resources can be diverted to freight rail projects up to a maximum of $500M
over the next 5 years.
· State freight plans are required, with new stipulation of a 5-year project list
approximating a freight TIP
o A National Freight Strategic Plan is required within 2 years, with 5 year updates

3. $4.5B Nationally Significant Freight and Highway Projects (NSFHP)
First grant program to specifically focus on freight
Not just highways
Regional and national significance
Public benefits
$800M appropriated for FY ‘16
NOFO to be issued shortly!

4. NSFHP – Eligible Projects
Highway freight project on the National Highway Freight Network
Highway or bridge project on the National Highway System, including:
Adds capacity (e.g. truck-only lanes; Chicago – crosstown expressway)
National scenic area
A freight project that is:
Freight intermodal or freight rail project, or
Within boundaries of public or private intermodal, port, or freight rail facility
Only portion that benefits the public
$500M limit through 2020
Rail-highway grade crossing or grade separation project

5. NSFHP – Key Criteria Improve safety, efficiency, and reliability
Regional economic benefits and international competitiveness
Reduce congestion and bottleneck
Intermodal connectivity
Resiliency and protect the environment
Improve roadways vital to “national energy security”
Mitigate community impacts
Address impacts of population growth

6. NSFHP – Minimum Project and Grant Size
Project size: $100M minimum
10% reserved for small projects
Grant size $25M
$5M for “small projects”
25 percent set-aside for rural projects (large or small)
Eligible costs can include:
Development phase activities
Environmental mitigation
TIFIA subsidy and administrative amounts

7. NSFHP – Additional Requirements
“Shovel ready”
Reasonably expect to commence construction in 18 months
Based on results of preliminary engineering
Stable and dependable source of non-federal commitment
Federal share up to 60%, but additional 20% can be federally sourced
Contingency amounts are available
Will generate national or regional benefits
Applicants – broad range of state and local governmental agencies, also tribes, and multi-state and multi-jurisdictional entities

8. National Surface Transportation and Innovative Finance Bureau
Established in Office of the Secretary and Administers
TIFIA
RRIF
Private Activity Bonds
Nationally Significant Freight and Highway Program
Develops innovative financing best practices
Serves as Departmental liaison for environmental permitting & reviews
The new Finance Bureau will:
· Administer RRIF, TIFIA and nationally significant freight highway projects
programs for the Department.
· Perform the role of the Secretary in private activity bond allocation
· Develop innovative financing best practices
· Serve as DOT liaison for environmental policy and process improvement in
environmental review and permitting.
Almost an infrastructure bank. We have done a lot of work for the BATIC – which this continues.
There is broadened eligibility for projects as small as $10 million, including transit
oriented development projects – also now eligible under RRIF.
States may use loans from the TIFIA program to capitalize state infrastructure banks.

9. RRIF Changes Streamlines USDOT’s approval processes
But credit risk premium no longer subject to repayment, except outstanding loans
Expands eligibility to include TOD.
Maximum term of 35 years from substantial completion
Principal deferment of up to 5 years from substantial completion
Master credit agreement provision allows RRIF to support a program of projects, and advance loan commitments
Sets deadlines for review and approval of applications.