A Colorado congressman has introduced a bill that seeks to expand airports' access to Transportation Infrastructure Finance and Innovation Act program financing for infrastructure improvements.
Rep. Jeff Hurd, R-Colo., introduced the Airport TIFIA Financing Certainty Act late last week. The bill, also known as H.R. 6168, was co-sponsored by Rep. John Garamendi, D-Calif.
"By expanding their access to TIFIA financing, we can help airports of all sizes invest in the infrastructure improvements needed to serve passengers safely and efficiently, all without placing undue burden on local taxpayers," Hurd said in a press release issued last week, in which he also expressed gratitude to Garamendi "for his leadership on this issue and for working with me to advance this bipartisan effort to strengthen airport infrastructure nationwide."
The TIFIA program provides federal credit assistance via direct loans, loan guarantees and standby lines of credit for transportation infrastructure projects of national or regional significance.
The bill would update the existing program in three ways, the release said. It would expand eligibility to include all projects that build or improve aviation facilities and equipment. H.R. 6168 would also remove the investment-grade rating requirement for airport projects, eliminating a "burdensome hurdle to TIFIA financing," the release said.
In addition, the bill would raise "the expedited-processing threshold to $100 million in loan amounts, helping more mid-sized airport projects benefit from faster approval," according to the release.
When Congress four years ago passed the bipartisan Infrastructure Investment and Jobs Act "it included my critical provision to make low-interest federal financing available to modernize our nation's airports," Garamendi said in the release.
"Today, I'm proud to join Rep. Hurd in introducing the Airport TIFIA Financing Certainty Act, which would expand and make permanent this successful loan program—helping ensure our airports are efficient, clean, and, most importantly, safe for the millions of Americans who rely on them every day," Garamendi said.
Over the next five years, U.S. airports face infrastructure needs totaling $173.9 billion, Kevin M. Burke, president and CEO of Airports Council International – North America, said in the release.
"The Airport TIFIA Financing Certainty Act would restore and expand the successful TIFIA loan assistance program for airports—providing a much-needed financing option to address pressing infrastructure projects across our nation's airports," Burke said.
