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2020-03-14
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Notice of Funding Opportunity for Letters of Interest for the RRIF Express Pilot Program Under the Railroad Rehabilitation & Improvement Financing Program
Notices
D09002ee1bdb5e2cc
D09002ee1bdb5e35f
United States
Department of Transportation
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United States Government Agency or Subagency
United States
Office of the Secretary of Transportation
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org
United States Government Agency or Subagency
This notice modifies the pilot Railroad Rehabilitation and Improvement Financing (``RRIF'') Express Program (``RRIF Express'') aimed at increasing access to the RRIF program by short line and regional railroads. Specifically, this notice: 1. Clarifies dates and responsibilities of applicants who have submitted RRIF Express Letters of Interest between January 13, 2020 and the date of this notice (Section DATES) 2. Offers an alternative to the current requirement for five years of audited financial statements, allowing for audits of the two most recent years' financial statements. If this option is selected, applicants must produce five years of (non-audited) financial statements plus a self-certification from the applicant that they will provide the most recent two years of audited financial statements within 60 days of submitting the LOI and supporting materials (Section IV(iv)). 3. Resets the 90-day application period to begin on the date that this revision is posted in the Federal Register (Section DATES) The original NOFO with modifications follows. The RRIF Express Program will be administered by the DOT's National Surface Transportation and Innovative Finance Bureau (the ``Build America Bureau'' or ``Bureau''). The overall RRIF program finances development of railroad infrastructure, and is authorized to have up to $35 billion in outstanding principal amounts from direct loans and loan guarantees at any one time. The 2018 Consolidated Appropriations Act \1\ appropriated $25 million in budget authority to the DOT to cover the cost to the Federal Government (``the Government'') of RRIF credit assistance (Credit Risk Premium (``CRP'') Assistance or ``CRP Assistance''). Additionally, the 2016 Consolidated Appropriations Act \2\ and the 2018 Consolidated Appropriations Act \3\ provided $1.96 million and $350,000, respectively (of which approximately $1 million remains available), to the DOT to fund certain expenses incurred by prospective RRIF borrowers in preparation of their applications for RRIF credit assistance (this approximately $1 million assistance, collectively, ``Cost Assistance''). Using existing authorities and these new budget authorities, the DOT has established the RRIF Express Program. ---------------------------------------------------------------------------
85 FR 15029
https://www.govinfo.gov/app/details/FR-2020-03-16/2020-05282
2020-05282
fr16mr20-126
4910-9X-P
https://www.govinfo.gov/app/details/FR-2020-03-16/2020-05282
https://www.govinfo.gov/content/pkg/FR-2020-03-16/html/2020-05282.htm
https://www.govinfo.gov/content/pkg/FR-2020-03-16/pdf/2020-05282.pdf
4 p.
15029
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85 FR 15029
Notice of Funding Opportunity for Letters of Interest for the RRIF Express Pilot Program Under the Railroad Rehabilitation & Improvement Financing Program; Federal Register Vol. 85, Issue
NOTICE
2020-05282
DEPARTMENT OF TRANSPORTATION
Office of the Secretary of Transportation
2020-03-16
4910-9X-P
2020-05282
Notice of funding opportunity
This notice modifies the pilot Railroad Rehabilitation and Improvement Financing (``RRIF'') Express Program (``RRIF Express'') aimed at increasing access to the RRIF program by short line and regional railroads. Specifically, this notice: 1. Clarifies dates and responsibilities of applicants who have submitted RRIF Express Letters of Interest between January 13, 2020 and the date of this notice (Section DATES) 2. Offers an alternative to the current requirement for five years of audited financial statements, allowing for audits of the two most recent years' financial statements. If this option is selected, applicants must produce five years of (non-audited) financial statements plus a self-certification from the applicant that they will provide the most recent two years of audited financial statements within 60 days of submitting the LOI and supporting materials (Section IV(iv)). 3. Resets the 90-day application period to begin on the date that this revision is posted in the Federal Register (Section DATES) The original NOFO with modifications follows. The RRIF Express Program will be administered by the DOT's National Surface Transportation and Innovative Finance Bureau (the ``Build America Bureau'' or ``Bureau''). The overall RRIF program finances development of railroad infrastructure, and is authorized to have up to $35 billion in outstanding principal amounts from direct loans and loan guarantees at any one time. The 2018 Consolidated Appropriations Act \1\ appropriated $25 million in budget authority to the DOT to cover the cost to the Federal Government (``the Government'') of RRIF credit assistance (Credit Risk Premium (``CRP'') Assistance or ``CRP Assistance''). Additionally, the 2016 Consolidated Appropriations Act \2\ and the 2018 Consolidated Appropriations Act \3\ provided $1.96 million and $350,000, respectively (of which approximately $1 million remains available), to the DOT to fund certain expenses incurred by prospective RRIF borrowers in preparation of their applications for RRIF credit assistance (this approximately $1 million assistance, collectively, ``Cost Assistance''). Using existing authorities and these new budget authorities, the DOT has established the RRIF Express Program. ---------------------------------------------------------------------------
Letters of Interest from prospective RRIF borrowers for the RRIF Express Program must be submitted during the following submission window: From March 16, 2020 to June 15, 2020.
For further information regarding this notice please contact William Resch via email at william.resch@dot.gov or via telephone at 202-366-2300. A TDD is available at 202-366-3993.
RRIFexpress@dot.gov
william.resch@dot.gov
https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx
https://www.transportation.gov/buildamerica/programs-services/tifia/program-guide
https://www.transportation.gov/buildamerica/rrif-express
https://www.transportation.gov/content/build-america-bureau
Federal Register
Vol. 85, no. 51
Office of the Federal Register, National Archives and Records Administration
2020-03-16
continuing
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328 p.
Table of Contents:
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https://www.govinfo.gov/content/pkg/FR-2020-03-16/xml/FR-2020-03-16.xml
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