The U.S. Department of Transportation (USDOT) has launched a new demonstration program to establish infrastructure accelerators that will speed up the process of financing and delivering infrastructure projects, the department said Wednesday.
Called Regional Infrastructure Accelerators, the program was announced through a Notice of Funding Opportunity from the DOT’s Build America Bureau, which will solicit applications to designate the accelerators to serve defined geographic areas, act as resources to qualified entities within the designated areas, and demonstrate the Accelerators effectiveness in expediting the delivery of eligible projects.
“These Regional Infrastructure Accelerators will deliver projects more quickly to local communities through innovative financing methods,” said U.S. Transportation Secretary Elaine L. Chao.
According to the USDOT, the accelerators will help project sponsors plan and evaluate the project, find innovative financing options, access technical assistance, and develop a pipeline of projects ready for investment.
The accelerators will be administrated by the Build America Bureau, which was established to be a “one-stop-shop” to streamline credit opportunities for infrastructure projects, as well as a place for technical assistance and innovation in best practices when it comes to project planning, financing, delivery, and operations.
The program includes $5 million in funding.