Office of the Secretary of Transportation March 16, 2020 – Federal Register Recent Federal Regulation Documents

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.