Office of the Secretary of Transportation June 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 provides a 60-day extension of the existing RRIF Express Deadline of June 15, 2020 due to the current and on-going crisis. The new deadline is August 15, 2020. 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.