The TIFIA loan program, which has sustained the P3 transportation market in the U.S. for over 20 years, had its funding reduced by nearly 33% in the highway reauthorization bill that was reported out of the Senate’s Committee on Environment and Public Works Committee (EPW) on June 24.

The $675 million authorized for TIFIA is $325 million less than the $1 billion allocated in fy 2014. The new, lower amount will become the baseline during the six-year term of the current bill, if it becomes law. Legislation considering an increase in the existing Private Activity Bond authority for P3 projects may be considered by tax-writing committees as early as July.