More generally, there is a great need for improvement in TIFIA’s loan underwriting process, say its customers.

USDOT’s signature loan program failed its biggest test so far this year when it couldn’t meet the March 28 financial close deadline on Indiana’s East End Crossing.  The availability-pay structure with minimal appropriations risk meant there was little cost-of-funds penalty with the all-PABs debt financing. But there was great frustration with the TIFIA delays, say participants.