The TIFIA office at FHWA has released a list of 11 mega-projects worth $16.7 billion that submitted Letters of Interest (LOI) for loans in the past three months. Close observers say at least four more applicants sent in LOIs after that list was posted a few weeks ago. The early rush by states, particularly Texas, to lock in TIFIA credits confirms worries of an overwhelming demand for low-interest federal loans fueled by passage of MAP-21 in early July.
The 11 LOIs listed on the TIFIA website—five from Texas DOT—represent between $5.5 billion and $8.2 billion in potential loans at 33% and 49%, respectively. Those alone could just about tap out TIFIA’s FY2013 budget authority, leaving a lot of states in limbo.