John Hennessy III,
P.E.
Written by Mary Scott Nabers President and CEO, Strategic Partnerships Inc. While thousands of road projects languish for lack of funding, 2019 promises to be a banner year for new transit projects. Big changes are coming, funding is available and contracting opportunities will be abundant.
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A lockbox containing $1.5 billion in federal funding for surface transportation projects has just opened up to communities across the United States. The funding comes from a new program called the Better Utilizing Investments to Leverage Development (BUILD) grant program. The announcement came this week from the U.S. Department of Transportation (USDOT). Any federal program that provides funding for transportation projects is great news to state and local officials. However, the same type of funding was previously available – just under another name. The new BUILD program is what the Trump administration calls an “enhanced” version of the former very popular TIGER (Transportation Investment Generating Economic Recovery) grant program. Translated, that means this is not really new funding.
View this complete post...The House bill eliminates Private Activity Bonds (PABs) and Low-income Tax Credits, which are critical to the construction of housing developments. Both bills call for eliminating advanced refinancing bonds. These tax-exempt bonds allow cities to refinance debt. Without advance refinancing bonds, many large projects at the state and local levels of government will be immediately jeopardized. Additionally, the tax reform bill, unless changed, increases the federal deficit and that will trigger $150 billion in automatic cuts to vital transportation and infrastructure investments.
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