Secretary of Transportation Anthony Foxx announced on July 20 the opening of the U.S. Department of Transportation’s Build America Bureau to help find long-term funding solutions to the nation’s infrastructure crisis.
“The health of our transportation system is directly related to our economic success, but the reality is that some of these assets are centuries old and in desperate need of repair, while the need for new infrastructure continues to grow,” Foxx wrote on the department’s Fast Lane blog.
Foxx said he expects the center to “deliver real, tangible infrastructure development for local, regional and national population centers. The Build America Bureau … will drive transportation infrastructure development projects in the United States by streamlining credit opportunities and grants more quickly and transparently, while providing technical assistance and encouraging innovative best practices in project planning, financing, delivery and monitoring.”
Foxx said the new bureau will build on the work of the Build America Transportation Investment Center — which has helped DOT close over $10 billion in financing for 21 recent projects — and will serve as a one-stop shop to help develop projects and provide financing.