The U.S. Department of Transportation (DOT), through its Build America Bureau, has announced a funding opportunity under the Regional Infrastructure Accelerator (RIA) Program for FY 2024, with a total allocation of $10 million. This program seeks to accelerate the development of regional infrastructure projects by establishing between six to ten RIAs across the United States, with anticipated grants ranging from $975,000 to $2 million per award. The purpose of the RIA program is to help public entities enhance project planning, financing strategies, and the expedited delivery of projects eligible under the Transportation Infrastructure Finance and Innovation Act (TIFIA). While leveraging TIFIA is encouraged, applicants are not required to utilize TIFIA assistance to participate in the RIA program.

Eligible applicants include U.S. public entities such as state and multi-state groups, counties, municipalities, Metropolitan Planning Organizations (MPOs), regional transportation planning organizations, and tribal governments. The program gives preference to new applicants, and applicants are allowed to partner with private entities or consultancies, provided that the lead applicant remains a U.S. public entity. There is no cost-sharing requirement, and construction-related costs are not covered under this program. Rather, eligible costs focus on project planning and pre-construction activities, including feasibility studies, market analysis, revenue forecasting, preliminary engineering, environmental reviews, and legal and regulatory compliance.

The goals of the RIA program are centered on fostering infrastructure that aligns with DOT’s strategic priorities: enhancing safety, promoting equity, supporting climate and sustainability initiatives, and bolstering workforce development. RIAs are expected to aid project sponsors by providing services such as financial advisory support, innovative financing structures (e.g., Public Activity Bonds, private investment), and technical assistance for rural project sponsors. Projects that serve rural areas or economically disadvantaged communities are especially encouraged, with an emphasis on helping these communities overcome common barriers to securing federal funding and credit assistance.

The application process requires a narrative outlining the applicant’s organizational structure, the geographic region served, the proposed accelerator model, a budget with funding sources, and a list of projects for the RIA pipeline. Additionally, applicants must address the selection criteria, including experience, partnership development, business model viability, pipeline readiness, support for underserved communities, self-sustainability, and risk assessment. Applications are due via Grants.gov by January 9, 2025, and should include documentation like maps, tables, and letters of support where applicable. Each proposal will be assessed by a Review Team, which assigns qualitative ratings (strong, moderate, marginal) based on how well the proposal aligns with the selection criteria.

Selected RIAs will enter into a cooperative agreement with the Bureau, which includes two years of base funding, with a potential third year based on performance and funding availability. The Bureau will maintain significant involvement, including providing technical guidance, monitoring performance, and participating in technical and budget reviews. Recipients are also expected to comply with federal policies, including civil rights laws, cybersecurity standards, and program evaluation requirements, ensuring a focus on transparency, equity, and effective project delivery.

Post-award, recipients must submit semi-annual progress reports, participate in monthly review calls, and adhere to federal reporting standards if the award exceeds $500,000. The Bureau will also conduct an evaluation of the program's success based on metrics like the number of projects advanced, financing secured, and adherence to DOT's strategic priorities. Final award announcements and recipient information will be made publicly available on the DOT website following the Secretary of Transportation's final selection.