USA Trends and Developments Contributed by: John D. O’Neill, Jr., David B. Horner, Andrej Micovic and Ryan Pedraza, Hunton Andrews Kurth LLP
a larger share of project costs with TIFIA loan pro - ceeds should help to encourage even broader use by both public and private entities. The BUILD America 250 Act proposes a number of legislative changes to the TIFIA programme, including provisions that would: • add the purchase or lease of drayage trucks as an eligible project; • lower the threshold for intelligent transporta - tion projects to qualify for TIFIA credit support to USD10 million; • increase the threshold for rural projects to qualify for TIFIA credit support to USD150 million; • clarify that the National Environmental Policy Act (NEPA) is not applicable to land acquisitions by a non-public entity if the purchase occurs prior to an application for TIFIA credit support; • codify two categorical exclusions under NEPA for the rehabilitation of existing facilities and projects built on land previously disturbed for transportation use; • allow the Secretary of Transportation to delay loan disbursements at the request of an obligor after the project is determined to be substantially complete; • require the Secretary of Transportation to reserve USD3 million to provide assistance to small pro - jects valued under USD75 million; • allow bus rapid transit projects to access TIFIA credit support; and • allow for the use of up to 15% of total TIFIA fund - ing for airport-related projects. The proposed support for airport-related projects is of particular note, given statutory limitations on the use of TIFIA credit support for airport projects. Under cur - rent law, only eligible airport-related projects for which the Secretary of Transportation has received a letter of interest and that have been determined to be eligible by 30 September 2025 may receive TIFIA credit support. The BUILD America 250 Act is not the only legislative proposal to expand access to TIFIA credit support for airport projects. In November 2025, Representa - tive Jeff Hurd of Colorado introduced the Airport TIFIA Financing Certainty Act. The bill would expand TIFIA eligibility to include all projects that build or improve
aviation facilities and equipment, remove the invest - ment-grade rating requirement for airport projects, and raise the expedited-processing threshold to USD100 million in loan amounts to improve approval times for mid-sized airport projects. As of the date of this article, the Act has been referred to the House Subcommittee on Aviation. Expanding TIFIA credit support to airport projects will be key in unlocking private investment – a must given the complexity of such projects and the amount of capital required. The Airports Council International – North America, an advocacy group that represents local, regional and state governing bodies that own and operate commercial airports in the United States and Canada, estimates that airports in the United States will require USD173.9 billion in infrastructure investment over the next five years. Airport expansion would also represent a significant evolution of TIFIA beyond its traditional surface trans - portation focus. Any permanent expansion should therefore be evaluated not only by reference to airport investment needs, but also in light of the TIFIA pro - gramme’s available budget authority and the potential effect on credit capacity for highway, transit, rail, port- access and other existing project categories. Conclusion P3s have a proven track record in the United States for facilitating delivery of complex surface transportation projects. The policy and funding provisions included in the next surface transportation authorisation currently under development will be crucial for building on this track record and continuing the momentum the P3 market has generated over the last 18 months. The committee-approved BUILD America 250 Act offers potentially valuable TIFIA reforms, including broader airport eligibility, but its failure to increase the transportation PAB allocation limit leaves a mate - rial financing issue unresolved. As the bill advances, P3 market participants should focus not only on the amount of federal transportation funding authorised, but also on whether Congress preserves and expands the financing tools that allow public agencies to con - vert that funding into larger privately financed projects.
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