The Evolution of U.S. Express Lane P3s, and TIFIA

The US landscape is evolving for toll roads and managed lanes which are organized as public-private partnerships (P3s).

At the federal level, the Credit Programs Office at USDOT’s Build America Bureau (BAB) houses the Transportation Infrastructure Finance and Innovation Act (TIFIA) and the Railroad Rehabilitation and Improvement Financing (RRIF) credit programs. Duane Callender, Credit Programs Office Director, leads a staff responsible for all aspects of underwriting, portfolio monitoring and risk management. Callender oversees a portfolio that encompasses over $31 billion in Federal credit assistance to intermodal, highway, transit, rail, TOD and airport projects totaling more than US$100 billion of infrastructure investment.

Callender, and BAB, are focused on TIFIA’s role in supporting the toll road and managed lane sector. Callender emphasized how the BAB is responding to this fast-evolving sector in order to meet the needs of TIFIA applicants. BAB’s application and due diligence procedures are adjusted and revised as the projects it finances change and evolve.

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