Proposed Rule

Railroad Rehabilitation and Improvement Financing Program

  • 09
  • Jun
  • 2008
DOCKET NUMBER: 2008-0061
SUBJECT: Grants & Financial Assistance
ABSTRACT: The Transportation Equity Act for the 21st Century of 1998 (TEA� 21) established the Rail Rehabilitation and Improvement Financing (RRIF) Program. The program authorizes the Secretary of Transportation to issue direct loans and loan guarantees to state and local governments, railroads, interstate compacts, and other specified organizations to finance the development of railroad infrastructure. The Safe, Accountable, Flexible and Efficient Transportation Equity Act of 2005: a Legacy for Users (SAFETEA�LU) amended and expanded the program. SAFETEA�LU increased the principal amount of the RRIF program up to $35.0 billion, and of that amount, $7.0 billion is reserved for freight railroads other than Class I carriers. This NPRM proposes amending eligibility and application form and content criteria to ensure the long-term sustainability of the program, promote competition in the railroad industry, and reduce the risk of default for applicants and the Government.
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