DOT Tweaks Loan Forms: Speak Up by April!
Published Date: 3/12/2025
Notice
Summary
The Department of Transportation is updating the forms for railroad and transportation financing programs. This change affects anyone applying for these loans and aims to make the process smoother without adding extra costs or delays. Comments on the update are open until April 11, 2025, so now’s the time to speak up!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Time burden to prepare LOIs and applications
All applicants must submit a completed LOI and application; the Department estimates each LOI takes at least 20 person-hours and each application takes at least 100 person-hours to assemble. The Department estimates annual volumes of 8 RRIF LOIs, 12 TIFIA LOIs, 8 RRIF applications, and 12 TIFIA applications, with total annual burden hours of 960 for RRIF and 1,440 for TIFIA.
One unified LOI and application form
The Build America Bureau created a single Letter of Interest (LOI) form and a single application form that can be used for both the RRIF and TIFIA credit programs. The Department updated these forms to reflect efficiencies, provide clarifying information, and make them easier for applicants to use, and is seeking OMB approval to modify the LOI and application.
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