Innovative Finance - Division of Budgets
State Highway Account (SHA) Loan Program
This program offers short-term (maximum four-year) construction loans to local entities for State Transportation Improvement Program (STIP)-eligible projects included within an adopted Regional Transportation Plan. Total project costs must be greater than $10 million; however, for counties with populations under 500,000, this requirement may be waived.
Grant Anticipation Revenue Vehicle (GARVEE) Bond Program
GARVEE Bond funding offers local entities the means to accelerate construction of critical transportation projects to provide congestion relief benefits significantly sooner than traditional funding mechanisms. Debt service on the bonds is repaid through future county or interregional share allocations. Projects must be STIP-eligible for federal funds apportioned to the State, have environmental clearance, a completed project design, and must meet all applicable federal requirements. Funding is limited to right of way and construction costs.
Transportation Finance Bank (TFB)
The U.S. Department of Transportation (US DOT) designated California to participate in its State Infrastructure Bank (SIB) Pilot Program, authorized under the National Highway System Designation Act of 1995. The SIB Program was established to provide flexible project financing through loans, debt service guarantees, lines of credit and other capital financing support. California established its SIB, the Transportation Finance Bank, to offer flexible, short- term loans (maximum six- year) to public and private entities for any stage of an eligible highway construction or transit capital project.
Partnership Ventures (PV)
Partnership Ventures administers the Caltrans private toll road program authorized by Streets and Highways Code Section 143 (Assembly Bill 680 (Baker) Chapter 107, Statutes of 1989). This statute authorized Caltrans to solicit proposals and enter into agreements with the private sector to develop, construct and operate four privately-financed public transportation demonstration projects. In addition to the toll road program, Partnership Ventures is also responsible for identifying and developing other private partnerships which will generate revenues and/or additional infrastructure for the State.
Transportation Infrastructure Finance and Innovation Act (TIFIA) of 1998
The Federal TIFIA Program offers credit assistance on flexible terms for major transportation projects of critical national importance. Credit assistance, in the form of direct loans, loan guarantees, and lines of credit, is available to public and private sponsors. Projects must: meet certain minimum project cost requirements, be supported by project revenues or a non-federal dedicated funding source, and be included in the STIP. While applications for assistance are submitted directly to the US DOT, Caltrans' staff is available to assist in the application process and providing support for eligible projects.
Public-Private Partnerships (PPP)
California recognizes the desire to introduce private sector capital and expertise to the building of transportation infrastructure through the Public-Private Partnerships (PPP) program. By offering reasonable investment returns, California's public sector intends to partner with the private sector to develop, construct, and operate additional transportation projects to accelerate goods movement, improve air quality and facilitate California's economic development.
For additional information, please contact Innovative Finance:
| Weijian Ni | Jeffrey Ingles |
| Innovative Finance Manager | Innovative Finance Manager |
| (916) 651-9539 | (916) 654-3099 |
| weijian_ni@dot.ca.gov | jeffrey_ingles@dot.ca.gov |