Sec. 201. Eligibility criteria for assistance from IFA and terms and limitations of loans
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Any project the use or purpose of which is private and for which no public benefit is created, as determined by the Board of Directors, shall not be eligible for financial assistance from IFA under this Act. Financial assistance under this Act shall only be made available if the applicant for assistance has demonstrated to the satisfaction of the Board of Directors that— the eligible infrastructure project for which assistance is being sought— is not for the refinancing of an existing infrastructure project; and meets— any pertinent requirements set forth in this Act; any criteria established by the Board of Directors or chief executive officer in accordance with this Act; and the definition of an eligible infrastructure project; and for projects involving public-private partnerships, the project has received contributed capital or commitments for contributed capital equal to not less than 10 percent of the total cost of the eligible infrastructure project for which assistance is being sought, where such contributed capital includes 1 or more of the following— equity; deeply subordinate loans or other credit and debt instruments, which shall be junior to any IFA assistance provided for the project; appropriated funds or grants from governmental sources other than the Federal Government; or irrevocable private contributions of funds, grants, property (including rights-of way), and other assets that directly reduce or offset project costs.
The criteria established by the Board of Directors pursuant to this Act shall provide adequate consideration of— the economic, financial, technical, environmental, and public benefits and costs of each eligible infrastructure project under consideration for financial assistance under this Act, prioritizing eligible infrastructure projects that— demonstrate a clear and measurable public benefit; offer value for money to taxpayers; contribute to regional or national economic growth; lead to long-term job creation; and mitigate environmental concerns; the means by which development of the eligible infrastructure project under consideration is being financed, including— the terms, conditions, and structure of the proposed financing; the creditworthiness and standing of the project sponsors, providers of equity, and cofinanciers; the financial assumptions and projections on which the eligible infrastructure project is based; and whether there is sufficient State or municipal political support for the successful completion of the eligible infrastructure project; the likelihood that the provision of assistance by IFA will cause the development to proceed more promptly and with lower costs for financing than would be the case without IFA assistance; the extent to which the provision of assistance by IFA maximizes the level of private investment in the eligible infrastructure project or supports a public-private partnership, while providing a significant public benefit; the extent to which the provision of assistance by IFA can mobilize the participation of other financing partners in the eligible infrastructure project; the technical and operational viability of the eligible infrastructure project; the proportion of financial assistance from IFA; the geographical location of the project, prioritizing geographical diversity of projects funded by IFA; the size of the project and the impact of the project on the resources of IFA; and the infrastructure sector of the project, prioritizing projects from more than 1 sector funded by IFA.
Any eligible entity seeking assistance from IFA under this Act for an eligible infrastructure project shall submit an application to IFA at such time, in such manner, and containing such information as the Board of Directors or the chief executive officer may require. IFA shall review applications for assistance under this Act on an ongoing basis. The chief executive officer, in cooperation with the senior management, shall prepare eligible infrastructure projects for review and approval by the Board of Directors.
The Federal credit instrument shall be repayable, in whole or in part, from tolls, user fees, or other dedicated revenue sources derived from users or beneficiaries that also secure the eligible infrastructure project obligations. Except as provided in paragraph (2), to be eligible for assistance under this Act, an eligible infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $50,000,000. To be eligible for assistance under this Act a rural infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $10,000,000.
The amount of a direct loan or loan guarantee under this Act shall not exceed the lesser of— 49 percent of the reasonably anticipated eligible infrastructure project costs; and the amount of the senior project obligations, if the direct loan or loan guarantee does not receive an investment grade rating. The aggregate amount of direct loans and loan guarantees made by IFA shall not exceed— during the first 2 fiscal years of the operations of IFA, $10,000,000,000 per year; during fiscal years 3 through 9 of the operations of IFA, $20,000,000,000 per year; and during any fiscal year thereafter, $50,000,000,000.