R-RIF can provide direct loans and loan guarantees for the purchase or improvement of intermodal or rail equipment and facilities, with priority given to projects with clear public benefits. However, we're optimistic that it can help to bridge the funding gap for private rail projects with strong public benefits. We're looking forward to implementing it during the coming year. These programs supplement the credit markets, supporting projects of significant public value which might not, on their own, be attractive to private investors. We can help ensure that they'll be built, but without imposing a heavy burden on the taxpayers.
States can use design-build contracting, saving time and money where such approaches are warranted.
In many cases, states and localities have been given greater flexibility on matching federal grants. And the local match can often include things such as other federal funds or the value of land used in a project. Finally, TEA-21 continues our strong commitment to Intelligent Transportation Systems. These new technologies also can help to support pricing mechanisms through, for example, EZ pass tolling, which makes pricing more flexible and efficient. We want to continue implementing our existing innovative finance programs and the new ones authorized by TEA-21, and extend these principles to other modes.