42 U.S.C. § 16372: Determination of eligibility and project selection

a Federal credit instrument under section 16373 of this title ; a grant under section 16374 of this title ; or both a Federal credit instrument and a grant. the entity proposing to carry out the project submits a letter of interest prior to submission of an application under paragraph (3) for the project; and the project meets the criteria described in this subsection. Each project and obligor that receives a Federal credit instrument or a grant under the CIFIA program shall be creditworthy, such that there exists a reasonable prospect of repayment of the principal and interest on the Federal credit instrument, as determined by the Secretary under subparagraph (B). the strength of the contractual terms of an eligible project (if available for the applicable market segment); the forecast of noncontractual cash flows supported by market projections from reputable sources, as determined by the Secretary, and cash sweeps or other structural enhancements; at the time of loan close; and throughout the loan term, including after the project is completed; the financial strength of the investors and strategic partners of the obligor, if applicable; and other financial metrics and analyses that are relied on by the private lending community and nationally recognized credit rating agencies, as determined appropriate by the Secretary. To be eligible for assistance under the CIFIA program, an obligor shall submit to the Secretary a project application at such time, in such manner, and containing such information as the Secretary determines to be appropriate. A project under the CIFIA program shall have eligible project costs that are reasonably anticipated to equal or exceed $100,000,000. user fees; payments owing to the obligor under a public-private partnership; or other revenue sources that also secure or fund the project obligations. the obligor; and identified at a later date through completion of a procurement and selection of the private party. attract public or private investment for the project; or enable the project to proceed at an earlier date than the project would otherwise be able to proceed or reduce the lifecycle costs (including debt service costs) of the project. To be eligible for assistance under the CIFIA program, the applicant shall demonstrate a reasonable expectation that the contracting process for construction of the project can commence by not later than 90 days after the date on which a Federal credit instrument or grant is obligated for the project under the CIFIA program. receive credit assistance on terms acceptable to the Secretary, if adequate funds are available (including any funds provided on behalf of an eligible project under paragraph (3)(B)(ii)) to cover the subsidy amount associated with the Federal credit instrument; and adequate funds are available to cover the amount of the grant; and the Secretary determines that the project is eligible under subsection (b). are large-capacity, common carrier infrastructure; have demonstrated demand for use of the infrastructure by associated projects that capture carbon dioxide from anthropogenic sources or ambient air; enable geographical diversity in associated projects that capture carbon dioxide from anthropogenic sources or ambient air, with the goal of enabling projects in all major carbon dioxide-emitting regions of the United States; and are sited within, or adjacent to, existing pipeline or other linear infrastructure corridors, in a manner that minimizes environmental disturbance and other siting concerns. additional commitments from associated carbon capture projects to use the project; or all necessary permits and approvals; and is a project of high priority, as determined in accordance with the criteria described in paragraph (2). to enter into a master credit agreement in lieu of the Federal credit instrument; and to wait to execute a Federal credit instrument until the fiscal year for which additional funds are available to receive credit assistance; or if the lack of adequate funding is solely with respect to amounts available for the subsidy amount, to pay the subsidy amount to fund the Federal credit instrument. Nothing in this part supersedes the applicability of any other requirement under Federal law (including regulations). Federal credit assistance may only be provided under this part for a project that has received an environmental categorical exclusion, a finding of no significant impact, or a record of decision under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq.). Except as provided in paragraph (2), no Federal credit instrument or grant provided under the CIFIA program shall be made available for a project unless all iron, steel, and manufactured goods used in the project are produced in the United States. the application would be inconsistent with the public interest; iron, steel, or a relevant manufactured good is not produced in the United States in sufficient and reasonably available quantity, or of a satisfactory quality; or the inclusion of iron, steel, or a manufactured good produced in the United States will increase the cost of the overall project by more than 25 percent. on an informal basis; and by electronic means, including on the official public website of the Department; allow for informal public comment relating to the request for not fewer than 15 days before making a determination with respect to the request; and approve or disapprove the request by not later than the date that is 120 days after the date of receipt of the request. This subsection shall be applied in accordance with any applicable obligations of the United States under international agreements. the application is complete; or additional information or materials are needed to complete the application. Not later than 60 days after the date of issuance of a written notice under paragraph (1), the Secretary shall provide to the applicant a written notice informing the applicant whether the Secretary has approved or disapproved the application. Any Federal credit instrument provided under the CIFIA program may be used to finance up to 100 percent of the cost of development-phase activities, as described in section 16371(4)(A) of this title .