USA Banner

Official US Government Icon

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure Site Icon

Secure .gov websites use HTTPS
A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Credit Subsidy Availability & History

MARAD is limited in the amount of new loans it may approve by the “credit subsidy” appropriated by Congress.  This appropriation does not expire at the end of a fiscal year but remains available until it is expended by the program.  This credit subsidy is expended by MARAD for an initial credit risk premium for any new loan approval.

The approximate credit subsidy available for Title XI is $35.5 million, as of February 2024. Based on the “average risk” for previously approved projects, MARAD could support approximately $319 million in new loan approvals. This estimate is based on the following assumptions: (i) financing provided by the Federal Financing Bank (FFB); (ii) 25-year maturity; (iii) MARAD’s historical recovery rate; (iv) the interest rate set at the Treasury rate which achieves a zero-financing credit subsidy; and (v) MARAD’s historical average upfront fee.

Below is a table listing Title XI funding amounts by year. 

 

Title XI Credit Subsidy Funding History

Fiscal Year

President Budget (Requested)

Enacted

FY 2024 $0 n/a
FY 2023 $0 $0
FY 2022 $0 $0
FY 2021 ($27,900,000) $0
FY 2020 $0 $0
FY 2019 $0 $0
FY 2018 $0 $27,000,000
FY 2017 ($5,000,000) $0
FY 2016 $0 $5,000,000
FY 2015 $0 $0
FY 2014 $0 $35,000,000
FY 2013 $0 $0
FY 2012 $0 $0
FY 2011 $0 $4,990,000
FY 2010 $0 $5,000,000
FY 2009 $0 $0
FY 2008 $0 $5,000,000
FY 2007 $0 $0
FY 2006 $0 $5,000,000
FY 2005 $0 $0
FY 2004 $0 $0
FY 2003 $0 $25,000,000
FY 2002 $0 $33,000,000
FY 2001 $2,000,000 $29,934,000
FY 2000 $6,000,000 $5,977,000