42 U.S.C. § 16378 — Authorization of appropriations; contract authority

(a) Authorization of appropriations: Congress may provide the Secretary $600,000,000 for each of fiscal years 2022 and 2023, and $300,000,000 for each of fiscal years 2024 through 2026, to carry out this part. Spending and borrowing authority: Each fiscal year, the Secretary must be promptly given the spending and borrowing authority needed to enter into federal credit instruments. Reestimates: If a federal credit instrument's subsidy amount is later reestimated, the resulting cost increase or decrease is borne by, or benefits, the Treasury's general fund, consistent with section 661c(f) of title 2. Administrative costs: Of the money made available for the CIFIA program, the Secretary may use no more than $9,000,000 per fiscal year to administer the program. That cap is indexed for inflation from November 15, 2021, using the Consumer Price Index. (b) Contract authority: Despite any other law, once the Secretary executes a term sheet for a federal credit instrument using CIFIA funds, that creates a binding contractual obligation for the United States to fund the credit instrument. Availability: Money made available for the CIFIA program in a fiscal year becomes available to obligate starting October 1 of that fiscal year.