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Subsidy Availability & History

The approximate subsidy available for Title XI is $32.5 million, as of March 2020. As of January 31, 2020, loan guarantees based on the average risk for projects MARAD previously guaranteed could support approximately $190 million in loan guarantees. This guarantee 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 of U.S. 10-Year Note as of 1/28/2020, and (v) MARAD’s historical average upfront fee.

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

Title XI Subsidy Funding History

 

President Budget (Requested)

           Enacted
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
Updated: Thursday, March 19, 2020