The Transportation Infrastructure Finance and Innovation Act program, known as "TIFIA," provides about $1.5 billion annually. But it received a record 39 applications this year seeking more than $13 billion in aid, the Charlotte Observer reported. TIFIA has never before been so oversubscribed, forcing U.S. DOT to impose for the first time a competitive process to decide who gets the money, rather than continuing to rely on a first-come, first-served system based on individual projects' merit.

"Frankly, it's pretty nerve-racking," said Grady Rankin, chief financial officer for the North Carolina Turnpike Authority, which hopes to secure TIFIA loans to build two tollways and a tolled bridge. "It's unclear without [the federal funds] if we'd be able to finance the projects."

The turnpike authority has sought low-interest TIFIA loans of $350 million for the Monroe Connector-Bypass, $386 million for the Garden Parkway, and $244 million for a bridge across Currituck Sound.

TIFIA loans are attractive to states because they not only offer low interest rates but are also subordinated to other notes, meaning they don't have to get paid back first. They also provide some repayment flexibility in the loan's early years. Without TIFIA's low interest rates, commercial loans for the three North Carolina facilities could add at least $100 million to the cost of each project.

David Joyner, executive director of the turnpike authority, said failure to obtain TIFIA loans this year could result in an indefinite delay for all three toll projects the state has planned. TIFIA applications this year were due March 1. The Federal Highway Administration is presently ranking each request based on environmental impact, improvements to the transportation system, and use of new technology to enhance efficiency. A timetable for loan awards has not been set.