Transportation Infrastructure Finance and Innovation Act of 1997

Transportation Infrastructure Finance and Innovation Act of 1997 - Establishes a transportation Federal credit assistance pilot program to provide alternative financing for eligible surface transportation projects. Sets forth eligibility criteria for such assistance.

Authorizes the Secretary of Transportation to enter into agreements with one or more obligors to make secured and direct loans to a State, local servicer, or other entity to finance eligible projects costs (including the refinancing of interim construction financing of such project costs).

Amends Federal transportation law to revise the duties of the Secretary to include, among other things, to develop and coordinate Federal policy on financing transportation infrastructure, including the provision of direct Federal credit assistance and other techniques used to leverage Federal transportation funds.

Directs the Secretary to establish within the Office of the Secretary an Office of Infrastructure Finance, headed by a Director who shall be responsible for: (1) carrying out certain responsibilities of the Secretary; (2) carrying out research on financing transportation infrastructure; and (3) providing technical assistance to Federal, State, and local government agencies and officials to facilitate the development and use of alternative techniques for financing transportation infrastructure.

Authorizes appropriations.