The Technology Modernization Fund (TMF) was created by the Modernizing Government Technology Act of 2017 to more quickly fund needed modernization projects across government. With TMF, agencies can apply for funding to complete modernization activities without having to wait for the budget cycle to begin work on critical digital initiatives. Funding is incremental to ensure projects are working as expected.
Agencies must repay the investment either using the cost savings achieved with the tech implementation or through future budget allocations. The model is working. Of the 11 initial projects to receive TMF funding, two agencies have already reimbursed the fund, and five others have completed their projects and are in the process of reimbursement.
