From the Summary: "In 1996, Congress established the Airport Privatization Pilot Program (APPP; Section 149 of the Federal Aviation Reauthorization Act of 1996, P.L. [Public Law] 104-264) to increase access to sources of private capital for airport development and to make airports more efficient, competitive, and financially viable. The FAA [Federal Aviation Administration] Modernization and Reform Act of 2012 (P.L. 112-95) increased the number of airports than can participate from five to 10. The FAA Reauthorization Act of 2018 (P.L. 115-254) renamed the program the Airport Investment Partnership Program (AIPP; 49 U.S.C. §47134) and removed the restriction on the number and type of public airports that may participate in the program. However, participation in the program has remained very limited, in good part because major stakeholders have different, if not contradictory, objectives and interests. Only two U.S. commercial service airports have completed the privatization process established under the AIPP. One of those, Stewart International Airport in New York State, subsequently reverted to public ownership. Luis Muñoz Marín International Airport in San Juan, Puerto Rico, is now the only airport with a private operator under the provisions of the AIPP. As of March 2021, there is one other AIPP participant--Hendry County Airglades Airport, a general aviation airport in Clewiston, FL. The airport is to complete its privatization process after receiving FAA approval in September 2019."
CRS Report for Congress, R43545
Congressional Research Service: https://crsreports.congress.gov/