On June 7, 1987, Washington Dulles International and Washington National Airports were transferred to the Airports Authority under a 50-year lease authorized by the Metropolitan Washington Airports Act of 1986, Title VI of Public Law 99-500. All property was transferred to the Airports Authority and the Federal government holds title to the lease. Prior to the transfer, the airports were owned and operated by the Federal Aviation Administration in the U.S. Department of Transportation.

The Airports Authority operates a two-airport system that provides domestic and international air service for the mid-Atlantic region. The organization consists of more than 1,300 employees in a structure that includes central administration, airports management and operations, and police and fire departments.

On February 6, 1998, President William Jefferson Clinton signed into law the bill introduced and passed in Congress that changed the name of Washington National Airport to Ronald Reagan Washington National Airport.

In addition to operating Reagan National and Dulles, the Airports Authority is responsible for capital improvements at both airports. Major renovations at Reagan National Airport resulted in the opening of Terminal B/C on July 27, 1997--providing more comfortable and efficient passenger facilities that are convenient to the Metrorail system and parking garages. The Dulles Development program, or D2, is a major capital construction program to improve the facilities and provide additional capacity at Dulles Airport.  The D2 program includes construction of a new airport traffic control tower, a fourth runway and the AeroTrain--an underground Airport train system, which will transport passengers between the Main Terminal and the midfield concourses when it opens in 2009.  

The Airports Authority is not taxpayer-funded but is self-supporting, using aircraft landing fees, rents and revenues from concessions to fund operating expenses. The Dulles Development Program is funded by bonds issued by the Authority, Federal and State Airport Improvement Program funds, and Passenger Facility Charges.