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U.S Transportation Secretary Anthony Foxx announced $2.1 billion in federal grant and loan agreements to help build the 3.9-mile Westside Purple Line Extension from downtown Los Angeles to the City of Beverly Hills - expanding transit options in one of the most congested corridors in Los Angeles County. The project sponsor, the Los Angeles County Metropolitan Transportation Authority (LACMTA), will receive $1.25 billion in construction grant funds from the Federal Transit Administration's (FTA) Capital Investment Grant (CIG) Program and up to $856 million from the U.S. Department of Transportation's (DOT) Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program. The project includes three new underground stations and 34 heavy rail vehicles to augment the existing fleet. LACMTA estimates that project construction will create more than 22,000 jobs. The extension is expected to open in 2024 and provide more than 20,000 trips daily.
Read the full Press Release (May 21, 2014)
U.S. Transportation Secretary Anthony Foxx announced a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for $325 million to help pay for the replacement of the Gerald Desmond Bridge in Long Beach, California. A critical connector for the Port of Long Beach commerce and trade, the bridge is highly congested and in dire structural condition. The new bridge will improve safety by offering six travel lanes, new emergency lanes and shoulders, and a higher clearance to accommodate modern, large cargo containers. Located at the south end of I-710, the bridge is the main link to the Port of Long Beach. International trade and regional commuter traffic, accounting for 68,000 vehicles a day, exceeds the 46-year-old bridge's capacity. The $325 million TIFIA loan and an additional $675 million in other federal funds will go toward the replacement project's $1.28 billion total cost.
Read the full Press Release (May 21, 2014)
The TIFIA Office is recruiting financial analysts to work on the Credit and Budget Team. The individual(s) will review credit requests submitted to the TIFIA Office and analyze cashflows for the purposes of quantifying the assessed risk of the loan and calculating the subsidy cost to the Government as well as support budgetary, contracting, and audit related work performed by the Credit and Budget Team.
The ideal candidate is experienced in analyzing cash flows and revenue projections, and understands how to apply the principles and practices from transportation planning, economics, and finance to estimate and quantify risk. The individual has experience with or can learn how to implement this skill set to work on Federal credit programs operating under the Federal Credit Reform Act of 1990.
This complete Financial Analyst vacancy announcement (FHWA.HIN-2014-0006) can be viewed by at: Merit Promotion: https://www.usajobs.gov/GetJob/ViewDetails/369503100 or all U.S. Citizens: https://www.usajobs.gov/GetJob/ViewDetails/369506500. In order to be considered for one of up to two positions being considered, please follow specific application procedures on the announcement. The application closing date is Tuesday, May 30, 2014.
U.S. Transportation Secretary Anthony Foxx announced the closing of a $79 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan to the Chicago Transit Authority (CTA) for the 95th Street Bus and Rail project. The project will rehabilitate the current 95th Street Bus and Rail Terminal, which dates from 1969, with an expanded modern facility. As part of the CTA 2013-2017 Capital Improvement Plan, the Dan Ryan Branch is being fully reconstructed. The loan will go toward the $240 million total cost of the project. The project also received a $20 million Transportation Investment Generating Economic Recovery (TIGER) grant in 2012 from the U.S. Department of Transportation.
Read the full Press Release (April 25, 2014)
U.S. Transportation Secretary Anthony Foxx today announced a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for $60 million that will help pay for the reconstruction of U.S. 36 express lanes in the Boulder-Denver area, bringing congestion relief to drivers throughout the region. The TIFIA loan announced today is in addition to an earlier $54 million TIFIA loan provided to Colorado to rebuild U.S. 36, bringing the Department's total support for the project to $114 million. The TIFIA loan will help finance reconstruction of a 5.1 mile segment of U.S. 36. When completed, this portion of U.S. 36 will help reduce congestion by offering travelers six lanes, rather than the existing four. The project will save significant travel time for drivers commuting from Boulder to Denver as well as to cities along the corridor.
Read the full Press Release (February 26, 2014)
The U.S. Department of Transportation's Federal Transit Administration (FTA) today celebrated the signing of a $670 million construction grant agreement to help build the Regional Connector light rail transit line in the heart of downtown Los Angeles. The two-mile rail segment will connect three existing transit lines, offering thousands of area residents more efficient and convenient access to jobs, education, and other ladders of opportunity. The Los Angeles County Metropolitan Transportation Authority (LACMTA) estimates the Regional Connector will open in 2020 and initially handle roughly 60,000 trips or more each weekday. In addition to the $670 million that FTA has committed to the project through its Capital Investment Grant (New Starts) Program, LACMTA will receive a loan of up to $160 million from the DOT's Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program.
Read the full Press Release (February 20, 2014)
U.S. Transportation Secretary Anthony Foxx announced the closing of an $840 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the Grand Parkway Project in greater Houston that will improve safety and add highway capacity in this fast-growing region of Texas. The completed Grand Parkway Project will be a four-lane, 55-mile toll road in northwest Harris County and southeast Montgomery County. The TIFIA loan will go toward the design and construction of specific sections of the project. The region served by the project has seen significant population growth over the last few decades – increasing about 6 percent per year. This growth has increased traffic demands and the need for additional capacity and highway improvements.
Read the full Press Release (February 6, 2014)
WASHINGTON – U.S. Transportation Secretary Anthony Foxx today announced a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for $452 million to finance the Downtown Crossing section of the Louisville and Southern Indiana Ohio River Bridges Project. The project will be a collaboration of Kentucky and Indiana DOTs, which will help residents and businesses get where they need to go faster and safer while strengthening their shared economic interests.
Read the full Press Release (December 13, 2013)
WASHINGTON - U.S. Transportation Secretary Anthony Foxx joined representatives from the Georgia Department of Transportation in Atlanta today to announce a Transportation Infrastructure Finance Innovation Act (TIFIA) loan for $275 million to build new reversible lanes along I-75 and I-575. The 29.7-mile-long project will relieve congestion along the heavily trafficked corridor during morning and evening peak periods. The loan will go toward the $833.7 million total cost of the project.
Read the full Press Release (November 21, 2013)
U.S. Transportation Secretary Anthony Foxx announced a Transportation Infrastructure Finance Innovation Act (TIFIA) loan of $474 million to build the new replacement for the current Goethals Bridge that connects Elizabeth, New Jersey with Staten Island, New York. The Port Authority of New York and New Jersey (PANYNJ), which operates the bridge, estimates that more than $33 billion in regional goods passes across the bridge each year, and an average of 74,000 vehicles cross the bridge in both directions each weekday. A new cable-stayed bridge, with six 12-foot wide travel lanes, a 12-foot wide outer shoulder and a five-foot wide inner shoulder on each roadway, will replace the existing bridge. The Goethals Bridge is key to accessing Newark Airport from New York City and provides a connection between the New Jersey Turnpike, Routes 1 & 9 and other New Jersey highways, the Staten Island Expressway (I-278), and the Verrazano-Narrows Bridge.
Read the full press release (November 5, 2013)
WASHINGTON - U.S. Transportation Secretary Anthony Foxx announced a $531 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan for Interstate Highway 35W in Tarrant County, Texas, that will relieve one of state's most congested corridors and improve safety by upgrading the expressway and adding two new lanes in each direction. IH-35W is a critical commuter and international trade corridor. The project will reconstruct more than 12 miles of freeway and add managed lanes, which give drivers the option of paying a toll to use them, on the most congested segments of IH-35W in Tarrant County. The project will also reconstruct the IH 820/IH 35W interchange. The $531 million TIFIA loan will go toward the $1.6 billion total cost of the project. The private concessionaire, NTE Mobility Partners, will receive the loan for the work under agreement with the Texas Department of Transportation.
Read the full press release (September 19, 2013)
Orange County Express Lanes to Extend into Riverside County
U.S. Transportation Secretary Anthony Foxx announced a $421 million loan for the SR 91 Corridor Improvement Project in Southern California to increase capacity of the corridor and ease congestion on the Riverside County side of the highway. The loan is made possible through innovative federal financing assistance that partners with private sector investments to deliver large transportation infrastructure projects. SR 91 will extend the existing two 91 Express Lanes and construct one general purpose lane in each direction from the Orange County line to I-15 in Riverside County, a distance of approximately eight miles. It also includes improvements to bridges and intersections and will add merge lanes for improved access.
Read the full press release (July 3, 2013)
U.S. Transportation Secretary Ray LaHood yesterday approved a nearly $120 million loan that will enable Dallas Area Rapid Transit (DART) to advance construction on the third phase of its light rail Orange Line extension project. The extension, which will connect Irving, Texas, with Dallas Fort Worth Airport (DFW), is part of a long-term effort to create a 90-mile light rail network by 2014 to serve the Dallas metropolitan area.
Read the full press release (December 14, 2012)
Pursuant to the recently enacted Moving Ahead for Progress in the 21st Century Act (MAP-21), DOT announced the availability of funding authorized in the amount of $1.75 billion ($750 million in Federal Fiscal Year (FY) 2013 funds and $1 billion in FY 2014 funds (and any funds that may be available from prior fiscal years)) to provide TIFIA credit assistance for eligible projects. Projects must meet statutorily specified eligibility criteria to receive credit assistance. The Notice of Funding Availability (NOFA), published on July 31, 2012, outlines the process that applicants must follow.
Letters of Interest must be submitted using the form on the TIFIA website:
DOT has revised the form for the Letter of Interest to reflect changes made to the TIFIA program by MAP-21. Submit all Letters of Interest via e-mail at: TIFIACredit@dot.gov.
U.S. Transportation Secretary Ray LaHood today announced the availability of up to $17 billion in loans for critical infrastructure projects across the country as a result of the recently enacted surface transportation bill. Secretary LaHood encouraged states and cities across the country to submit letters of interest for the TIFIA (Transportation Infrastructure Finance and Innovation Act) program, which provides direct loans, loan guarantees, and standby lines of credit to major infrastructure projects with the potential to create jobs and spur economic development and growth.
Read the Full Press Release (July 27, 2012)