U.S. DOT announces $2.4B in high-speed rail funds

U.S. Transportation Secretary Ray LaHood announced he is making available approximately $2.4 billion, through a competitive process, to states eager to develop high-speed rail corridors across the U.S.

"The Obama Administration's bold high-speed rail plan will create jobs, reinvigorate our manufacturing sector and spur economic development for years to come," said U.S. Transportation Secretary Ray LaHood. "States across the country have been banging down our door for the opportunity to receive additional high-speed rail dollars and to deliver all of its economic benefits to their citizens."

President Obama's vision is to connect 80 percent of Americans to high-speed rail within the next 25 years. To put America on track towards that goal, the Obama Administration has proposed a six-year, $53 billion plan that will provide rail access to new communities; improve the reliability, speed and frequency of existing lines; and, where it makes economic sense, build new corridors where trains will travel at speeds of up to 250 miles per hour.

A merit-driven process will be used to award the newly available high-speed rail dollars to projects that can deliver public and economic benefits quickly. A project's ability to reduce energy consumption, improve the efficiency of a region's overall transportation network and generate sustained economic activity along the corridor are among the selection criteria.

Applications for the additional high-speed rail money will be due on April 4, 2011.

Information about the Notice of Funding Availability can be found here.