New U.S. DOT funding tool to provide $2B for Seattle rail projects
Transportation Secretary Anthony Foxx launched the Build America Bureau earlier this year to provide a one-stop-shop for state and municipal governments to find innovative solutions to funding critical infrastructure projects.
U.S. Transportation Secretary Anthony Foxx today announced four transit projects in the Seattle area could receive up to nearly $2 billion in financing through an innovative infrastructure financing tool created by the Department of Transportation’s Build America Bureau.
Late last week, the Central Puget Sound Regional Transit Authority (Sound Transit) and the Build America Bureau (Bureau) signed a Master Credit Agreement (MCA) — a first-of-its-kind arrangement in which the local transit authority will be able to expedite multiple loan requests under a single agreement with the federal government. The first of those loans, $615.3 million for the Northgate Link Extension, also closed last week.
Ad Loading...
“This announcement demonstrates that the Build America Bureau is already playing a major role in how projects are planned and paid for by streamlining the financing process and bringing together valuable tools for accessing federal dollars. This means projects like the Northgate Link Extension Project can move forward more quickly and effectively,” said Foxx. “We are proud of the work done through the Bureau to speed investments needed in growing regions like the Pacific Northwest. This development is a big win for the entire region.”
Foxx launched the Bureau earlier this year to provide a one-stop-shop for state and municipal governments to find innovative solutions to funding critical infrastructure projects. An MCA is one tool that the Bureau offers to help project sponsors streamline the process of applying for federal transportation infrastructure loans through the federal government’s Transportation Infrastructure Finance and Innovation Act (TIFIA) and the Railroad Rehabilitation & Improvement Financing programs.
The MCA signed by Sound Transit covers four separate projects approved by voters as part of the transit authority’s ST-2 program. The $615.3 million TIFIA loan for the first project, the Northgate Link Extension, was approved today and will move forward. The MCA will dramatically streamline the application process for the next three projects, enabling Sound Transit to more easily apply for the loans for the Operations & Maintenance Satellite Facility: East; Lynnwood Extension; and Federal Way Link Extension projects.
Since its inception, the Bureau has closed $4 billion in financings and supports more than $7.8 billion in rail, highway and transit projects across the country. The Bureau has 16 projects in creditworthiness review for a total potential loan amount of over $5.5 billion. The Bureau also manages the private activity bond program, the Outreach and Project Development functions of the Build America Transportation Investment Center, and the Fostering Advancements in Shipping and Transportation for the Long-term Achievement of National Efficiencies grant program.
The special episode features an exclusive interview with Mark Miller, president of Constellation Software Inc. and executive chairman of the Volaris Group, who reflects on the podcast's early vision and the importance of creating a platform where transit leaders can share ideas and learn from one another.
The CAD facility enables NFI to complete full domestic production of heavy-duty transit vehicles, including zero-emission buses, in Winnipeg for the first time in 15 years.
The findings provide clear evidence that sustained Federal investment in public transit and passenger rail delivers significant returns for workers, communities, taxpayers, and the U.S. economy, APTA officials said.
On a recent episode of METROspectives, METRO Magazine’s Executive Editor Alex Roman sat down with Ana-Maria Tomlinson, Director of Strategic & Cross-Sector Programs at the CSA Group, to explore a bold initiative aimed at addressing those challenges: the development of a National Code for Transit and Passenger Rail Systems in Canada.
Over the next four years during the Spanberger Administration, DRPT will use the plan to prioritize funding for human service transportation projects and programs that reduce barriers, expand access, and promote equitable mobility, said department officials.
A new advisory group of current and former city leaders will collaborate on funding strategies, technology deployment, and best practices to modernize U.S. public transit systems.
The LIT Navigate Mentorship Program was launched as a structured, low-cost opportunity for active LIT members, focused on intentional growth, workforce development, mentorship, networking, and education.
Approved as part of WMATA’s Strategic Transformation Plan, the expanded program introduces new pricing and participation options that make it easier for colleges and universities to join and for more students, such as part-time, community college, and graduate students, to benefit from accessible transportation.
