The U.S. Department of Transportation approved a $545.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan that will enable the Los Angeles County Metropolitan Transportation Authority (LACMTA) to advance construction of a new light-rail transit line along the Crenshaw corridor.
The Crenshaw/LAX transit corridor project consists of a new 8.5-mile light-rail line and at least six new transit stations with off-street parking. The line will connect existing rail service on the Green Line with the Exposition Line, which recently opened for service, making it easier for low-income residents, seniors and other riders to reach downtown Los Angeles, the Westside, South Bay and the cities of Inglewood, Hawthorne and El Segundo. The project also includes a new transit vehicle maintenance and storage facility.
“The TIFIA program goes a long way for communities like Los Angeles that use these loans to leverage additional funding for important projects like expanding light rail, which connects millions of area residents with jobs, while reducing congestion and improving air quality,” said Federal Transit Administrator Peter Rogoff.
The TIFIA credit program is designed to fill market gaps and leverage substantial private co-investment by providing supplemental and subordinate capital. Each dollar of federal funds can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment.
The TIFIA loan was made possible through a Transportation Investment Generating Economic Recovery (TIGER) II grant.