09/24/2021 | Press release | Distributed by Public on 09/24/2021 12:54
WASHINGTON - The U.S. Department of Transportation today announced that its Build America Bureau has provided a Transportation Infrastructure Finance and Innovation Act (TIFIA) direct loan in the amount of up to $36.4 million to the Louisiana State Bond Commission for two different transportation projects. The DOT provides TIFIA loans and other surface transportation infrastructure financing through its Build America Bureau to help reduce costs and speed the delivery of infrastructure projects.
The projects that will benefit from TIFIA financing are the Union Pacific Railroad Overpass Project, Morehouse Parish and LA 3241: LA 435-LA 40 segment 3, St. Tammany Parish.
These two projects are part of the $159.8 million, four-project loan package approved by the Department in August 2021. The other two projects, LA 3241: LA 36-LA 435 Segment 2 and I-49 S Ambassador Caffery/US 90 Interchange, are on a different project schedule and are targeting financial close in November 2021.
Extending the new loans will allow the Louisiana Department of Transportation and Development to accelerate the delivery of the projects identified to be funded by the British Petroleum (B.P.) Deepwater Horizon settlement. Three of the initial four projects will benefit rural areas. In addition, the projects will help reduce congestion in the respective areas and improve safety
The Bureau, which administers the TIFIA credit program, was established as a "one-stop-shop" during the Obama administration to streamline credit opportunities while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and operation. The Bureau has the resources and full commitment to provide additional flexibility and financial assistance to transportation projects in regions impacted by the COVID-19 pandemic to minimize the negative effects and help them for quicker recovery from this crisis. The U.S. Department of Transportation has closed $36.1 billion in TIFIA financings, supporting more than $123 billion in infrastructure investment across the country.