WASHINGTON (dpa-AFX) - The U.S. Department of Transportation has announced $11 billion in grants and financing for the Hudson River Tunnel project.
The funds will be used to construct a critical new rail tunnel between New York and New Jersey along the vital economic corridor, which will be the largest project in the history of USDOT.
USDOT officials signed a Full Funding Grant Agreement through the Federal Transit Administration's Capital Investment Grants program, allowing FTA to invest close to $6.9 billion to help build the tunnel and rehabilitate the existing North River Tunnel.
U.S. Transportation Secretary Buttigieg approved three Railroad Rehabilitation and Improvement Financing loans through the department's Build America Bureau totaling $4.1 billion, that will provide financial support at below-market interest rates.
'For decades, Americans watched one of the most heavily-used train tunnels in the hemisphere deteriorate and become a bottleneck that affected travelers from New England to the Mid-Atlantic and beyond,' said U.S. Transportation Secretary Pete Buttigieg. 'Today, President Biden is making good on his promise to fix that and build the Hudson Tunnel Project. Using funds from the President's infrastructure law, we are building a new tunnel that improves train travel for millions of Americans and revitalizes a rail corridor that is essential to so much of the nation's economy.'
Everyday, hundreds of thousands of commuters travel through the 114-year-old passenger rail tunnel, a vital corridor that was damaged during 2012's Superstorm Sandy.
The Hudson Tunnel Project includes a new double-track tunnel between the Bergen Palisades in New Jersey and Manhattan in New York City, rehabilitating the North River Tunnel damaged by Superstorm Sandy, and creating a concrete casing at Hudson Yards to allow the new tunnel to connect to New York-Penn Station. These elements will collectively enhance service, improve reliability, modernize design, and mitigate the impact of future natural disasters, ensuring a seamless rail network, USDOT said in a press release.
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