At DOT, we’re committed to investing in transportation projects that give hard-working Americans safe, reliable, and affordable options for getting to work, school, and everywhere else they need to go. One such project is the Crenshaw Light Rail Line in Los Angeles, California, which I had the opportunity to tour with Los Angeles Mayor Antonio Villaraigosa yesterday.
Earlier this month, DOT was proud to provide the Los Angeles County Metropolitan Transportation Authority with a $545.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to help build this new light rail transit line along the Crenshaw corridor. The MTA expects this DOT TIFIA loan to help generate a total of $1.75 billion in investment in this key project.
The 8.5 mile long Crenshaw/LAX line will connect existing rail service on the Metro Green Line with the Metro Exposition Line. The increased connectivity will make it easier for low-income residents, seniors and other riders to reach downtown Los Angeles, the Westside, the South Bay and the cities of Inglewood, Hawthorne and El Segundo. The project also includes a new transit vehicle maintenance and storage facility.
The Los Angeles County Economic Development Corporation estimates that the project will generate more than 18,000 direct jobs.
That makes this investment an all-around win for Los Angeles and the surrounding communities. It will put people to work in the short-term while strengthening the regional economy for the future by making it easier for transit riders to reach downtown Los Angeles, nearby cities, and the shuttle to Los Angeles International Airport.
It will also help reduce congestion and keep carbon emissions out of the Southern California air.
The project is just one example of how DOT’s TIFIA credit assistance program extends the value of America's transportation dollar. By providing direct loans, loan guarantees, and standby lines of credit for major infrastructure projects throughout the nation, a relatively small DOT TIFIA investment helps projects like the Crenshaw Line attract significant investment from other sources.
And the recently passed transportation bill, MAP-21, transforms TIFIA into the largest transportation infrastructure loan program in history, making up to $17 billion in credit assistance available for critical infrastructure projects.
This adds yet another great resource to help communities invest in the transportation projects they need and create jobs in the process.
Through targeted investments like our TIFIA program, DOT is working with communities nationwide to put men and women to work; increase access to jobs, schools, and key services; and create transportation options that foster economic competitiveness.
Together with partners like Mayor Villaraigosa and the Los Angeles MTA, we're making sure our nation's transportation system remains the best in the world.