The U.S. Department of Transportation (USDOT) announced on Mondy that its Build America Bureau has given a loan to the Louisiana State Bond Commission. The low-interest loan of $86.6 million will help the Louisiana Department of Transportation and Development (LADOTD) in order to fund the I-49 S. Ambassador Caffery/US 90 Interchange. The Build America Bureau helps communities across the country reduce the costs of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act (TIFIA) loans.
Approved by the bureau in August 2021, this is the fourth and final project from a transportation financing package. It's funded through a British Petroleum Deepwater Horizon settlement.
The project includes new two-lane frontage roads and construction of interchanges at US 90 and Ambassador Caffery Blvd. and US 90 and Albertson Parkway and the project stretches approximately 2.4 miles in length.
“This interchange project will enhance safety, improve evacuations during life-threatening weather events, and is part of an overall improvement plan that supports job creation for the region,” said Polly Trottenberg, Deputy Transportation Secretary.
"The Louisiana leaders developed a package of projects that the Bureau was able to review and approve as a bundle, speeding up the process for each individual loan,” said Executive Director Morteza Farajian. “Three of the four projects qualified for reduced interest rates, half the treasury rate, through our Rural Projects Initiative.”
Established during the Obama Administration as a "one-stop shop", the Build America Bureau helps states and other project sponsors start infrastructure projects, offering low-interest, long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Infrastructure Investment and Jobs Act (IIJA) expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility.
USDOT has closed $38.4 billion in TIFIA financings, supporting more than $132 billion in infrastructure investment across the country.
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Source: USDOT
