Louisiana project receives $ 26.9 million federal loan
The U.S. Department of Transportation’s Build America office recently granted the Rural Projects Initiative a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of up to $ 26.9 million.
The funding will be used for the construction by the Louisiana Department of Transportation and Development of the LA 3241: LA 36 to LA 435 project in the parish of St. Tammany.
LA 36 to LA 435 is the second section of the LA 3241 project. Work includes two bridges, a 64-foot depressed median, and construction of an 8.2-mile section of a four-lane I-12 highway. at LA 21.
The I-49 S Ambassador Caffery / US 90 interchange at Lafayette Parish, the latest project in this infrastructure loan program, is expected to close in the first quarter of 2022.
The office approved the third of four loans in August. The first two loans were closed in September.
“This is an example of how the Build America Bureau provides innovative financing options, which help complete important projects faster and at lower cost to the taxpayer, available to small rural communities,” said the Deputy Secretary for Transport, Polly Trottenberg.
DOT provides funding for TIFIA and other surface transportation infrastructure through its Build America office to reduce the costs of infrastructure projects.
The office has provided more than $ 36.6 billion in TIFIA loans.