WASHINGTON – U.S. Transportation Secretary Elaine L. Chao today announced that the U.S. Department of Transportation’s Build America Bureau (the Bureau) will provide up to a $502.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Hampton Roads Transportation Accountability Commission (HRTAC) in Virginia to help finance several of HRTAC’s Regional Priority Projects.
“This $502.9 million federal investment in transportation infrastructure in the Hampton Roads region will promote economic growth while enhancing safety and mobility for area residents and travelers,” said U.S. Transportation Secretary Elaine L. Chao.
The Regional Priority Projects, all on I-64, have been given priority for construction by HRTAC because they are expected to provide the largest impact on reducing congestion in the Hampton Roads area. The projects collectively increase capacity, adding both general purpose and HOV lanes; update portions of the interstate to current highway design standards; and improve vehicular level of service to address the long-term safety and efficiency needs of the corridor.
HRTAC was created in 2014 to procure, finance, build, and operate highway, bridge, and tunnel projects in the Hampton Roads area. HRTAC serves as a financing vehicle for regional transportation projects and collaborates with the Hampton Roads Transportation Planning Organization (HRTPO) to set transportation funding priorities based on regional consensus developed by HRTPO.
The TIFIA loan will be repaid primarily by revenue received from regional Sales and Use and Motor Vehicle Fuel taxes, the availability of which are subject to appropriation by the General Assembly of the Commonwealth of Virginia.
The Bureau, which administers the TIFIA credit program, was established as a “one-stop shop” to streamline credit opportunities, while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and monitoring. During Secretary Chao’s tenure at DOT, the Department has closed nearly $6.2 billion in TIFIA financings, supporting more than $21.2 billion in infrastructure projects across the country.