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The Federal Railroad Administration (FRA) has informed the Alameda Corridor Transportation Authority (ACTA) that its revised application for a Railroad Rehabilitation & Improvement Financing (RRIF) loan has been approved by the U.S. Department of Transportation Credit Council Committee.

The authority plans to use the proceeds to refinance a portion of its outstanding debt. In ACTA’s revised application submitted in January, the authority sought a loan amount of $83.7 million, a significant reduction from its original application for $553 million.

ACTA’s loan proposal now moves to the federal Office of Management and Budget (OMB) for review, approval and term negotiations. The final terms are subject to review and approval by ACTA, the FRA and OMB. ACTA governs the Alameda Corridor, a 20-mile freight-rail expressway that links the ports of Los Angeles and Long Beach, Calif., with rail yards east of downtown L.A.