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The U.S. Department of Transportation has approved a $545.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan that will enable the Los Angeles County Metropolitan Transportation Authority (LACMTA) to advance construction of a new light-rail transit line along the Crenshaw corridor in Los Angeles.

The Crenshaw/LAX transit corridor project consists of a new, 8.5-mile light-rail line and at least six new stations with off-street parking. The line will connect existing rail service on LACMTA's Metro Green Line with the Metro Exposition Line, which recently opened for service.

"This important investment in the future Metro Crenshaw Line will create jobs in Los Angeles, building a major transportation project that will help the regional economy continue to grow and prosper," said U.S. Transportation Secretary Ray LaHood in a prepared statement.

Adds Federal Transit Administrator Peter Rogoff: "The TIFIA program goes a long way for communities like Los Angeles that use these loans to leverage additional funding for important projects like expanding light rail."