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4/16/2013
Rail News: Passenger Rail
New York pact to help MTA leverage $1 billion in federal funds for hurricane recovery
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An agreement between the New York State Department of Transportation (NYSDOT) and the Metropolitan Transportation Authority (MTA) will provide MTA with $111 million in transportation development credits to leverage $1 billion in federal disaster relief funding for Hurricane Sandy recovery and rebuilding efforts, New York Gov. Andrew Cuomo announced late last week.
The Federal Transit Administration (FTA) awarded MTA $1 billion on March 29 as a reimbursement for Sandy recovery costs and rebuilding damaged parts of subway, commuter-rail and bus systems. The funding is in addition to more than $193 million in initial reimbursement allocated last month to MTA New York City Transit, MTA Metro-North Railroad and MTA Long Island Rail Road, and $3 million from Federal Emergency Management Agency for bridges and tunnels.
Because the latest $1 billion in federal dollars requires a 10 percent match, the NYSDOT approved an MTA request to use $111 million in transportation development credits to meet the requirement, Cuomo administration officials said in a press release.
The credits are a funding tool that enables states to fund a project without the requirement of a local match.
MTA's system sustained about $4.8 billion worth of damage as rail and subway lines, vehicular tunnels, subway stations, and power and signal equipment were inundated with corrosive salt water during the hurricane.
The Federal Transit Administration (FTA) awarded MTA $1 billion on March 29 as a reimbursement for Sandy recovery costs and rebuilding damaged parts of subway, commuter-rail and bus systems. The funding is in addition to more than $193 million in initial reimbursement allocated last month to MTA New York City Transit, MTA Metro-North Railroad and MTA Long Island Rail Road, and $3 million from Federal Emergency Management Agency for bridges and tunnels.
Because the latest $1 billion in federal dollars requires a 10 percent match, the NYSDOT approved an MTA request to use $111 million in transportation development credits to meet the requirement, Cuomo administration officials said in a press release.
The credits are a funding tool that enables states to fund a project without the requirement of a local match.
MTA's system sustained about $4.8 billion worth of damage as rail and subway lines, vehicular tunnels, subway stations, and power and signal equipment were inundated with corrosive salt water during the hurricane.
