The federal government today announced final approval of a half-billion dollar loan to Los Angeles County’s Metropolitan Transportation Authority. The money paves the way for construction of a new light rail line that will connect two existing lines.
“With today’s loan approval, Angelenos are one step closer to getting the transportation system they want and deserve,” said LA Mayor Antonio Villaraigosa. “This flexible, low-interest loan will help us build a vital link in our expanding public transit system.”
The low-interest loan will help pay for construction of the Crenshaw Corridor light-rail line. It will consist of 8.5 miles of track linking the Expo Line to the Green line. The Crenshaw Corridor line will have at least six stations, and will run from the Expo/Crenshaw stop on the Expo Line to the Green Line’s Aviation/LAX station. Officials say this will improve service for people who live in LA, Inglewood, Hawthorne and El Segundo.
“I traveled to Washington, D.C. to push hard for these funds through countless meetings at the White House, at the Capitol, and at the Department of Transportation,” added Villaraigosa. “This work has clearly paid off and I will to work until the end of my term to ensure Los Angeles can continue to build a 21st Century transportation system.”
The $545.9 million federal loan covers about one-third of the project's total cost. Most of the rest will come from the half-cent transportation sales tax that voters approved four years ago.
The federal 'Transportation Infrastructure Finance and Innovation Act (TIFIA)' program that provides credit assistance for infrastructure projects, directed the money toward the $1.75 billion Crenshaw/LAX transit corridor project.
The Crenshaw Corridor Light Rail line is projected to open in six years.