SECRETARY RAY LAHOOD
REMARKS PREPARED FOR DELIVERY
CRENSHAW TIFIA LOAN PRESS EVENT
LOS ANGELES, CA
WEDNESDAY OCT. 10, 2012
I want to thank Mayor Villaraigosa for his outstanding work to bring more good transportation choices to Los Angeles.
And I want to thank Congresswoman Hahn and Congresswoman Waters for joining us today.
I also want to congratulate the Los Angeles County Metropolitan Transportation Authority (LACMTA) for securing a key piece of financing for a very important project.
President Obama is committed to investing in transportation projects that give hard-working Americans safe, reliable and affordable options for getting to work, school, and everywhere else they need to go.
DOT is proud to provide LA MTA a $545.9 million TIFIA loan to help build a new light rail transit line along the Crenshaw corridor.
This investment is a win-win for Los Angeles and beyond.
It will put people to work in the short-term, and it will strengthen the regional economy for the future.
This project will help us reduce congestion and improve air quality.
And it will make it easier for transit riders to reach downtown Los Angeles, nearby cities in L.A. County and the free shuttle to LAX.
This investment is made possible through our TIFIA credit assistance program, which provides direct loans, loan guarantees and standby lines of credit for major infrastructure projects throughout the nation.
Put another way, TIFIA helps our transportation dollars go further.
Since its launch, the TIFIA program has helped 28 projects, including this project, and turned $9.8 billion in DOT support into $38.1 billion in infrastructure investment across America.
Those investments go a long way to strengthen public transportation for millions of Americans, which is good for our economy and good for our communities.
This summer, President Obama signed into law a new transportation bill, MAP-21.
This new law ensures that TIFIA will continue to support good infrastructure projects across the country.
MAP-21transforms TIFIA into the largest transportation infrastructure loan program in history, making up to $17 billion in credit assistance available for critical infrastructure projects.
This means that communities across America have yet another great resource to help them invest in major transportation projects and create jobs in the process.
Across the nation, we have transit systems to build, bridges to repair, and roads to pave.
Across the nation, we have Americans ready to roll up their sleeves and do the work.
Together, we can put people back to work building the best transportation system in the world.