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CRENSHAW TIFIA LOAN PRESS EVENT

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.
  • Thank you.

 

Updated: Monday, November 19, 2012