US Department of Transportation (USDOT) announced that yesterday Build America Bureau provided low-interest loans totaling $40.9 million to the Louisiana Bond Commission. Louisiana Department of Transportation Development (LADOTD) For ferry projects and bridge improvement programs.
The two projects that will receive funding are:
- $19.2 million loan Cameron Parish Ferry Project Provides ferry services between Calcasieu Ship Channel at LA 27 and Holly Beach at Cameron and Cameron Parish. The scope of this project includes the design and construction of at least 35 cars and 6 semi-trucks each, and two vehicle/passenger ferries capable of carrying 500 passengers.
- $21.7 million loan Statewide Bridging Program It consists of six projects, including the replacement of 11 structurally deficient bridges in rural areas across six different parishes in central and eastern Louisiana.
the project is rural project initiativeoffering loans of up to 49% of the eligible costs of the project and a fixed interest rate of half the U.S. Treasury rate.
“USDOT’s support for these ferry and bridge projects will help keep Louisiana’s people, goods and services moving through the state,” said Deputy Secretary of Transportation Polly Trottenberg. “We are excited to support efforts to improve infrastructure, connectivity and security in rural Louisiana communities.”
“These are the fifth and sixth loans Louisiana has completed in the past year as part of its bundling approach, allowing for more efficient processing and faster completion. It’s a model for projects across the country to make infrastructure financing work.”
USDOT has closed $38.5 billion in TIFIA loans, supporting more than $132.5 billion in infrastructure investments nationwide.