Smoother traffic flow in the Austin, Tex., metropolitan area has gotten $250 million worth of support, in the form of a 35-year low-interest loan from the U.S. Department of Transportation.
The department announced Dec. 22 that its Build America Bureau (The Bureau) has granted a $250.29 million loan to the Central Texas Regional Mobility Authority (CTRMA) for the 183N Mobility Project. The Bureau provides loans and other infrastructure financing to reduce the costs of infrastructure projects on states and cities, according to the announcement.
“The Bureau is pleased to provide low-interest, long-term financing, giving the Central Texas Regional Mobility Authority flexibility to deliver this large-scale project for Austin,” Morteza Farajian, Bureau Executive Director, said in the announcement.
According to DOT, the 183N Mobility Project will consist of construction of nine miles of express lanes in each direction along US 183, a fourth general-purpose lane where there currently isn't one, auxiliary lanes, shared-used paths, sidewalks, and bicycle/pedestrian facilities. The express lanes will benefit emergency-response vehicles and the city's bus service during times of peak congestion, according to DOT.
Nearly 200 new electric buses recently acquired by Capital Metro will be utilized in the corridor. The purchase is the largest electric-vehicle acquisition in the country, according to DOT.
“The 183 North Mobility Project will help make public transportation and alternative modes better choices for Austin metro commuters,” Deputy Transportation Secretary Polly Trottenberg said. “Coupled with Capital Metro’s recent investment in an electric bus fleet, this project supports safer, cleaner, and more reliable options for travel in the Austin area."
This is the second TIFIA loan to CTRMA under the Biden Administration. The 183N Mobility Project is expected to reach substantial completion by June 2025, according to DOT.
