The Department of Transportation said it would provide more than $1 billion in financial support through a loan for the Capital Beltway Express Lanes project designed to ease congestion, among other benefits.

The $1.05 billion is a low-interest refinancing loan to Capital Beltway Express, LLC, for building the 495 NEXT Project northern extension and express lanes. The funding comes through the Build America Bureau.

“This multimodal project will ease congestion, keep unwanted traffic out of residential neighborhoods, and connect to future express lanes at the American Legion Bridge, a notorious bottleneck,” Deputy Transportation Secretary Polly Trottenberg said in a release about the refinancing. “The project also includes long-term annual transit investment from toll revenues and will reconnect communities with pedestrian and bike paths as well as two new overpasses.”

There are 14 miles of two-way toll roads on I495, and the NEXT Project will extend those tollways by 2.5 miles to reduce traffic congestion and increase reliability.

The project, DOT said, will provide 2.5 miles in extended express lanes "Dulles Access Road to the George Washington Memorial Parkway" near the Virginia state line.

Transportation officials anticipate contractors completing the expansion by late 2025.