The U.S. Department of Transportation announced its Build America Bureau is providing a low-interest loan of up to $1.76 billion to Purple Transit Partners for the Purple Line Light Rail Transit Project in Maryland.
According to an April14 DOT news release, the loan will finance up to a third of the project’s $5.9 billion price tag. According to its website, the Purple Line is now under construction. When complete, it will include 16.2 miles and 21 stations along its east-west line, traveling from Bethesda in Montgomery County to New Carrollton in Prince George’s County.
“The Purple Line will provide faster, more direct and more reliable transit service for the suburban Maryland and DC region’s residents and visitors while easing congestion on local roads,” Deputy Transportation Secretary Polly Trottenberg said in the release. “By cutting an estimated 17,000 vehicle trips each day and operating using electric power, this project has tremendous environmental benefits as well.”
In the release, Build America Bureau Executive Director Morteza Farajian said the line will deliver economic development opportunities to the area as well as development linked to the line.
The new loan replaces an $874.6 million loan that closed in 2016. The release also noted the additional funding will ensure the Maryland DOT can complete the project and operate the line for more than three decades.
