Louisiana will put more than $40 million in federal funding to use, with much of that going toward a ferry project and bridge rehabilitative efforts.
Polly Trottenberg, deputy transportation secretary, announced the Build America Bureau will be providing $40.9 million in low-interest loans to help Louisiana State Bond Commission and Louisiana Department of Transportation and Development attain their objectives, according to a Nov. 14 news release.
”USDOT’s support for these ferry and bridge projects will help Louisiana keep people, goods and services moving across the state,” Trottenberg said in the release. "We are excited to support Louisiana's efforts to improve infrastructure, connectivity and safety for rural communities."
Communities across the country are being helped by the Bureau as it helps to reduce the cost of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act loans, and other types of financing, the release reported. The two big Louisiana projects that will benefit from the program include a $19.2 million loan is for the Cameron Parish Ferry Project and a $21.7 million loan for the Statewide Bridge Program.
“These are the fifth and sixth loans that Louisiana has closed over the past year as part of a bundle approach, which allows for more efficient processing and expedient closing,” Executive Director Morteza Farajian said in the release. “This is a model for projects around the country as we put infrastructure funding from the Bipartisan Infrastructure Law to work."
USDOT’s Build America Bureau was established under the Obama administration as a “one-stop-shop” to help states and other project sponsors carry out infrastructure projects, according to the release. Besides low-interest loans, the Bureau offers technical assistance for project planning, financing, delivery and operation.
