U.S. Department of Transportation Announces $537.1 Million Loan For New York City’s Moynihan Train Hall Redevelopment Project
WASHINGTON – U.S. Secretary Elaine L. Chao today announced that the U.S. Department of Transportation’s Build America Bureau (the Bureau) will provide a $537.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the New York State Urban Development Corporation D/B/A Empire State Development (ESD) for the construction of the Moynihan Train Hall Redevelopment Project (the Project). The Project aligns with the Department’s mission to provide financial support for important infrastructure projects that have met the criteria for the TIFIA credit program.
The Project will deliver critical improvements and expansions that will ease congestion and delays and facilitate future passenger demand. The Train Hall will benefit the entire North East Corridor ("NEC") service area, as two-thirds of all NEC rail trips pass through Penn Station today.
“This TIFIA loan will help transform the James A. Farley Post Office Building in Manhattan to include a modern, state-of-the-art train station, delivering extensive improvements for passengers in easing congestion and delays,” said Secretary Elaine L. Chao. “This is an important investment in the Northeast Corridor’s rail service and the economic vitality of the region.”
The Project is expected to relieve congestion at New York City’s Penn Station, which is the busiest passenger transportation facility in the U.S. with 650,000 passengers per weekday.
Located in the James A. Farley Post Office Building, the Project will be the new home of Amtrak and will serve as the arrival and departures hall for all Amtrak passengers in New York City. It will also provide ticketing and other facilities for Metropolitan Transportation Authority’s (MTA) Long Island Rail Road service (LIRR).
Construction of the Project has commenced and is expected to conclude in December 2020. The TIFIA loan for the approximately $1.85 billion Project will provide critical financing to this public-private partnership, in which ESD, the Port Authority of New York and New Jersey, MTA, Amtrak, and private developers will provide the remainder of the approximately $1.3 billion in funding for the project.
The Department applies the appropriate statutory criteria and evaluates projects individually on their merits to advance and renew America's infrastructure. The Moynihan Train Hall presents a well-supported application for loan assistance that will relieve congestion at a significant location.
About the Build America Bureau
The Build America Bureau, which administers the Department’s TIFIA credit program, was established as a “one-stop shop” to streamline credit opportunities, while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and monitoring. To date, the TIFIA credit program has closed $26.4 billion in financings, supporting $96 billion in rail, highway, and transit projects across the country.