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USDOT Announces up to $26.9M in Financing for the LA 3241 Project in St. Tammany Parish, Louisiana

ST. TAMMANY PARISH, LA — The U.S. Department of Transportation (USDOT) announces that its Build America Bureau (the Bureau) has provided a direct Transportation Infrastructure Finance and Innovation Act (TIFIA) loan in the amount of up to $26.9 million under the Rural Projects Initiative (RPI) for the Louisiana Department of Transportation and Development’s (LaDOTD) construction of LA 3241: LA 36 to LA 435 project in St. Tammany Parish. USDOT provides TIFIA and other surface transportation infrastructure financing through its Build America Bureau to reduce the costs of infrastructure projects.

“USDOT is proud to work with Louisiana on this safety improvement project. This is an example of how the Build American Bureau is making innovative financing options, which help deliver important projects more quickly and at lower cost to the taxpayer, available to smaller and rural communities,” said Deputy Transportation Secretary Polly Trottenberg.

“This project is critical to the safety of travelers and the economic vitality of the region,” said Build America Bureau Executive Director Morteza Farajian. “The Bureau looks forward to continuing this partnership and working with Louisiana on future opportunities to deliver long-needed improvements.”

The new loans allow LaDOTD to accelerate the delivery of the projects identified to be funded by the British Petroleum Deepwater Horizon settlement. This second segment of the LA 3241 project includes construction of an 8.2-mile section of a four-lane highway from I-12 to the LA 21 and 64-foot depressed median and two waterway bridges. The last remaining project from this infrastructure loan package, the I-49 S Ambassador Caffery/US 90 Interchange in Lafayette Parish, is scheduled to close in the first quarter of 2022.

The first two project loans, Union Pacific Railroad Overpass Project, Morehouse Parish and LA 3241: LA 435-LA 40 (Segment 3) in St. Tammany Parish, were closed in September 2021. Three of the initial four projects will benefit rural areas and qualified for the RPI initiative, which provides 35-year loans up to 49 percent of the project cost at half the treasury rate, as well as significant savings in loan fees.

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The Bureau offers low-interest, long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Bipartisan Infrastructure Law, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility.

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