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USDOT Announces up to $502.9M Loan for Infrastructure Projects in Hampton Roads, Virginia

HAMPTON ROADS, VA — U.S. Transportation Secretary Elaine L. Chao announces that the U.S. Department of Transportation’s (USDOT) Build America Bureau will provide up to a $502.9-million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Hampton Roads Transportation Accountability Commission (HRTAC) in Virginia to help finance several of HRTAC’s Regional Priority Projects.

The Regional Priority Projects, all on I-64, have been given priority for construction by HRTAC because they are expected to provide the largest impact on reducing congestion in the Hampton Roads area. The projects collectively increase capacity, adding both general purpose and HOV lanes; update portions of the interstate to current highway design standards; and improve vehicular level of service to address the long-term safety and efficiency needs of the corridor.

HRTAC was created in 2014 to procure, finance, build and operate highway, bridge and tunnel projects in the Hampton Roads area. HRTAC serves as a financing vehicle for regional transportation projects and collaborates with the Hampton Roads Transportation Planning Organization (HRTPO) to set transportation funding priorities based on regional consensus developed by HRTPO.

The TIFIA loan will be repaid primarily by revenue received from regional Sales and Use and Motor Vehicle Fuel taxes, the availability of which are subject to appropriation by the General Assembly of the Commonwealth of Virginia.

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