Virginia’s Hampton Roads region will benefit from as much as $502.9 million in Transportation Infrastructure Finance and Innovation Act (TIFIA) loan funds, according to the U.S. Department of Transportation (USDOT).
“This $502.9 million federal investment in transportation infrastructure in the Hampton Roads region will promote economic growth while enhancing safety and mobility for area residents and travelers,” U.S. Transportation Secretary Elaine Chao said.
Specifically, the funds come from the USDOT’s Build America Bureau to benefit the Hampton Roads Transportation Accountability Commission (HRTAC). Rather than focus on any one project, the funds will benefit several Regional Priority Projects along I-64. With a priority of congestion reduction, these projects include efforts to increase capacity through new lanes, update to current highway design standards, and improve vehicular service.
As a loan, the TIFIA funds will need to be repaid, but HRTAC has a plan to do so primarily through revenue produced by the regional Sales and Use and Motor Vehicle Fuel Taxes. For these construction efforts, HRTAC acts as a financing vehicle for regional transportation projects and works to establish transportation funding priorities thereabouts through cooperation with the Hampton Roads Transportation Planning Organization.