With support from U.S. Rep. Mimi Walters (R-CA), the Orange County Transportation Authority (OCTA) gained $628.93 million in loans from the U.S. Department of Transportation (DOT) this week to fuel their I-405 Improvement Project.
The loan was authorized under the Transportation Infrastructure Finance and Innovation Act (TIFIA), which provides low-interest loans that aid large-scale transportation projects. The I-405 improvements, which include widening of 16 miles of the freeway between State Route 73 in Costa Mesa and I-605 near the Los Angeles County line, are expected to cost $1.9 billion.
“This TIFIA loan is a big win for Orange County,” Walters, who serves on the House Energy and Commerce Committee, said. “I proudly supported OCTA’s efforts to obtain a TIFIA loan and I am pleased the USDOT recognized the importance of this project to the region. The improvements financed by this loan will reduce congestion and expand express lanes to help improve freight and commuter travel on this critical freeway.”
Earlier in the year, Walters had written a letter to DOT Secretary Anthony Foxx advocating on behalf of the loan. County officials hope that the project will seriously assist congestion along the corridor and help cut into commutes for its residents.