U.S. Department of Transportation Announces up to $606.7 million TIFIA Loan for the Farley Building Transportation Project (Moynihan Train Hall) in New York City
WASHINGTON D.C. – The U.S. Department of Transportation’s Build America Bureau has provided a direct TIFIA loan in the amount of up to$606.7 million to the New York State Urban Development Corporation, doing business as Empire State Development, for the construction of the Farley Building Transportation Project or Moynihan Train Hall. The Department provides TIFIA and other infrastructure financing through the Bureau to help reduce the cost of projects.
This loan will add up to $80.5 million to the $526.5 million TIFIA loan that closed in 2017 and provide the Moynihan Train Hall a total of up to $606.7 million. The additional loan capacity will ensure completion of security and passenger safety initiatives.
“The Bureau is pleased to support the Moynihan Train Hall project by refinancing the original loan to take advantage of lower interest rates and increase the total loan,” said Build America Bureau Executive Director Morteza Farajian. “The pandemic put a strain on our society and by working together, we are able to overcome issues and keep important public works projects moving forward.”
The Project uses underground access to connect the newly-built Moynihan Train Hall located inside of the Farley Building in Midtown Manhattan to Penn Station located across Eighth Avenue and makes extensive improvements to ease congestion and delays and facilitate future passenger demand. The Moynihan Train Hall is the new home of Amtrak and serves as the arrivals/departures hall for all Amtrak passengers in New York City. It also provides ticketing and other facilities for MTA’s Long Island Rail Road service. Learn more at Moynihan Train Hall.
The U.S. Department of Transportation’s Build America Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. The Bureau offers 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.
To date, the Bureau has provide more than $36.2 billion in financing through the TIFIA credit program, supporting more than $123.2 billion in infrastructure investment across the country.