Full Funding Secured For New Hudson River Tunnel

Spectrum New York reports:

It’s been years in the making: fully funding a second rail tunnel under the Hudson River. Officials celebrated the last piece of $16 billion in funding for the Gateway Tunnel Project Monday, signing the nearly $7 billion full funding grant agreement with the U.S. Department of Transportation and securing the $4 billion in loans for the local match.

“The light at the end of the Gateway Tunnel is signed, sealed and delivered,” Sen. Chuck Schumer said at a press conference. In total, the project secured $12 billion in federal grants, the largest for a single transit project ever. But the impact will be much larger, with 95,000 union jobs needed to complete the project.

The second tunnel will eventually increase capacity and create a redundancy to prevent the nightmare so many commuters have recently experienced at Penn Station. Equipment failures near or in the current 114-year-old tunnel have brought train traffic to a halt.

Read the full article.

Officials celebrated the last piece of $16 billion in funding for the Gateway Tunnel Project Monday, signing the nearly $7 billion full funding grant agreement with the U.S. DOT and securing the $4 billion in loans for the local match. https://t.co/YTBlbpqHs0

— Spectrum News 1 Albany (@SpecNews1Albany) July 8, 2024

“Largest grant agreement in the history of the U.S. Dept of Transportation. Celebrate the lives it will help” @Veevanterpool @FTA_DOT says at final paperwork signing #Gateway #HudsonTunnel now gets 70% federal funding. NY & NJ cover remainder @PIX11News pic.twitter.com/b8Lm7khPcC

— Greg Mocker (@gregmocker) July 8, 2024