Federal Funding Secured For New York-New Jersey Hudson River Rail Tunnel, Other Projects

December 8, 2015

By CBS New York

NEW YORK (CBSNewYork) — The Gateway Project, including the new Hudson River rail tunnel, is back on track with federal money now secured.Website Insert Perfect Answer copy

Amtrak chair Tony Coscia thanked New York Sen. Charles Schumer and New Jersey Sen. Cory Booker for figuring out where the federal dollars for the tunnel will come from and getting that into the new federal transportation bill.

“I’m sure everybody has sat on trains where you pound your fist and say, ‘I wish someone would just do something,’” Coscia said Monday. “I’m proud to be with people who actually did something.”

Schumer said they scored “a trifecta victory” with the bill, getting three separate sources of funding for the project.

Amtrak will be able to reinvest profits from the northeast corridor toward the tunnel project.

The Railroad Rehabilitation and Improvement Financing program will also provide low interest loans, and the capital investment grant program, also called New Starts, can now provide money for Gateway and other projects.

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