WASHINGTON — The U.S. Department of Transportation announced that its Build America office has provided a $200 million low-interest loan to the Maryland Transportation Authority (MDTA) for the Governor Harry W. Nice Bridge Replacement Project. Memorial/Senator Thomas “Mac” Middleton.
The office helps communities across the country reduce the costs of infrastructure projects by providing loans under the Transportation Infrastructure Finance and Innovation Act (TIFIA), known as TIFIA loans and other types of financing.
The $672 million project will replace the 83-year-old bridge, which carries US 301 over the Potomac River between Maryland and Virginia. This project will increase capacity by doubling the number of lanes from two to four and provide higher vertical clearance on the waterway, allowing larger vessels to pass under the bridge.
“The new Nice bridge will handle four-mile-long daily backups and improve road safety by creating a median barrier and wider lanes,” said Assistant Transportation Secretary Polly Trottenberg. “With 18,000 vehicles crossing each day, many of them commuters heading to major employers like Naval Support Facility Dahlgren and Naval Support Facility Indian Head, this is a critical improvement in safety and quality of life. for the region.”
“This loan helps deliver a long-awaited new bridge that will last at least 100 years,” said Bureau Executive Director Morteza Farajian. “By funding one-third of the cost, we are helping bring this project to fruition sooner and at a lower cost to ratepayers, improving connectivity between local communities in Maryland and Virginia.
The office was created as a “one-stop shop” under the Obama administration to help states and other project developers complete infrastructure projects.
The office offers low-interest, long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The bipartisan Infrastructure Act, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends loan terms, providing borrowers with additional flexibility.
To date, DOT has closed more than $37.9 billion in TIFIA financings, supporting more than $130.7 billion in infrastructure investments across the country.
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