For Immediate Release
Department of Transportation Grants Loan to Orange County Transportation Authority with Support from Rep. Mimi Walters
Washington, D.C. – Rep. Mimi Walters released the following statement regarding the closing of a $628.93 million United States Department of Transportation (USDOT) Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the Orange County Transportation Authority’s (OCTA) I-405 Improvement Project (Project).
The TIFIA program, which provides low-interest loans to large-scale transportation projects, will help fund a significant portion of the $1.9 billion Project, which will increase capacity along the I-405. Specifically, the Project will widen and improve 16 miles of the freeway between State Route 73 in Costa Mesa and I-605 near the Los Angeles County line.
Completion of the Project will drastically improve transit along this corridor to mitigate congestion and reduce commute times for Orange County residents.
Said Rep. Walters, “This TIFIA loan is a big win for Orange County. 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.”
To read my full letter to the DOT Secretary Anthony Foxx advocating for this loan, please click here.
To read the OCTA’s announcement of the loan, please click here.
Walters represents California’s 45th District and serves on the House Energy and Commerce Committee.