The action also immediately obligates the initial US$1.9bn from the grant.
Together with the $US800m in New Starts Capital Investment Grant Program funding that has already been obligated, GDC now has US$2.7bn in grant funds available for the project. In addition, the local share of the Hudson Tunnel Project comprising US$4bn is available to advance construction.
In a joint statement, GDC commissioners Alicia Glen, Balpreet Grewal- Virk and Tony Coscia said that, while the commission had had the full funding for the project committed for months, this was “one of the first major infusions of funds that enables us to turn these commitments into reality”.
“With nearly US$3bn in the bank, the full economic impact of this massive project is beginning to be felt,” they said.
GDC CEO Kris Kolluri said the commission was now “well-prepared to execute the next phase of major construction and continue moving forward with confidence as we ramp up and prepare to begin tunnel boring activity next year”.
The FSP Grant Program was established by the Infrastructure Investment and Jobs Act to fund capital projects that reduce the state of good repair backlog, improve performance, or expand or establish new intercity passenger rail service. GDC applied for an FSP Grant in March 2023 and all US$3.8bn requested was committed in November 2023.
This grant is part of the historic US$12bn in federal funding to the HTP – the largest federal funding commitment to a rail transport project in modern history. This federal commitment will cover 70% of the HTP’s cost, saving New York and New Jersey billions compared to the original plan to split costs 50-50 between the federal and local partners.
Construction on the new river crossing is progressing. The first concrete was recently poured for the new tunnel at the Tonnelle Avenue Bridge and Utility Relocation Project in North Bergen, New Jersey, and work is under way on Phase 2 of the Hudson River Ground Stabilisation Project, which is preparing the Hudson riverbed for tunnel boring.
