The Federal Railroad Administration (FRA) recently granted a $967.1 million Railroad Rehabilitation and Improvement Financing (RRIF) loan to the Metropolitan Transportation Authority (MTA) of New York City.
The funds will be used to finance Positive Train Control (PTC) deployment on the Long Island Rail Road (LIRR) and the Metro-North Railroad (Metro North). This is the largest loan for RRIF in FRA history.
“This loan will help prevent derailments and ensure the safety of the riding public,”
Anthony Foxx said. “Continuous investment in rail technology and infrastructure will enable us to meet the growing demand for rail while saving lives.”
The RRIF program's purpose is to offer direct federal loans and loan guarantees so that railroads, intermodal facilities and equipment can be acquired and developed. Projects with public benefits -- such as economic development, public safety and the environment -- take first priority.
“PTC is the backbone of the next generation of rail safety and we are committed to its full deployment and implementation,” acting Federal Railroad Administrator Sarah Feinberg said. “There are 166 million rides taken on LIRR and Metro-North annually. Installing PTC will further ensure the safety of employees and passengers alike.”