MTA Chairman Tom Prendergast, Gov. Andrew M. Cuomo and Mayor Bill de Blasio recently announced that the MTA Capital Program has received funding thanks to an agreement made earlier this month; per the agreement, the State of New York has agreed to offer $8.3 billion to the program, and New York City has promised to offer $2.5 billion.
The program amounts to $26.1 billion in its entirety, and it serves to outline the upcoming five years of investments that are needed to enhance, renew, and expand the current network of the MTA.
These investments from the State and City of New York are the largest investments that the MTA has seen in its history.
“The MTA is the lifeblood of New York, helping millions of people travel throughout the city and the surrounding suburbs, and fueling one of the largest economies on the globe,” Cuomo said. “Our challenge is not only to help the system continue to fuel the region’s growth, but to keep up with and respond to that growth as it happens. This MTA Capital Plan is what we need to make the system smarter and more resilient, facilitating major upgrades, expansions and building crucial pieces of equipment so that riders are not forced to accept the failures of outdated infrastructure. This plan will mean a safer, stronger, more reliable transit system for people all over New York, and is crucial in supporting our growing economy. And this program would not have been possible without everyone stepping up to pay their fair share. Today with this agreement, we are making an historic investment not only in the MTA, but in the future of New York.”
