From the Star Ledger:
The final hurdle needed to qualify for federal funding to start building the $12.3 billion Gateway rail Tunnel was cleared Thursday when the Federal Transit Administration raised its rating of the project.
“This is a major step towards completing the nation’s most important transportation project, which will modernize our rail infrastructure, get commuters to work, and keep our economy moving forward,” said U.S. Senator Robert Menendez, D-NJ.
Federal funding could be as much as $5.6 billion, or approximately 44% of the projects cost to build two new rail tunnels under the Hudson River and rehabilitate the existing 111-year old tunnels. Amtrak would fund $1.4 billion and also has purchased Manhattan property needed for the project. The state governments of New Jersey and New York would fund up to $6 billion, through low interest, long-term railroad infrastructure loans.
“The day many commuters never thought they’d ever see is finally coming. We are closer than ever to securing a fairly and fully funded Gateway Program and beginning the work of delivering the safe and modern infrastructure our people and economy deserve,” said Gov. Phil Murphy in a statement.