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HomeEconomics ExpressEconomic NewsU.S. Department of Transportation Unveils $1.5 Billion Funding Opportunity for Infrastructure Projects

U.S. Department of Transportation Unveils $1.5 Billion Funding Opportunity for Infrastructure Projects

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The U.S. Department of Transportation has announced a funding opportunity of $1.5 billion under the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program. Applications are now open for grants that aim to support transportation-related projects across the country, positively impacting local communities. The selected projects will receive the funding in the coming year.

Transportation Secretary Pete Buttigieg highlighted the positive outcomes of the RAISE program, expressing how it has played a crucial role in bringing communities closer to their aspirations for enhanced infrastructure. The program focuses on delivering safer and cleaner infrastructure, creating jobs, and aiding families in building generational wealth.

The grant program is designed to assist state, tribal, county, and local governments in completing vital freight and transportation infrastructure projects. Notably, the eligibility requirements have been structured to facilitate local government support for projects that might not qualify for other grant programs.

In the current year, the RAISE program has already supported over 160 projects in all 50 states, including the District of Columbia, Puerto Rico, and the Northern Mariana Islands.

Projects submitted for funding undergo a thorough evaluation based on statutory criteria, encompassing safety, environmental sustainability, quality of life, mobility and community connectivity, economic competitiveness, opportunity (including tourism), state of good repair, partnership and collaboration, and innovation.

Past projects funded through the RAISE program include a grade separation initiative in Chula Vista, Calif., the construction of a new downtown transit center in New Orleans, and the reconstruction of Route 6 on the Standing Rock Indian Reservation in South Dakota.

The $1.5 billion funding will be allocated to both rural and urban areas, with a commitment of at least $15 million earmarked for projects in impoverished areas and historically disadvantaged communities. Projects in these regions will be eligible for up to a 100% federal cost share, as stipulated by the Bipartisan Infrastructure Law.

For additional details and a comprehensive list of 2023 awarded projects, interested parties can visit the Department of Transportation’s official website. The funding notice is also available on the organization’s site. The deadline for applications is set for February 28 of the following year, with selections expected to be announced no later than June 27.

Jamal Thompson
Jamal Thompsonhttps://twitter.com/thompson_j92308
As the Economics Writer for CEO Scoop Magazine, Jamal Thompson delves into the intricacies of global economic developments. Armed with a degree in economics and a sharp analytical mind, Jamal crafts engaging articles that decode economic theories and their real-world impact. His work not only informs but also sparks thoughtful discussions about the forces shaping our financial future.

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