Dive Brief:
- The Federal Transit Administration announced yesterday the availability of $9.9 billion in formula funding for public transit projects for the first five months of the 2024 fiscal year.
- These funds will go to state transportation departments, urbanized areas and tribal nations but cover only Oct. 1, 2023, to March 1, 2024, at fiscal 2023 levels while the federal government operates under a continuing resolution.
- Cities with populations over 50,000 will share approximately $2.9 billion of this funding tranche.
Dive Insight:
The FTA published a set of tables to allow potential recipients to understand how these funds are apportioned. They include funding for trains, buses and ferries; state-of-good-repair programs; planning purposes; projects to improve mobility for older adults and people with disabilities and to obtain low or no-emission buses. The tables will help transit providers prepare applications for fiscal 2024 funds, the FTA said in a press release.
"Communities depend on this funding to start new projects, fix old infrastructure, and bring more fast, safe, convenient service," said FTA Acting Administrator Veronica Vanterpool in a statement.
The FTA noted in a press release that formula funding amounts may have changed in some areas due to changes from the 2020 census that resulted in new population data and boundaries for certain urbanized areas.
Full-year formula funding will be available when Congress passes a fiscal year 2024 spending bill. The House of Representatives is expected to vote next week on full-year spending bills, including those for transportation.
