$590 million emergency loan granted to California Bay Area Transit
California Gov. Gavin Newsom signed AB/SB 117, authorizing the California State Transportation Agency (CalSTA) to loan $590 million to the Metropolitan Transportation Commission (MTC) from the Transit and Intercity Rail Capital Program (TIRCP). The loan proceeds will provide short-term operating loans to four Bay Area transit operators.
“Our public transit connects people to jobs, schools, healthcare and opportunity,” said California Transportation Secretary Toks Omishakin. “This $590 million emergency loan helps ensure Bay Area communities continue to have reliable service as ridership returns and the region works towards a long-term funding solution. “We’re committed to keeping transit strong for the riders that depend on it every day.”
