The Hudson Tunnel Gateway Project, a major infrastructure initiative, has secured full funding, with the federal government covering 70% of the costs. The project, which is expected to cost around $17 billion and take a decade to complete, will build a new commuter train tunnel across the Hudson River. The project is projected to create 95,000 jobs and generate $19.6 billion in economic activity.
The federal government has approved $6.88 billion in funding and $4.06 billion in Railroad Rehabilitation and Improvement Financing loans from the Build America Bureau for the project. This funding commitment makes it the largest such commitment to a rail transportation project in modern history
"This is the moment that has eluded this region for literally almost 30 years,” said Kris Kolluri, the chief executive of the Gateway Development Commission, to Patch. “We are essentially at the point of no return.”
The new tunnel is expected to be in service by 2035 and the full rehabilitation of the existing tunnel will be complete by 2038. The existing North River Tunnel serving Penn Station is more than 110 years old and was severely damaged during Superstorm Sandy in 2012. The new tunnel will increase capacity and improve the reliability of train service between New York and points west and south.