The Gateway Development Commission (GDC) has successfully secured a whopping $16 billion in funding for the Hudson Tunnel Project (HTP). This includes an impressive $6.88 billion from federal sources and an additional $4.06 billion in loans, making it the largest federal funding commitment to a rail project in U.S. history.
According to Senator Charles Schumer, who has been passionately advocating for this project, “Gateway is full speed ahead with billions from FTA ready to go and be used for critical work and construction.” He also added that after facing numerous obstacles, the future of Gateway is now assured and it is all systems go.
The HTP aims to build two new tracks while also rehabilitating the existing North River Tunnel by 2035. This will result in four modern tracks connecting New York and New Jersey. The project is expected to create around 95,000 jobs as well as generate approximately $19.6 billion in economic activity once completed.
Construction on this ambitious undertaking began back in November 2023 with heavy construction set to commence soon thereafter.
