Oklahoma receives $113.8M in federal Transportation Infrastructure Finance and Innovation Act loans

The Build America Bureau recently approved three Transportation Infrastructure Finance and Innovation Act loans of up to $113.8 million for to the Oklahoma Capital Improvement Authority on behalf of the Oklahoma Department of Transportation.

“Oklahoma’s innovative approach to expedite delivery of safety improvements for rural roads years ahead of the initial schedule not only saves tax-payers tens of millions of dollars, but it also saves lives, which are priceless,” bureau Executive Director Morteza Farajian said. “Other communities can benefit from this approach as well. No one should get hurt when we have innovative funding and financing options available to deploy safety improvements faster and cheaper, and the bureau is committed to mobilizing all its resources to make this happen.”

In Oklahoma, approximately 65 percent of serious and fatal crashes occur on rural two-lane roads.

The state’s Rural Two-Lane Advancement and Management Plan (RAAMP) aims to improve rural roads. The loans are up to $45.2 million for RAAMP phase three, $39.2 million for RAAMP phase four, and $29.4 million for RAAMP phase five.

During these phases, three bridges and four concrete bridge boxes will replaced, 59 miles of roads and structures will be resurfaced or rehabilitated, and eight-foot shoulders will be added along 53 miles in 15 counties.

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