The U.S. Department of Transportation announced Feb. 22 its Build America Bureau will loan up to $605 million toward building segments H and I of the Grand Parkway in Northeast Greater Houston, according to a press release.
“This government investment of $605 million will help regional and local agencies develop the infrastructure that best meets the needs of their communities, increase connectivity, alleviate congestion and enhance safety,” U.S. Secretary of Transportation Elaine L. Chao said in the release.
The Grand Parkway is a 184-mile tollway in the Greater Houston area that will loop through several counties surrounding Harris County. Segments H and I account for 43.6 miles of the total. Substantial completion of the project is expected by May 2022, according to the release.
The department’s loan will go to the Grand Parkway Transportation Corp., which was created to build and operate the Grand Parkway. The corporation financed the first five segments of the parkway with an $840.6 million loan from the U.S. Department of Transportation, according to the release.