The $12.3 billion Gateway project to build new train tunnels under the Hudson River and rehab the existing 111-year old tubes has gotten an upgraded rating of “medium-high” from the Federal Transit Administration, meaning the project is now eligible to advance to the grant process and eventually federal funding.
The development underscores a major shift in the project’s fate under the Biden administration. Under former President Trump, the project was graded “medium-low,” making it ineligible for federal funding. But a new financial plan was submitted in the summer, with New York and New Jersey making a $6 billion commitment and Amtrak pledging $1.4 billion to supplement money from the federal government. The project still has more regulatory hurdles before it gets to full funding.
A spokesperson for the Gateway program said the target date to begin construction is summer 2023.
