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November 8, 2016 12:15 PM, EST

Texas I-35 Expansion to Get $285 Milliion Loan From DOT

Tim Patterson/Flickr

The managers of a highway expansion project along a congested corridor in the Dallas-Fort Worth metropolitan region will receive a $285 million federal loan, the U.S. Department of Transportation announced this month.

The Transportation Infrastructure Finance Innovation Act loan to the Texas Transportation Commission is meant to finance the first phase of reconstruction and expansion project.

The project would look to add a general purpose lane in each direction and two reversible priced lanes. It also would include access roads, interchanges and ramp additions and upgrades. More than 100,000 vehicles travel via parts of the interstate every day, according to the state. 

Local and state officials seeking assistance with financing large-scale highway projects are able to apply for a low-interest TIFIA loan.

“Thousands of Dallas-area commuters and businesses will benefit from this new project that uses technology solutions to better manage traffic flow into and out of the area,” Transportation Secretary Anthony Foxx said.