President Biden’s upcoming federal budget proposal may have significant benefits for local transit as $250 million has been earmarked for the Lynnwood Link extension alone.
“President Biden’s major budget commitment to Sound Transit’s ambitious expansion plans underscores the administration’s recognition of the role of transit in our nation’s future,” said Sound Transit Board Chair and King County Executive Dow Constantine.
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The budget for fiscal year 2024 would give Sound Transit’s expansion projects a major boost by accelerating funding for the Lynnwood Link extension and providing for the opportunity to secure early funding for projects that are currently in development.
The accelerated funding, coupled with last year’s money for the Federal Way Link Extension, would create more than $40 million in borrowing savings for regional taxpayers.
That money can be applied to other voter-approved extensions in places including Tacoma, Everett, West Seattle, Ballard, South Kirkland, and Issaquah.
The budget also includes $100 million in early funding for the Capital Investment Grant program, which may include Sound Transit projects that are in project development, such as the West Seattle and Ballard Link extensions.
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The loans are creating more than $500 million in savings for regional taxpayers.
President Biden's upcoming budget proposal would have significant benefits to local transportation.
