New York and New Jersey have reached a deal to fund 100 percent the local share of the Gateway Hudson Tunnel Project originally laid out in a 2015 framework agreement, which calls on the federal government to fund 50 percent of the project.
The $12.7-billion rail project has been called the nation's most urgent, critical major infrastructure project and is along an essential portion of the Northeast Corridor connecting New York and New Jersey. The commitment to fund the local share represents $5.55 billion of the total cost and consists of $1.9 billion by New Jersey Transit, $1.75 billion by the state of New York and $1.9 billion committed by the Port Authority of New York and New Jersey (PANYNJ) in its 10-year capital program approved in February 2017.
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