Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

U.S. to provide $1 billion to reconnect neighborhoods divided by highways, rail

Published 06/30/2022, 05:04 AM
Updated 06/30/2022, 05:05 AM
© Reuters. FILE PHOTO: A nighttime view of vehicle traffic along the Interstate 405 (I-405) highway in Carson, California, U.S., March 11, 2022.  Picture taken with a drone and long exposure. REUTERS/Bing Guan

By Andy Sullivan

WASHINGTON (Reuters) - The U.S. government will provide $1 billion to neighborhoods that have been divided by highways, rail lines or other transportation infrastructure, officials from the U.S. Department of Transportation said on Thursday.

The money aims to help repair the harm done from decades of road and rail construction that disproportionately displaced minority and low-income communities, officials said.

Historians say local officials across the country often used the interstate building boom of the 1950s and 1960s to demolish what they regarded as "slum" neighborhoods near downtown business districts, paving over Black neighborhoods like Rondo in St. Paul, Minnesota or the 15th Ward in Syracuse, New York.

Over the next five years, the Transportation Department will award grants through the new Reconnecting Communities pilot program to help undo some of that damage, through projects like covering over freeways or building pedestrian walkways over rail lines, officials said.

"Our focus isn't about assigning blame. It isn't about getting caught up in guilt or regret, it is about fixing the problem," Transportation Secretary Pete Buttigieg said on a conference call.

The $1 billion, to be distributed over five years, is short of the $20 billion President Joe Biden had originally sought from Congress.

But officials said the money could help get projects off the ground, making it easier to tap hundreds of billions of dollars included in other areas of Biden's signature infrastructure law. Of the $195 million available this year, $50 million is earmarked for planning to help communities develop their ideas.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Biden's Transportation Department has already funded similar projects through other grant programs, including an effort to build a park over a freeway in downtown Atlanta and a pedestrian and bicycle "greenway" in St. Louis.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.