Yesterday, the Federal Transit Administration (FTA) published details about the formula funding that helps communities maintain and operate the trains, buses, and ferries as part of its annual support to transit systems.
This year, $14 billion of funding is being invested in states and transit agencies to help improve public transportation which will upgrade stations and tracks, make the transition to next-generation buses, plan and design new transit corridors, and help provide specialized services for seniors and riders with disabilities.
"This funding will open more doors to Americans than ever before," said FTA Administrator Nuria Fernandez. "Transit formula funding provides a lifeline for communities, and this record level of support will help create jobs, provide mobility to more people and address the climate crisis."
This funding represents the largest-ever annual investment in American public transportation thanks to the bipartisan Infrastructure Investment and Jobs Act (IIJA). Formula funding is over two-thirds of the annual $21 billion transit program. the funding is established according to formulas set by Congress based on population totals and transit ridership data. The funding provides a great deal of transit agency budgets which allows them to maintain and expand service.
At least 28 million people in the U.S. are dependent and rely on publlic transit in their daily lives.
Each year, more than 65% of the funding distributed by FTA to transit agencies comes from congressionally assigned formulas. This year's transit formula funding is a 28% increase over previous funding levels to the IIJA being passed.
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Source: FTA
