Posted October 06, 2018 03:25:58 A $70 billion loan from New York’s city government will be paid back within 30 years, after the state Legislature approved the financing last week.
The program, the biggest in the country, would be financed through a special bond and would be paid off over 30 years.
The city’s Finance Department said that it has received $20.5 billion from the state and $5 billion in private financing from China.
The financing is a first for New York, which has been trying to build bridges, tunnels and other infrastructure since the Great Depression.
But it is also the first of its kind for New Yorkers.
New York Governor Andrew Cuomo said last week that he is willing to consider a similar program for New Jersey, Pennsylvania, New York and Rhode Island.
“I think that this is a great way to help us do what we want to do to get people back to work and make sure we’re providing quality jobs and not burdening the taxpayers with more debt,” he said.
The loan is designed to cover construction costs and to pay off debt that will have to be repaid by the city’s citizens.
It is expected to pay back $20 billion over the course of 30 years through the program.
Cuomo and other Democrats have long pushed for a bridge program that will help the state rebuild after decades of fiscal turmoil and unemployment.
The Legislature approved $30 billion for bridges and other public infrastructure projects last year.
The New York plan, which the governor called “one of the most ambitious” in the nation, also includes $6 billion to help low-income residents afford the new building, $4 billion for public transit, $5.5 million to help fund the new public library and $3 billion for job training programs.
The deal will be approved by the New York state legislature and is expected in the coming weeks.