SAN FRANCISCO (KRON) — California Gov. Gavin Newsom announced on Wednesday that the state would offer short-term financial assistance to beleaguered Bay Area transit agencies. The governor pledged to provide the agencies with an infusion of hundreds of millions of dolars.
The state’s Department of Finance and the California State Transportation Agency will work with the transit agencies and regional partners to design “short-term financing tools,” according to Newsom’s office. Potential tools offered could include structured loans or other mechanisms that align with operational needs, protect existing services and support fiscal reforms “with clear and reliable payments,” Newsom’s office said.
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“Transit is a lifeline to millions of Californians — and after billions in state investment, we’re continuing to back Bay Area agencies with ongoing support tailored to their needs,” Gov. Newsom said. “We’ll keep partnering with them now and into next year — aligning flexible financing tools to their timelines — so we can deliver a sustainable, rider-first transit system together.”
The Newsom administration, according to the governor’s office, “will continue to evaluate these options to ensure assistance remains responsive to agencies’ stated needs and strengthens the long-term financial stability of Bay Area transit.”…