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States might have some help when it comes to financing rail projects. U.S. Rep. Chris Pappas and U.S. Rep. Annie Kuster have introduced legislation that would give states low-interest loans for passenger rail projects.
The Kuster-Pappas measure, called the American Railroads Act, sets interest rates below 2 percent and terms can be extended out to 50 years. Money for credit risk premiums for rail passenger projects—$100 million—also will be included in the measure.
Kuster believes passenger rail plays a critical role in her state, New Hampshire, one that will help with the economy and also take people out of there cars to avoid congestion.
New Hampshire has been trying to come up with the funding for the Capitol Corridor project, and the Kuster-Pappas measure would help make the project a reality. The Capitol Corridor would connect New Hampshire cities to Boston via commuter rail.
Pappas says the measure will help New Hampshire take on ambitious rail projects.
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