The Federal Transit Authority had agreed to provide the city of Honolulu with $250 million in federal funding in 2013 for the rail project. However, due to the federal budget cuts known as sequestration, it is quite possible that the city would get less money from the FTA this year. Experts believe that the money cut would eventually be given back to the city in subsequent years, but it is unclear how much would be cut initially and if the project can stay on schedule because of those cuts.
Chief Executive Officer for the Honolulu Authority for Rapid Transportation, Dan Grabauskas, stated that the city could weather a 5 percent cut in 2013 and still stay on schedule and budget. Grabauskas added, “There’s a strong commitment to this project from Washington at literally the highest levels.” The Federal Transit Authority has promised a total of $1.55 billion in federal funding over six years.
Source: Honolulu Star Advertiser, 4-11-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
