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6h ago

Newsom Pledges Short-Term Cash for Bay Area Transit as Deadline for $750 Million Loan Moves to January

State finance leaders will design flexible financing tools with agencies to stabilize service.

A BART train leaves the Walnut Creek station as snow covers Mount Diablo in 2023. The transit agency is among those in the Bay Area that would receive operational funds as part of a $750 million state loan for regional transit.
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Overview

  • The governor announced hundreds of millions of dollars in near-term assistance for Bay Area transit agencies.
  • The Department of Finance and the California State Transportation Agency will work with local agencies and regional partners on short‑term financing tools, potentially including structured loans.
  • Officials said the tools will align with operational needs, protect existing service, and support fiscal reforms with clear repayment structures.
  • The approval deadline for the previously authorized $750 million bridge loan has been extended from this week to January.
  • It remains unclear how the newly announced assistance will affect the $750 million loan, as agencies warn of fiscal cliffs and reports cite potential service cuts without stopgap funds.