The Department of Transportation has received $10.2 billion in applications for the $500 million available through its latest round of TIGER funding, highlighting the pressing need for infrastructure investment, Transportation Secretary Ray LaHood announced Thursday.

The fourth round of Transportation Investment Generating Economic Recovery grants, announced in January, makes $500 million available to help fund state and local surface transportation projects. In three previous rounds, the program has distributed $2.6 billion to 172 projects in all 50 states, the District of Columbia and Puerto Rico, according to the DOT. That money has contributed to light and heavy rail, bike and pedestrian paths, roads, bridges and other projects.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.