Administration announces new steps to get private money for road, bridge, other projects

Associated Press

The Obama administration is announcing new steps federal agencies are taking to attract private money for projects upgrading roads, bridges and other infrastructure.

A new center at the Environmental Protection Agency will help address more than $600 billion in drinking water and wastewater management needs by working with state and local governments, utilities and the private sector to use federal grants to attract more private capital to help pay for these projects.

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A separate Agriculture Department initiative will help rural projects attract private funding.

The administration is also proposing the creation of a new municipal bond to benefit public-private partnerships.

Vice President Joe Biden is scheduled to discuss the importance of maintaining roads, bridges, ports and other infrastructure Friday when he visits a river tunnel project in Washington.