The state approved a $750 million loan as a stopgap measure to fund regional transit agencies until a 2026 ballot measure that could bring more permanent funding.
California Governor Gavin Newsom announced the state finalized a $750 million loan to Bay Area transit agencies before the end of the legislative session on Friday, reports Thomas Hughes for KTVU.
The deal was in jeopardy after the Department of Finance delayed negotiations last week. “BART, San Francisco Municipal Transportation Agency, Alameda-Contra Costa Transit and Caltrain were all banking on the money after a budget agreement in June indicated the money would be made available in time to hold off impending cuts.” A regional ballot measure planned for November 2026 could secure more permanent funding.
In a statement, Governor Newsom said, “We'll keep partnering with them now and into next year -- aligning flexible financing tools to their timelines -- so we can deliver a sustainable, rider-first transit system together.”
FULL STORY: Newsom says $750M Bay Area public transit loan now available
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