U.S. DOT's Railroad Rehabilitation & Financing program is being combined with the Transportation Infrastructure Finance & Innovation Act program to provide money for the Union Station renovations, which will finance new intermodal transportation facilities.

"This project epitomizes the importance of livability principles to promote transportation mobility and strong communities," LaHood said. "Not only will Union Station be the centerpiece for the Denver region's multimodal transportation system, it will serve as a magnet and anchor for residential, retail, and commercial development."

Included in the redevelopment will be an underground bus terminal, a light-rail terminal consisting of three tracks and two platforms for existing and planned routes, and an intercity- and commuter-rail facility consisting of eight passenger tracks. It is estimated that the Denver Union Station public-sector investments will create more than 7,000 jobs during construction. Together the RRIF and TIFIA loans from U.S. DOT constitute approximately 58% of all financing sources for the project.

The two loan programs can help advance qualified projects that otherwise might be difficult to finance because of the size, complexity, or uncertainty over the timing of project cash flows, according to U.S. DOT.