U.S. Federal Funding
In the United States, many projects in the various states and communities are partially funded with federal grants with a requirement for matching funds. For example, the Interstate Highway System was primarily built with a mix of 90% FHWA funds from the Highway Trust Fund and 10% matching state DOT funds. In some cases, borrowed money may be used to meet criteria for a matching grant; the $550 million Canadian federal government investment to connect a Detroit River International Crossing to Interstate 75 in Michigan qualifies the state for $2 billion in US federal matching grants which can rebuild other Michigan highways, even though the Canadian money is nominally a loan to be repaid by tolls on the new bridge.
US federal matching grants have also funded historic preservation initiatives; a local historic property may be able to seek a 1:1 federal matching grant for specific capital projects, such as restoration of structures on the National Register of Historic Places.
Read more about this topic: Matching Funds
Famous quotes containing the word federal:
“Daniel as a lad bought a handkerchief on which the Federal Constitution was printed; it is said that at intervals while working in the meadows around this house, he would retire to the shade of the elms and study the Constitution from his handkerchief.”
—For the State of New Hampshire, U.S. public relief program (1935-1943)