Sound Transit has been approved for a $1.3 billion federal loan to revive the voter-approved $4 billion light rail project stalled by revenue drop in the Puget Sound region.

According to several sources, this is the largest single Transportation Infrastructure Finance and Innovation Act loan to a transit agency in the country and the second largest loan overall, and at the lowest rate — 2.38 percent — in the 25-year history of the program.

The low-interest loan offers more favorable terms than traditional bonds. The loan will increase Sound Transit’s financial capacity and will enable the Sound Transit board to potentially restore some voter-approved Sound Transit 2 projects that were suspended as a result of the recession and help reduce risks of scope reductions or delays.

“This is great news for commuters, the local economy, and Washington state taxpayers,” said U.S. Sen. Patty Murray in a Sound Transit media release. “I was proud to support this funding for Sound Transit as they continue building a world class transit system that will help our economy continue to grow and create jobs here in Washington state.”

The agency applied for the loan after the recession wiped out $4.5 billion in projected ST2 revenues.