Transit riders are getting a little something in their fare box, with the announcement that the TTC is getting some much-needed money.

Prime Minister Justin Trudeau has announced up to $840 million in “immediate investment” for transit in Toronto, in what he calls the first phase of federal funding.

It's official. PM announces $840 million in immediate investment for Toronto Transit #topoli pic.twitter.com/vdbHlJytLU — Cynthia Mulligan (@CityCynthia) May 6, 2016

Trudeau announces, in phase one of federal investment, Toronto is getting $840 Million for transit #TOpoli pic.twitter.com/1zFLqOYtB2 — Momin Qureshi (@Momin680NEWS) May 6, 2016

At a news conference at the TTC Greenwood rail yard on Friday, Trudeau said the money will be spread over three years, but the city will receive the funds it needs to get started this year.

“This investment is immediate. Toronto will start to receive the funds it needs to get started this year. The federal government will fund up to 50 per cent of the eligible costs for projects,” Trudeau said.

The $840 Million can be spread out over three years, but the money can begin flowing this year. #TOpoli — Momin Qureshi (@Momin680NEWS) May 6, 2016

“In a city this size, with such a diverse and dynamic population, reliable public transit isn’t a convenience, it’s a necessity,” he said.

“It’s how millions of Torontonians get to work in the morning and back home after a long day. It’s how you get to a doctor’s appointment or a job interview, or a Raptors game.”

Photo op. PM and Mayor using air compressors to remove a fender from a wheel #topoli @CityNews pic.twitter.com/xQcXrFYr0H — Cynthia Mulligan (@CityCynthia) May 6, 2016

Prime Minister Trudeau and Mayor Tory doing some work at the TTC Greenwood rail yard. #TOpoli pic.twitter.com/7vTCM07A4E — Momin Qureshi (@Momin680NEWS) May 6, 2016

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Earlier this month, Trudeau said the $3.4 billion included in March’s federal budget for transit infrastructure would begin rolling out to municipalities this year. The funding is phase one of the federal government’s investments in public transit.

“In Ontario, this will mean an investment of nearly $1.5 billion, and here in Toronto, it could mean up to $840 million for public transit, subject to cooperation with the province,” Trudeau said on Friday.

“We are giving provinces and municipalities the freedom to invest these funds in the way that makes the most sense for their communities.”

He said phase two will look into new projects and what are most pressing priorities in transit right across the country.

Mayor John Tory, who joined the prime minister for the news conference, said the money has many possible uses, including upgrading Line 2 (Bloor-Danforth), upgrading signals, new subway trains and buses.

Funding can go towards new buses, much-needed repairs, accessibility improvements & planning for future expansion. — John Tory (@JohnTory) May 6, 2016

Fed funding will help #TTC upgrade Line 2 – which carries 500K people every day. @TTCnotices — John Tory (@JohnTory) May 6, 2016

“We’ll make sure our transit system is reliable, efficient, modern and safe,” Tory said.

Photo op. PM and Mayor using air compressors to remove a fender from a wheel #topoli @CityNews pic.twitter.com/xQcXrFYr0H — Cynthia Mulligan (@CityCynthia) May 6, 2016

Prime Minister Trudeau and Mayor Tory doing some work at the TTC Greenwood rail yard. #TOpoli pic.twitter.com/7vTCM07A4E — Momin Qureshi (@Momin680NEWS) May 6, 2016

Earlier this month, TTC CEO Andy Byford estimated $850 million of the transit money allocated in the Trudeau government’s budget would go towards the TTC.

Byford said in the past federal and provincial money was allocated on a per-capita basis, but that this time it will be based on ridership.

Byford said the TTC has been “chronically underfunded,” so once the money rolls in from Ottawa, he has a “shopping list” of things that need to be done including:

New vehicles will need to be procured

Modernizing Line 2 will need new trains and signalling system

Potential new TTC yard

Upgrades to the tracks, much of which is around 40 years old

Pump and drainage improvements

With files from Cynthia Mulligan, Momin Qureshi and The Canadian Press