CHICAGO — Officials say a $1 billion funding agreement with the federal government will help modernize Chicago’s Red and Purple lines as part of a public transit construction project to create an estimated 6,000 jobs.

The project announced Monday is described by the Chicago Transit Authority as the largest capital project in the transit agency’s history.

Word of the grant funding for President Barack Obama’s hometown comes as he prepares to leave office.

The CTA says the grant money comes after Mayor Rahm Emanuel worked to get a special taxing district approved.

The funding will help rebuild the Lawrence, Argyle, Berwyn and Bryn Mawr rail stations and roughly a mile of adjacent tracks and track structure. It will also construct a Red-Purple bypass to improve service while reducing delays and overcrowding.