The Hunts Point Terminal Market in New York City received a $25 million federal grant last week earmarked for traffic-congestion mitigation and air quality. Elected and economic development officials at the state and federal levels hope the latest move will help keep the 45-year-old facility in the South Bronx. The grant, awarded under the Congestion Mitigation and Air Quality Improvement Program, or CMAQ, and approved by the New York Metropolitan Transit Council, will complete the public-sector contribution to redevelopment of the market, which covers 60 acres on a South Bronx peninsula. Gov. Andrew Cuomo, Mayor Michael Bloomberg and several members of the state’s congressional delegation made the announcement last week. The public funding component of the public-private partnership project came in at a total of $173 million, including tax credits. Officials pegged the overall cost at $320 million when the city launched the project in 2003. Components include updating of infrastructure, and improvements in traffic safety and cold storage.