This comes after the MTA completed tunneling of the subway's first phase on Thursday.
On Saturday, New York congresswoman Carolyn Maloney joined other lawmakers to present the report card to the public.
The assessment also graded individual aspects of the project.
Maloney says the MTA received a "B-" for its efforts to keep construction on schedule.
"It is our job and our report card's job to make sure that they keep this project on time. It's an important economic development tool but it is problematic for the shops and people who live on Second Avenue," Rep. Maloney said.
Maloney also pointed out the MTA originally set a 2014 completion date, but later pushed it back to 2016.
