Category: Congress

Senators Schatz, Markey, and Merkley introduce Transit Oriented Development Infrastructure Financing Act

A new bill introduced today in the Senate would help local communities better capitalize on development opportunities near public transportation by providing financing support in the form of loans or loan guarantees under the highly successful the Transportation Infrastructure Finance and Innovation Act (TIFIA) program.

Senator Brian Schatz (D-HI), Senator Ed Markey (D-MA), and Senator Jeff Merkley (D-OR) introduced the Transit Oriented Development Infrastructure Financing Act, a bill which would add a new provision to TIFIA to include financing for transit-oriented development projects. In response, Christopher Coes, Director of LOCUS, released the following statement.

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A new bill in Congress would create new financing option for transit-oriented development

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Transit-oriented development (TOD) can make it easier for people to live and work near public transportation. These places are in high demand and real estate developers are eager to build them, but because they’re often complicated TOD projects can be difficult to secure financing for.

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Transportation and infrastructure take center stage in President Obama’s 2016 budget proposal

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President Obama released his proposal for the fiscal year (FY) 2016 federal budget yesterday, and if passed, it would be an enormous help to communities looking to grow in better, more economically vibrant ways.

Most notably the proposal includes significant investment in transportation and infrastructure programs (there’s even a photo of a bridge on the cover). Building on the Administration’s GROW AMERICA Act, the budget proposes $94.7 billion in discretionary and mandatory funding for the Department of Transportation and sweeping improvements to its programs as part of a six-year, $478 billion surface transportation reauthorization. That would be a $176 billion increase over the last authorization, and $76 billion more than the four-years of funding proposed in the GROW AMERICA Act last spring.

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U.S. Transportation Anthony Foxx voices support for transit-oriented development before Senate EPW Committee

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U.S. Secretary of Transportation Anthony Foxx testified before the Senate Committee on Environment and Public Works this morning on a number of issues related to the next transportation bill. Senator Edward Markey (D-MA) asked the Secretary what role, if any, transit-oriented development should play.

“When you build a transit station, it captures the imagination of real estate developers,” Secretary Foxx replied, “and they start to build dense developments and bring amenities to communities. I would urge that we do more to partner with local communities, and to help them develop the tools to utilize land use opportunities.”

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What the ‘cromnibus’ would mean for federal community development programs

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On Tuesday, the House released its plan to fund the federal government for the next fiscal year. The bill is part omnibus, part continuing resolution—hence the nickname “cromnibus”—and sets discretionary federal spending at close to $1.01 trillion for the rest of fiscal year 2015. The House is expected to take up passage of the bill by tomorrow and the Senate is expected to follow soon after, in hopes of avoiding a potential federal shutdown when the current funding bill expires this week.

The good news is that nearly all federal community development programs would be funded as part of this bill. The bad news is that the majority of those programs would face cuts of some kind.

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Senate, House tangle over highway funding cliff

In the past week, with just days left before the Highway Trust Fund runs dry, both the Senate and the House of Representatives passed short-term measures that would keep the fund solvent through the end of this year.

While both plans are essentially short-term patches for a long-term problem—meeting America’s growing infrastructure needs with funding from a gas tax that hasn’t risen since 1993—the Senate version, passed Tuesday, is a big step in the right direction.

Gone are the pension-smoothing and accounting gimmicks, included in the House’s earlier version of the bill, that Senator Bob Corker (R-TN) called “generational theft.” Furthermore, rather than delay the Trust Fund’s insolvency to May of 2015, the new proposal only runs through the end of this year, forcing Congress to confront a long-term solution sooner.

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Congress moves toward short-term transportation fix

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Chairman Wyden helped two committees arrive at a short-term fix.

This week, the Senate Finance and House Ways and Means committees moved toward passing a short-term fix for the transportation funding crisis, with each committee passing a complementary bill designed to keep the Highway Trust Fund solvent through at least early 2015. If passed into law, the bills would transfer $10.8 billion dollars to the trust fund, keeping federal transportation operations in the black for another few months.

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Congress takes a stand for neighborhoods with transit

Have you ever caught a bus right outside your office? Taken the subway to a ball game? Or ridden the light rail to go to the grocery store?

If you have, you know how convenient and inviting transit-oriented development can be.

This strategy—of building neighborhoods with homes, shops and offices near public transportation—can create significant economic development, generate new tax revenue for towns and cities, and lower housing and transportation costs for families. But these projects come with complex infrastructure challenges, and as a result need more than just bank support.

A new bill introduced today in Congress would help make transit-oriented development projects more financially feasible.

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