Communities across the country are eager to build more homes and offices near transit stations. These projects can create walkable neighborhoods, and great returns on public investment, but are often complicated and difficult to finance.
A new bill in Congress could make financing these projects easier. The Transit Oriented Development Infrastructure Financing Act would add new provision to the Transportation Infrastructure Finance and Innovation Act (TIFIA) to include financing for transit oriented development projects.
TIFIA already provides loans, not subsidies, to eligible transportation projects. The new provision would go a step further to make loans available for transit oriented development infrastructure projects as well.
The Senate needs to hear your support for this program. In the coming weeks, Congress will consider whether or not this provision should be included in the next federal transportation bill.
Transit oriented development is a fiscally sound way to leverage private sector dollars and create new homes and office space near transit. These projects can revitalize neighborhoods and support broader economic growth, but we need innovative programs like this to make it happen.
As Congress prepares to consider the next federal transportation bill, now is the time to voice your support for development near transit. Send a letter to your Senators today.