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Two Transit Agencies Using Their Clout to Spur Affordable Housing
According to an article on the TransitCenter website, transit agencies in Los Angeles and Seattle are "testing strategies to encourage affordable development near transit."
In Los Angeles, the Los Angeles County Metropolitan Transportation Authority "is providing $9 million to developers at a low interest rate to build affordable housing within a half mile of transit lines" through its MATCH Loan Program. The California Endowment and local Community Development Financial Institutions donated enough to that pot of money to bring the total to $75 million.
In Seattle, "Sound Transit has begun deeply discounting property sales to make affordable housing projects pencil out." According to the article, "Washington State passed a new statute in 2015 – tied to the 2016 passage of the transit ballot measure ST3 – stipulating that Sound Transit must begin considering affordable housing outcomes in its capital projects."
The article includes a lot more detail from each of these two case studies, which have fundamental differences and critical lessons for other transit agencies looking to better connect housing options to transit options.