USDOT is encouraging developers to take advantage of loans aimed at supporting the building of multifamily buildings near transit lines.
“The Department of Transportation is using two lending programs — the Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation & Improvement Financing (RRIF) — to open up about $35 billion in federal cash with below-market interest rates for multi-family construction within a half-mile of mass transit stations,” reports Eliza Relman in Business Insider.
The loan programs have the dual goal of boosting multifamily housing construction and growing transit ridership by putting more homes near available transit options. “In fact, in order to qualify for the loans, developers need to show that their projects would boost ridership.”
As Relman notes, “DOT noted a few limitations of the two loan programs, including federal requirements like environmental review and domestic sourcing of construction materials, credit rating, and a 12-14 month timeline for approving projects.”
Transit Agencies Look to Land Development to Increase Revenue
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High Housing Costs Driving Down Transit Ridership in LA
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DARTSpace Platform Streamlines Dallas TOD Application Process
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Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.
Planetizen Federal Action Tracker
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Bend, Deschutes County Move to Restrict Major Homeless Encampment
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High Housing Costs Driving Down Transit Ridership in LA
When neighborhoods gentrify and displace lower-income residents, transit ridership suffers, new research shows.
Iowa Legalizes Accessory Dwelling Units
A new law will allow property owners to build ADUs on single-family lots starting on July 1.
Urban Design for Planners 1: Software Tools
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City of Mt Shasta
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
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Municipality of Princeton (NJ)
Regional Transportation Commission of Southern Nevada