Local governments are increasingly recognizing the potential of underutilized public assets to address affordable housing needs. For example, Boston owns 218 acres of underutilized land, and Salt Lake County has identified parcels near transit stations worth $13.5 billion in potential development. The Infrastructure Investment and Jobs Act (IIJA) provides tools to leverage these assets, such as the Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation and Improvement Financing (RRIF) programs. These programs offer low-interest loans for transit-oriented development, exemplified by the Mt. Vernon Library Commons Project in Washington state. However, local governments often lack the capacity and expertise to manage these assets effectively, highlighting the need for innovative public-private partnerships and federal support.

https://www.brookings.edu/articles/how-local-governments-can-put-their-assets-to-work/