Unlocking Integrated, Efficient Land Use and Transportation Through Innovative Financing of Transit-Oriented Development
June 18, 2024 by The testimony discusses the potential of using innovative financing tools from the Department of Transportation’s Build America Bureau to create affordable housing near transit services, emphasizing the need for integrated land use and transportation planning. It makes a case for the public sector to create new tools for multifamily lending, especially for transit-oriented development (TOD), due to the challenges faced by multifamily housing production in the private lending markets and the opportunity to respond with public intervention. The testimony outlines significant barriers to using TIFIA and RRIF financing for real estate and suggests statutory and regulatory changes to make these resources more accessible for transit-oriented development projects. It also highlights the first successful real estate project to close on a TIFIA loan in Mount Vernon, Washington.