Have you ever caught a bus right outside your office? Taken the subway to a ball game? Or ridden the light rail to go to the grocery store?
If you have, you know how convenient and inviting transit-oriented development can be.
This strategy—of building neighborhoods with homes, shops and offices near public transportation—can create significant economic development, generate new tax revenue for towns and cities, and lower housing and transportation costs for families. But these projects come with complex infrastructure challenges, and as a result need more than just bank support.
A new bill in Congress would help make transit-oriented development projects more financially feasible.
Speak out for building more neighborhoods with transit: Ask your Senators to support the new bill >>
The Transit Oriented Development Infrastructure Financing Act, introduced yesterday by Sen. Brian Schatz (HI), Sen. Ed Markey (MA), Sen. Kirsten Gillibrand (NY) and Sen. Jeff Merkley (OR), would make federal TIFIA loans or loan guarantees available for targeted parts of transit-oriented development projects.
The cost of this provision is small but the public benefits are big. This funding would be a loan, not a subsidy, and repaid at a modest interest rate. But the strategy can generate millions of dollars of economic development, as well as new tax revenue for local communities.
Transit-oriented development is an investment worth making: Tell your Senators to support the new bill today >>
This provision is a fantastic way for the federal government and private companies to work together to build stronger communities.
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.