Light rail in San Diego, CA. Photo via Flickr.
Yesterday, Senate EPW Chairman Barbara Boxer (CA) and Ranking Member David Vitter (LA) released a draft bipartisan six-year, transportation reauthorization bill.
For the first time, the bill includes a transit-oriented development (TOD) financing provision that LOCUS has strongly supported. As proposed, the TOD financing provisions provide local communities the tools needed to leverage greater private sector investment and economic development around public transportation through the highly successful TIFIA program.
LOCUS President Chris Leinberger applauded TOD’s inclusion in TIFIA saying, “developers know the market is heading in this direction, TOD in TIFIA provides them with an important tool to meet market demand and provides communities a way to leverage private resources for public ends.”
LOCUS has been a strong advocate for TOD’s inclusion in TIFIA throughout discussions among key policy makers. Explaining its inclusion, LOCUS Managing Director, Christopher Coes highlighted the importance of strong leadership from key quarters, “We are thankful for Chairman Boxer and Ranking Member Vitter’s bipartisan work as well as the strong leadership demonstrated by Sen. Schatz (HI), as well as Sens. Markey (MA), Gillibrand (NY), Merkley (OR) in highlighting the growing demand for great walkable communities across the country.”
Coes indicated the work is far from done however, “LOCUS members look forward to working with the Committee as the bill moves through the Senate.”
LOCUS: Responsible Real Estate Developers and Investors is Smart Growth America’s national coalition of real estate developers and investors who advocate for sustainable, walkable development in America’s metropolitan areas. Learn more about LOCUS Developers on our website.