Senators Schatz, Markey and Merkley champion provision to support investment in neighborhoods near transit
The Senate passed its final six-year transportation reauthorization bill today, and included in the bill is a provision to expand the eligibility of transit-oriented development (TOD) projects for federal TIFIA financing. The provision would also expand financing for infrastructure projects that promote transit ridership, walkability, or increased private investment.
“If you took a bus or train to work today, you know how convenient it is to live and work near a transit stop,” said Christopher Coes, Director of LOCUS. “Transit-oriented development makes day-to-day life easier for millions of Americans. It’s also the backbone of regional economies across the country. The Senate’s bill will make creating new TOD projects easier, and will give more Americans the option to live and work near transit while also supporting economic growth nationwide.”
“The transit-oriented development provision will give cities like Honolulu more tools to finance the development of more walkable, bikeable communities near public transit stations,” said Senator Brian Schatz. “When we use concepts like this, we can increase housing inventory, build safer communities and give working families more transportation options.”
“Investing in smart, transit-oriented development is about communities working smarter, not harder,” said Senator Ed Markey. “By providing up-front public assistance for projects that focus on development around transportation hubs, these infrastructure projects create much-needed construction jobs, attract private investment, and promote sustainable living in our towns and cities in Massachusetts and across the country. That’s good for our economy, our environment, and our future.”
“The Senate’s bill includes solid support for transit-oriented development, and that’s a great step forward,” Coes concluded. “Now it’s up to the House to reach a similar outcome. America’s communities and economy are depending on them.”