Reports

New report calls for examination of federal real estate spending

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Federal financing of and spending on real estate impacts millions of Americans on every street, in every neighborhood, town and rural community in the country. From loan guarantees to commercial tax credits, these programs help those most in need pay their rent, help families purchase their first home, and provide financing for commercial development. The federal government impacts where and how homes and even whole neighborhoods are built in the United States.

Federal Involvement in Real Estate: A call for examination surveys this spending, which encompasses approximately $450 billion each year. Through a combination of direct spending and commitments, this funding supports loans and loan guarantees, grants, and tax credits.

This spending has an enormous impact on the U.S. real estate market. Though usually viewed as a “free” market, the U.S. real estate sector is heavily influenced by direct and indirect government intervention. Taken as a whole, these expenditures and investments impact where real estate is developed and what kind of product is built.

Even a cursory analysis reveals this impact is uneven. For example, small multifamily buildings are less likely to receive financing, despite the fact that most renters in the United States live in these smaller buildings. Viewed as whole, federal funds are not targeted to those most in need, are not targeted to strengthen existing communities and are not targeted to places where people have economic opportunities.

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How do federal investments affect real estate? An upcoming report takes a hard look.

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Federal financing and spending on real estate impacts millions of Americans on every street, in every neighborhood, town and rural community. From loan guarantees to commercial tax credits, these programs help those most in need pay their rent, help families purchase their first home, and provide financing for commercial development. The federal government impacts where and how homes and even whole neighborhoods are built.

What types of development do these programs support? How do they impact American homeowners and renters? And could these investments be getting a better return for taxpayers?

Tomorrow Smart Growth America will release a new report examining this spending and how it might better achieve its purposes. Federal Involvement in Real Estate: A Call for Examination is a first-of-its-kind report analyzing the U.S. government’s surprisingly large stake in the real estate sector.

Look for the new report tomorrow at www.smartgrowthamerica.org, or join our mailing list to get a copy emailed straight to your inbox.

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New research highlights rising demand for homes and businesses in walkable neighborhoods

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A new report from The George Washington University’s Center for Real Estate and Urban Analysis, in partnership with LOCUS: Responsible Real Estate Developers and Investors and ULI Washington, reveals how walkable urban places and projects will drive tomorrow’s real estate industry and the U.S. economy, and outlines what actions are needed to take advantage of these market trends.

The report was released at an event yesterday in Washington, DC. Governor Parris Glendening, President of Smart Growth America’s Leadership Institute, gave the kickoff keynote of the day-long event. Glendening discussed the megatrends shaping the real estate market today, including changing demographics, new demand among consumers and emerging economic factors. These trends are all influencing the real estate market, Glendening explained, and are shaping how developers think about the built environment and economic development.

LOCUS

Smart Growth America and the State Smart Transportation Initiative release a new tool for state transportation officials

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Faced with revenue shortfalls and shrinking budgets, state transportation officials can employ a wide range of innovative transportation reforms to improve service while making the most of limited funding, according to a new policy and practice report from Smart Growth America and the State Smart Transportation Initiative.

The Innovative DOT: A handbook of policy and practice surveys best practices nationally and takes stock of the ways in which state Departments of Transportation can provide taxpayers and travelers with a better return on their investments and better accessibility to destinations.

“Fundamentally, it’s about looking at all the ways to solve a problem so you can pick the one that provides the most benefits for the least cost—which is essential with budgets so tight,” says Geoffrey Anderson, President and CEO of Smart Growth America. “Transportation is not an end in and of itself — rather, it’s a path to our nation’s economic prosperity and to a better quality of life for all Americans. Adopting this mindset changes the focus from delivering projects to delivering outcomes.”

The Innovative DOT is broken into eight focus areas, but a number of common themes run through the report. Increasing collaboration between state agencies and local partners, breaking down government silos, “right-sizing” transportation projects, investing in multi-modal solutions and streamlining processes are some of the primary ways state DOTs are extracting more value from limited funds.

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Smart Growth America and TDOT: Mapping out Tennessee's transportation future

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Photo courtesy of Flickr user jimmywayne.

On August 21, Smart Growth America and the Tennessee Department of Transportation released Removing Barriers to Smarter Transportation Investments, a detailed policy analysis of Tennessee’s transportation infrastructure and projects.

Tennessee’s leaders are already looking to the document for guidance. “We now have a road map to a better transportation program that will promote job growth, stronger communities and a cleaner environment while using tax dollars more wisely,” Trip Pollard and Anne Davis, both of the Southern Environmental Law Center, wrote in an op-ed in The Tennesseean.

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Analysis highlights opportunities to improve Tennessee’s transportation system, make best use of limited financial resources

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The Tennessee Department of Transportation (TDOT) has partnered with Smart Growth America to increase its efficiency and ensure the greatest possible return on Tennessee’s transportation investments. As a result, TDOT has compiled a series of recommendations designed to pin down areas for improvement, prioritize projects and streamline processes.

“Transportation investments are invaluable to driving economic recovery and prosperity across Tennessee,” says TDOT Commissioner John Schroer. “But as this report shows, we cannot be limited to old ways of doing business. We must enable and encourage more flexible, innovative and lower-cost solutions to state’s transportation needs. Prioritizing and designing projects to add the most value for their cost is smart, common sense policy in a time of fiscal constraint, and all Tennesseans stand to benefit from an even more effective Department of Transportation.”

The analysis, Removing Barriers to Smarter Transportation Investments, revealed TDOT currently has nine times more projects in its work plan than it has funding. As a result, some beneficial projects currently run the risk of falling through the cracks, while the service intent of others might be equally fulfilled through a less expensive solution.

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New report and companion workbook highlight successful Complete Streets policies from across the United States

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Communities across the United States adopted 146 Complete Streets policies in 2011, and over 350 policies are now in place across the country. A new report looks at some of the best of these policies, and a new resource can help community leaders bring these practices to their town or city.

The National Complete Streets Coalition’s 2011 Policy Analysis surveys the over 350 Complete Streets policies that have been approved by communities across the country. These policies are working to make streets safer, more livable and more welcoming for everyone, and the 2011 Policy Analysis surveys the most successful and robust.

“It’s great to see such a surge in Complete Streets policy adoption over the past year,” said National Complete Streets Coalition Director Roger Millar. “But this growth is also reflective of changing times and attitudes about transportation.”

Local policies of particular note are highlighted throughout the report, providing a comprehensive examination of best policy practices across the country. Complete Streets policies in New Jersey, Louisiana, California, Minnesota, and Connecticut are among the report’s most successful examples.

Complete Streets

From Vacancy to Vibrancy: A guide to redeveloping underground storage tank sites through area-wide planning

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A new guide for town, city and county leaders outlines a new tool they can use to build the financial and political support needed to reclaim and redevelop the thousands of abandoned gas stations, auto body shops, and industrial facilities nationwide.

From Vacancy to Vibrancy focuses on underground storage tank (UST) sites – properties with buried or partially buried tanks that have been used to store petroleum or other hazardous substances. When gas stations, auto body shops, industrial facilities or other types of development close down, these tanks are often left behind. As they age, the tanks are prone to leakage and can contaminate both soil and groundwater, posing a serious environmental threat. The new guide takes aim at one of the primary reasons these types of properties remain vacant for so long: many officials just don’t know what to do with them.

The regulatory issues associated with vacant properties containing a UST, as well as the time and money involved in cleanup, often makes revitalization seem like more trouble than it is worth. These challenges are overshadowed, however, by UST sites’ potential for neighborhood revitalization. From the Executive Summary:

UST sites are often both small and centrally located, and both these traits make them unique opportunities for revitalization. As demand rises for housing in neighborhoods close to town and in city centers – persisting in spite of larger challenges in the real estate market nationwide – UST sites are in a position to catalyze reinvestment and redevelopment initiatives.

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The benefits of Washington DC's Metro

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Washington, DC’s Metropolitan Area Transit Authority, which operates Metrorail and Metrobus service in the region, brings large, tangible benefits to the DC-area economy. A new report from WMATA, prepared by AECOM and Smart Growth America, details just how big these benefits are.

“WMATA Regional Benefits of Transit” (PDF) examines Metro’s impact on several aspects of the DC-area economy, including how public transit supports businesses, workers, families, visitors, and the region’s largest employer, the federal government.

The report found that Metro is an outstanding investment of public funds. Access to Metrorail significantly boosts property values and tax revenues for the city. Real estate located within ½ mile of a Metrorail station represents 27.9% of the area’s tax base on just 4% of its land, including 68.1% for DC, 15.3% for Virginia, and 9.9% for Maryland.

Metro supports businesses, and economic activity tied to Metro’s presence is critical to the success of the region. Claude Anderson of the Metropolitan Washington Restaurant Association is quoted in the report’s executive summary:

We have come a long, long way from the bad old days of a deserted, dilapidated and dangerous downtown during the evening hours and few destination retail and entertainment neighborhoods. The establishment and growth of vibrant areas such as Penn Quarter, Ballston, U/14th Street corridors are directly attributable to transportation access for patrons, visitors and employees.

Collectively, Metro saves DC-area families $342 million per year in car operating expenses. Home values may increase near rail stations, but families save significantly on transportation costs each year.

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