Today, the Senate Environment & Public Works Committee unanimously approved its six-year, $275 billion transportation reauthorization bill, the Developing a Reliable and Innovative Vision for the Economy (DRIVE) Act. LOCUS Director Christopher Coes made the following statement:
“The Senate took an important first step towards passing vital transportation and infrastructure legislation that will increase private investment into communities, create jobs, and meet the market demand for great walkable and inclusive neighborhoods. The legislation includes a transit-oriented development (TOD) infrastructure financing provision that will assist local communities in capitalizing on their transit systems to catalyze economic development. Specifically, the provision would lower the cost threshold for TOD projects to $10 million (instead of $50 million), and expand project eligibility criteria to include projects such as transit-oriented development infrastructure and local community infrastructure.
LOCUS applauds Senator Inhofe (OK), Senator Boxer (CA), and the Environment and Public Works Committee for passing this critical legislation. Senators Schatz (HI), Markey (MA), and Merkley (OR) should be commended for their bipartisan support and leadership in moving TOD infrastructure financing forward.
LOCUS looks forward to working with the Senate and other Committees to enact a long term, sustainable transportation legislation that provides America the needed investments and tools to revitalize communities and meet the market demand for great walkable neighborhoods.”
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 at locusdevelopers.org