Affordable Housing, Community Development, Reports and Publications

Equitable TOD Can Benefit Greatly from Financing Improvements

Enterprise Community Partners, Inc, Low Income Investment Fund, Living Cities

Equitable Transit Oriented Development (TOD) is a great tool to keep livable communities near good public transportation available to low income households. Unfortunately there is a gap between the need for equitable TOD and good financing for these projects.

A new report, Filling the Financing Gap for Equitable Transit-Oriented Development, examined four large areas – Atlanta, Denver, the Twin Cities and the San Francisco Bay Area – that have embarked on equitable TOD projects. Enterprise Community Partners, Inc. (Enterprise) and the Low Income Investment Fund (LIIF), authored the paper, which was commissioned by the philanthropic collaborative Living Cities.

The report evaluated the challenges faced when developing and financing equitable TOD projects which tend to be large scale and require partnerships between multiple organizations. The report offers policy and financing recommendations to promote more equitable TOD.

While each of the regions has challenges that are unique to their areas, there are challenges and policy solutions that can be applied to all regions. The report emphasizes that the risks involved in large TOD projects can be greatly mitigated with various innovative financing tools as well as corridor level planning to encourage community investment and confidence in the TOD project. The report notes that policies such as zoning and inclusionary zoning which are meant to create inclusive communities are most effective at a regional level.

The report mentions various financing solutions for different challenges that crop up during equitable TOD projects. Some of the solutions are: organization-level investment, joint development, test equity as an alternative or complement to debt, evolve grants to forgivable loans, and expand tax increment programs to support all phases of equitable development. 

If these policy and financing recommendations are implemented at a federal, regional, and municipal level, there is great potential for more equitable TOD projects.

Click here
to read the full report. Filling the Financing Gap for Equitable Transit-Oriented Development.



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