FTA’s Pilot Program for TOD Planning supports local planning and strategies to increase transit access and encourage ridership through mixed-use and mixed-income development near public transportation projects.
Sound Transit and the City of Bellevue worked together on a plan to integrate the OMF East into the city’s plans for the developing BelRed corridor.
The planning programs will support the Federal Transit Administration’s (FTA) stated goals of increasing access to affordable housing options.
The first $25 million will fund pre-development activities like site due diligence, engineering, and permitting, while the remaining $75 million will support the construction of new affordable housing, which is expected to begin within five years.
The competitive grant funds are provided through FTA’s Pilot Program for Transit-Oriented Development Planning.
Projects involve the construction of commercial, residential, or mixed-use projects near transit or on transit system-owned land.
Researchers from the Economics Research Group at the University of North Texas (UNT) reviewed 81 development projects completed within a quarter mile of DART stations with a total property value of $5.138 billion between 2016 and 2018.
The high-level planning project will help determine if the KCS corridor can provide mobility and economic opportunity for Denton County and the North Texas region.
Carmen Taveras, NJ Transit's first chief, real estate, economic development, and TOD, discusses implementing a strategic plan that maximizes the value and revenue of its real estate assets.
This marks the second multifamily development project financed this year on MARTA land with set asides for affordable housing.
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