Cory Booker has introduced a railroad bill that will, among other things, expand financing for transit-oriented projects near train stations. The new law would also make it easier for TOD developers to apply for federal loans.
According to this piece from Smart Growth America, "A new bill in Congress would help make it easier to finance TOD projects. On Thursday, Senator Cory Booker (NJ) introduced the Railroad Infrastructure Financing Improvement Act (RIFIA). This legislation would expand the scope of the Railroad Rehabilitation and Improvement Financing program, which currently provides financing for railroad infrastructure development, to include TOD projects near passenger rail stations."
Many leaders in Washington, D.C. now look favorably on rail-based urbanism, once the cornerstone of American economic growth. From the article: "'The areas around our country’s passenger rail stations are often economic sleeping giants,' said John Robert Smith, co-chair of Transportation for America. 'Finding ways to finance and catalyze smart development in and around them is a proven strategy to boost local economies.'"
RIFIA provides for reinvestment for loan payments back into development around rail lines. "In addition to providing financing for TOD, the new program would invest loan repayments back into rail infrastructure to help fund capital and operations expenses. This presents a unique opportunity for private-public partnerships between real estate developers and passenger rail agencies."
FULL STORY: A new bill in Congress would create new financing option for transit-oriented development
Federal Loan Programs Offer Billions for TOD
USDOT is encouraging developers to take advantage of loans aimed at supporting the building of multifamily buildings near transit lines.
House Transportation Bill Misses Mark on Transit
Transit advocates have little good to say about the recently-passed Surface Transportation Reauthorization and Reform Act. While it doesn't cut transit funding, it does nothing to expedite transit-based solutions.
DC Streetcars to Be a Shot in the Arm
It was nearly 50 years ago, when streetcars were seen on the roadways of downtown Washington, DC. Dan Tangherlini, the former transportation director for the District discusses why streetcars matter in the United States capital.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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