Leverage Transit-Oriented Development Loan Programs to Accelerate Equitable Economic Recovery
Summary
The COVID-19 pandemic has exacerbated the challenges faced by millions of Americans in accessing healthy, prosperous, and resilient neighborhoods. However, the ability for all Americans to afford to live, work, play in, and benefit from these neighborhoods, also known as Communities of Opportunity, has been in crisis for decades. Whether in urban, suburban or rural markets, demand for walkable and resilient communities with affordable housing and transportation options, great amenities, and a sense of place continues to outstrip supply. Despite broad recognition of the enormous economic and environmental benefits of walkable communities, particularly transit-oriented development (TOD), communities face many federal, state, and local barriers to meeting this demand.
To help communities meet the pent-up demand for affordable housing and businesses in walkable, resilient communities, and to accelerate an equitable economic recovery, the Administration should establish a national equitable transit-oriented development policy. The policy should promote and coordinate federal investments and action to support equitable transit-oriented development and community revitalization projects that lead to more mixed-income housing, new revenue streams for budget-constrained public transportation agencies, climate change mitigation and a stronger and sustainable post-COVID-19 economic recovery.
Interagency Community Investment Committee agencies should partner with the Small Business Administration to use their existing authority and infrastructure to pilot a secondary market for their securitized debt instruments.
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