Funding Sources for TOD
Successful Transit Oriented Development / Districts results from the alignment of (1) increased funding for transitways (LRT, Commuter Rail and BRT); (2) local land use policies and resources that leverage investment through development (i.e. more compact and equitable development); and (3) ancillary public realm components such as roads, sidewalk improvements to facilitate biking and pedestrians, trees, and lighting. This page serves as a resource for local funding sources for TOD and includes examples of different programs and strategies used to support TOD around the US.
Twin Cities Specific:
This finance matrix (PDF), put together as part of the Getting It Done Workshop series, details some of the funding sources available for TOD. It will be updated as new information on programs or funding sources become available. Please feel free to contact [email protected] if you know of a resource that should be included in this list.
TIF for TOD: This proposed legislation would create a new form of tax-increment financing: a transit improvement district. In this district, the tax increment could be expended for a menu of options, including any of the purposes allowed in redevelopment and housing districts, constructing and improving transit stations, transit-related streetscape improvements and green space acquisition. Read more in the pdf put together by the Minnesota Center for Environmental Advocacy.
LAAND Program (Met Council): The Land Acquisition for Affordable New Development (LAAND) program provides loan assistance for affordable housing projects. The funding initiative will give priority to proposals seeking the acquisition of land that is close to job growth areas or significant numbers of lower wage jobs, allows for density that is consistent with achieving affordability, minimizes vehicle miles traveled, is proximate to public transit and implements Green Communities criteria, Minnesota Overlay or comparable program in the development process. For more information, visit the Metropolitan Council's website.
National Resources and Examples
- CTOD's 2010 TOD Policy Paper has a table of examples of regions around the county that have money tied to TOD specific programs. Download the paper here.