Wednesday, April 30, 2014

Transit Oriented Development Pre-Development and Acquisition Fund announced

Gov. Malloy Announces Fund to Spur Economic Growth and TOD Along Expanding CT Transportation Corridors.

On April 30, 2014, Governor Dannel P. Malloy announced the creation of a $15 million Transit Oriented Development Pre-Development and Acquisition Fund to provide financing that will encourage developers to carry out transit-oriented development (TOD) in communities with station stops along the CTFastrak and New Haven-Hartford-Springfield (NHHS) transit corridors.

The state and the Connecticut Housing Finance Authority (CHFA) will each contribute $1 million to the fund, which will be added to $13 million of private capital provided by LISC (Local Initiatives Support Corporation) Connecticut, who will also serve as the fund manager. Transit-Oriented Development prioritizes the development of a mix of uses – new housing, retail and commercial office space – near transit hubs to encourage the use of mass transit, reduce reliance on driving, and foster more dense, liveable, walkable communities.

“With the investment of $1 million in state funds and $1 million from CHFA, we will leverage at least $13 million in private funds from LISC and potentially millions more from banks, developers and other investors in order to create jobs, reduce congestion by encouraging mass transit ridership, build new affordable housing in walk-able communities near transit and improve our quality of life,” said Governor Malloy. “Since taking office, we have invested in projects like CTFastrak and New Haven-Hartford-Springfield line because we know they will be catalysts for further growth and private investment that will revitalize communities. As we focus on promoting mixed-use, sustainable development statewide, this fund will serve as an important component of our tool-kit in these two corridors as we work with municipalities, developers and other organizations to lay the foundation for long-term sustainable economic activity and ensure these are livable, walkable communities for employees and employers alike.”

The TOD fund will be a $15 million fund comprised of $1 million from the Office of Policy and Management (OPM), $1 million from CHFA and $13 million from LISC. LISC was selected to serve as the TOD fund manager through a competitive process based on the organization’s experience funding and administering TOD projects as well as their knowledge of the unique needs of Connecticut’s transit corridor towns.

“This predevelopment fund will expand economic opportunity by connecting residents to jobs and education and LISC is excited to partner with Governor Malloy’s administration on it,” said Andrea Pereira, Executive Director of LISC Connecticut. “LISC stands ready to work with the Governor to encourage economic growth along Connecticut’s transit corridors and to realize our shared goal of a more economically and geographically integrated region.”

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