The Federal Transit Administration recently issued a notice of funding opportunity or NOFO for nearly $10.5 million in grant funding through its Transit-Oriented Development or TOD planning program. The application window closes on July 22.
[Above photo by FTA]
The FTA noted that its TOD program seeks to link public transportation, land use, and affordable housing projects to create communities that are walkable and closely connected to transit systems.
“Many Americans spend almost half of their monthly budget on housing and transportation costs – so we’re taking steps to bring those costs down,” said Pete Buttigieg, secretary of the U.S. Department of Transportation, in a statement.
“This funding will support developing affordable housing closer to public transportation — helping lower the combined cost of housing and transportation for Americans,” he added.
Since fiscal year 2015, the FTA said it has issued nearly $122 million via its TOD program to help some 150 communities plan for “new opportunities” around transit hubs.
In FY 2023, FTA said it began giving priority consideration for projects that included affordable housing options – including providing 100 percent of the funds needed to fund such affordable housing projects, rather than requiring a 20 percent local funding match.
To that end, this round of TOD grants will support the Biden-Harris Administration’s new Housing Supply Action Plan – established in February – by providing special consideration to applications that promote housing affordability.
Applications for areas with a lower population density or lower average income compared to surrounding areas will receive a higher federal funding share; applications with a substantial focus on affordable housing may receive up to 100 percent federal support.
Nation
USDOT Issues $130M Worth of SMART Program Grants
December 20, 2024
Nation
