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06-10-21 | News

USDOT Provides Guidelines for Transit-Oriented Development Project Funding

$100 Billion in Available Funding

The USDOT's guidance is intended to help private and public entities receive funding for transit-oriented development projects.

At the end of May, the Build America Bureau, part of the United States Department of Transportation (USDOT), released new guidelines for transit-oriented development (TOD) projects seeking funding. The organization defined TOD as projects designed on economic development near transit, rail, and city busy facilities in order to create pedestrian accessible residential and commercial centers. USDOT secretary Pete Buttigieg explained the focus of the guidelines is towards improving public transit to increase safety for pedestrian walking, biking, in wheelchairs, or other means of similar transportation. Buttigieg described the benefits of implementing the guidelines as they "will help communities use transit-oriented development to save residents time and money, reduce pollution and carbon emissions, and make jobs accessible to more people."

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With the new guidance, USDOT is working to help provide loans fir public and private entities through the Transportation Finance & Innovation Act and the Railroad Rehabilitation & Improvement Financing program in which there is a combined $100 billion in available funding.

https://tinyurl.com/3j3uhhr9

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