Move LA Transit Oriented Development Tax Increment Financing

54 %
46 %
Information about Move LA Transit Oriented Development Tax Increment Financing

Published on January 13, 2018

Author: movelatransit

Source: slideshare.net

1. Rail and bus service can create…

2. opportunities for great community development…

3. if the right policies are in place!

4. Let’s leverage these opportunities to expand transit ridership and create sustainable neighborhoods where people of all incomes– especially transit riders–can and will want to live, and current residents will not be displaced.

5. To build communities that build transit ridership… We need sharper community development tools focused on promoting construction of housing – especially affordable housing –near transit

6. 87% of bus riders are people of color with a median income of $14,876 92% of rail riders are people of color with a median income of $19,374 72% of the population of LA County is people of color; the median income in LA County is about $56,000 Where can transit riders afford to live when they make far less than the median income?

7. We have an idea! Transit Oriented Development + Tax Increment Financing Districts

8. Revitalize communities near transit stations and along transit-rich boulevards; Enhance transit ridership & reduce air pollution & GHG emissions; Facilitate development of much needed middle-, moderate- & low- income housing near transit stations & along boulevards served by frequent transit; Provide opportunities for permanent supportive housing near transit for people who are homeless; Reduce displacement of current residents near transit system improvements. A TOD-TIF could…

9. Properties within 1/2 mile of a rail transit station, including regional commuter rail and/or Properties adjacent to boulevards (and perhaps deeper) with BRT or high-frequency bus service. Create TOD-TIF districts to capture the full increment of property tax and sales tax increase from:

10. Half could be used for housing affordable to & occupied by households making less than 60% of AMI; And half for permanent supportive housing to help people who are homeless get off the street and/or for households making less than 30% of AMI; The city could provide a significant local funding match; First priority for occupancy is households displaced from the district through no fault of their own; and Second priority is for those employed within 2 miles of the district. A Sharper Tool for Affordable Housing At least 40% of the tax increment could be used to develop affordable multifamily housing, and for predevelopment costs & the operation of that housing, and:

11. Rail stations and/or bus stop improvements Urban greening and other livability improvements Publicly funded decoupled or detached parking in lieu of on-site parking First-last-mile access and other bike/pedestrian/transit rider improvements Especially improvements that make it easier for older adults and people with disabilities to get to transit. A Sharper Tool for Attracting Community Development The remaining tax increment should be available for investments in the district including:

12. There are no more than 70 units, and at least 20% are deed-restricted affordable; Pedestrian-oriented commercial uses occupy at least 50 of the ground floor; There is no demolition of existing multifamily units and current residents are not displaced. And to facilitate these districts we propose a categorical CEQA exemption for mixed-use projects if:

13. What do you think? We really want your applause or critique! Give us your feedback using available comment cards

Add a comment