Transit-oriented development (TOD) can make it easier for people to live and work near public transportation.
These places are in high demand and real estate developers are eager to build them, but because they’re often complicated TOD projects can be difficult to secure financing for.
A new bill in Congress would help make it easier to finance TOD projects. On Thursday, Senator Cory Booker (NJ) introduced the Railroad Infrastructure Financing Improvement Act (RIFIA).
This legislation would expand the scope of the Railroad Rehabilitation and Improvement Financing program, which currently provides financing for railroad infrastructure development, to include TOD projects near passenger rail stations.