On February 7, Representative Mark DeSaulnier (D-CA) introduced the Equitable Transit Oriented Development Act (H.R. 5783), which would make community development financial institutions (CDFIs) eligible to receive federal transportation infrastructure loans for transit-oriented development (TOD) projects, such as affordable housing, health centers, and early childhood facilities. The bill would add CDFIs to the eligible entities for TOD loans under the Transportation Infrastructure Finance and Innovation Act (TIFIA) program through the Department of Transportation.
TIFIA was created in 1998 to help finance transportation projects and was expanded to include TOD projects in 2015. The program provides 35-year capital at or below the prevailing Treasury rate. OFN supports expanding this low-cost, long-term source of capital to CDFIs.
“Opportunity Finance Network thanks Rep. DeSaulnier for his commitment to providing low-cost, long-term capital to CDFIs. This legislation will enable OFN’s members to finance needed equitable transit oriented development projects, such as housing, healthcare centers, and early childhood facilities," said Jennifer Vasiloff, OFN's chief external affairs officer. "New tools, such as the TIFIA Equitable Transit Oriented Development program, will allow our members to go deeper in communities of the greatest need.”