Does ETOD financing keep you awake at night? Transit orientation, appropriate parking ratios, structured parking and community desires for higher-quality products and public spaces around rail stations all add to the costs of completion and, in turn, can make financing more difficult to obtain. Adding affordable housing to the mix makes things even more difficult. But in an era of increasing income disparity, the importance of providing equitable housing near our transit systems looms large. Hear from developers about the financial tools they have used to ensure a wide range of financial accessibility to their transit-oriented projects. Seeing how the financial puzzle can be solved with insights and examples from people who have made it work. Then, get some sleep. Moderator: Eric Rothman, President, HR&A Advisors, Inc., New York, New York Ryan Tobin, Director of Real Estate Development, Denver Housing Authority, Denver, Colorado Dan Lofgren, Principal, Cowboy Partners, Salt Lake City, Utah Amy Rowland, Field Director, National Development Council, Salt Lake City, Utah Sherman Roberts, President and Chief Executive Officer, City Wide Community Development Corporation, Dallas, Texas

1. Financing Equitable TOD – Overview
Eric Rothman
President
HR&A Advisors, Inc.
October 27, 2015

2. Financing Equitable TOD - Overview: Eric Rothman
Infeasible
LOSS
COST REVENUE
Equitable TOD aligns affordable housing with TOD, both of which face
development feasibility challenges.
Cost of land assembly
Example Policy Barriers
Cost of brownfield remediation
Commuter parking requirements
Public realm requirements
Example Market Barriers
ETOD

3. Financing Equitable TOD - Overview: Eric Rothman
While there is overlap, affordable housing and transit policies are
generally organized at different levels of government.
Housing
Transit / TOD
Housing Policy
Federal, state, and local levels
Housing Financing Programs
Primarily state, and sometimes local
Transit Operators
Primarily regional and local
TOD Financing
Primarily regional and local, sometimes state

4. Financing Equitable TOD - Overview: Eric Rothman
There are a number of public policies and programs available to support
the development of ETOD.
Policies + Programs
• Density Bonuses linked to Mandatory Inclusionary Housing
• Low Income Housing Tax Credit (LIHTC)
• Low-Cost or Forgivable Loans; Grants
o Example: Denver’s TOD Fund provides low-cost loans that have helped preserve or create 626 affordable homes as of
2013
• Tax Exemptions & Abatements
o Example: The Transit-Oriented Development Property Tax Abatement Program in Portland, Oregon reduces operating
expenses on affordable properties near TOD for 10 years
• Affordable Housing Trust Funds
o Example: Los Angeles’ AHTF contributed $21 million in 2008 to support the development of 225 affordable housing units
near TODs
• Tax-Exempt Bond Financing
• Tax Increment Financing (TIF)
o Example: Sacramento, California supported 114 low-income senior apartments near TOD through $6 million in TIF
• Reduced parking requirements
• Community Development Block Grants (CDBG)
• Transfer of Development Rights (TDR)
o Example: Arlington County, Virginia used TDR along Columbia Pike to preserve over 600 housing units since 2012

5. Financing Equitable TOD - Overview: Eric Rothman
Source: National Housing Trust & Abt Associates
Across the nation, State housing agencies that factor transit-access into
LIHTC allocation decisions more than doubled from 17 to 35 since 2003.
0
5
10
15
20
25
30
35
40
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of States with a Policy Preference for TOD Proximity
when making LIHTC Allocations

6. Financing Equitable TOD - Overview: Eric Rothman
This alignment of housing finance and transit facilitates ETOD in many
states with legacy and growing transit systems.
Source: National Housing Trust & Abt Associates
States with a Policy Preference for TOD Proximity when making LIHTC Allocations

7. Thank You
Eric Rothman
President, HR&A Advisors, Inc.
erothman@hraadvisors.com
www.hraadvisors.com