Gov. Dannel P. Malloy has announced the creation of a $15 million Transit Oriented Development Pre-Development and Acquisition Fund to provide financing that will encourage developers to carry out transit oriented development (TOD) in communities with station stops along the CTFastrak and New Haven-Hartford-Springfield (NHHS) transit corridors.
The state and the Connecticut Housing Finance Authority (CHFA) will each contribute $1 million to the fund, which will be added to $13 million of private capital provided by the Local Initiatives Support Corp. of Connecticut, which will also serve as the fund manager. Transit-Oriented Development prioritizes the development of a mix of uses — new housing, retail and commercial office space — near transit hubs to encourage the use of mass transit, reduce reliance on driving, and foster more dense, livable and walkable communities.
The TOD fund will be a $15 million fund comprised of $1 million from the Office of Policy and Management (OPM), $1 million from CHFA and $13 million from LISC. LISC was selected to serve as the TOD fund manager through a competitive process based on the organization’s experience funding and administering TOD projects as well as the group’s knowledge of the unique needs of Connecticut’s transit corridor towns.