Title: Public transportation
Description: State and local governments are looking for alternative strategies to help fund transit systems. Value capture strategies -- joint development, special assessment districts, tax increment financing, and development impact fees -- are designed to dedicate to transit either a portion of increased tax revenue or additional revenue through assessments, fees, or rents based on value expected to accrue as a result of transit investments. GAO was asked to review (1) the extent to which transit agencies and local governments use joint development and other value capture strategies to fund or finance transit; (2) what stakeholders have identified as facilitators of, or hindrances to, the use of these; and (3) what stakeholders have said about the effects of federal policies and programs on the use of these strategies. GAO analyzed data from 55 of the 71 transit agencies that responded to its information request; reviewed literature, and statutes and regulations; and interviewed transit agency, local government, and Federal Transit Administration (FTA) officials; developers; and experts. The FTA should issue additional guidance on federal joint development requirements to clarify the types of developments eligible under current law, and requirements and conditions for parking replacement.
Subjects: Rules and practice, Evaluation, Local transit, Finance, Bus lines, Urban transportation, Transportation, Government policy, Public-private sector cooperation, Transit-oriented development, United States. Federal Transit Administration, United States
Places: United States