Affordable Housing and TOD Investment
Corridors of Opportunity provides loans and grants to support new equitable transit-oriented development (TOD) projects and the preservation and/or creation of affordable housing units near transitways.
In addition to providing funding resources, the Affordable Housing/TOD Implementation Team works to:
- Develop a pipeline of housing projects along the Central, Hiawatha and Southwest LRT corridors
- Host pre-development meetings with funders and developers to identify opportunities for joint investment
Explore new financing opportunities for TOD
CORRIDORS OF OPPORTUNITY LOAN PROGRAM
- Preservation: acquisition, rehabilitation, construction and preservation of single-family and multi-family affordable housing
- TOD Projects: new multi-family housing or mixed-use transit-oriented developments.
- Projects must be located within ½ mile of Hiawatha LRT, Central Corridor LRT, or Southwest LRT stops and ¼ mile from certain bus connections.
Corridors of Opportunity Loan Program RFP (9 pages, PDF)
LOCAL IMPLEMENTATION CAPACITY GRANT PROGRAM
In May 2012, the Corridors of Opportunity Policy Board awarded $953,000 of Local Implementation Capacity (LIC) grants to provide early support for the development of high-density residential and commercial centers designed to maximize access to these uses by transit, walking and biking.