March 2, 2018
“Affordable housing near transit is one of the best ways to ensure that nearby development actually generates ridership”
The Los Angeles County Metropolitan Transportation Authority is earmarking $9 million for a loan program aimed at spurring affordable housing near its stations.
The Metro Affordable Transportation Connected Housing Program is part of a public-private partnership to loan money to developers to build more affordable housing within a half-mile of transit lines, which in turn could encourage more ridership, reports NBC4 media partner KPCC.
“It’s a loan not a subsidy, so it’s leveraging existing dollars, and affordable housing near transit is one of the best ways to ensure that nearby development actually generates ridership,” said Ethan Elkind, a transit expert with the University of California, Los Angeles.