• Subscribe
  • Magazine
  • 40 Under 40
  • Supplier's Directory
  • Advertise
  • Contact Us
    1. Management

    FTA announces new guidance for transit joint development projects

    Aug. 17, 2020
    The guidance reduces FTA involvement in joint development agreements negotiated between project sponsors and their partners, streamlines FTA’s project eligibility review process and clarifies prior guidance.
    Related To: Federal Transit Administration (FTA)
    FTA
    Fta 5f3ab4ab51e19

    New guidance has been announced by the Federal Transit Administration (FTA) that increases flexibility for transit agencies to work with developers to build projects that benefit transit systems and their communities.  

    A notice about the new guidance appeared in the Federal Register Aug. 14. 

    "We are committed to supporting transit agencies that pursue joint development projects to capture the economic value of transit," said FTA Acting Administrator K. Jane Williams. "Innovative partnerships and funding sources can help deliver projects more quickly, and this is especially important as communities recover from the COVID-19 public health emergency." 

    The FTA Guidance on Joint Development (FTA Circular 7050.1B) updates previous guidance and became effective Aug. 14. In addition to increasing flexibility for transit agencies that receive FTA funding to pursue joint development projects, the guidance reduces FTA involvement in joint development agreements negotiated between project sponsors and their partners, streamlines FTA’s project eligibility review process and clarifies prior guidance. 

    Joint development projects involve the construction of commercial, residential or mixed-use projects near transit or on transit system-owned land. The public and private investments are coordinated between transit agencies and developers to build the project, producing a revenue stream for both the developer and the transit agency. 

    FTA says the new guidance will encourage projects that contribute to the nation's economic recovery from the COVID-19 public health emergency. The new flexibility for joint development projects supports the U.S. DOT’s commitment to follow the Executive Order on Accelerating the Nation's Economic Recovery from the COVID-19 Emergency by Expediting Infrastructure Investments and Other Activities.