Under the program, low-interest loans are available as gap financing for rental housing developments near transit that include affordable units. In addition, grants are available to Localities and transit agencies for infrastructure improvements necessary for the development of specified housing developments, or to facilitate connections between these developments and the transit station. The purpose of this program is to increase public transit ridership by funding higher density affordable housing developments within one-quarter mile of transit stations and infrastructure improvements necessary for the development of specified housing developments.

To be eligible for funding, a Project must consist of either, or both:
– A Rental Housing Development Project; and/or
– An Infrastructure Project necessary for the development of specified Housing Developments, or to facilitate connections between these Developments and the Transit Station.

Eligible Applicants shall be one of the following:

Developers for Rental Housing Development Projects,
Localities (cities and counties) and transit agencies for Infrastructure Projects.