Bill Would Establish Grants to Make Colorado Communities More Accessible, SustainableBennet Amendment Would Establish a Low-Interest Loan Program for Transit-Oriented Development
Washington, DC – A bill backed by Michael Bennet, U.S. Senator for Colorado, to establish a grant program that will foster the development of livable communities in Colorado and across the country passed the Senate Banking Committee today. The Committee passed the Livable Communities Act of 2010, containing the Bennet amendment.
“Traffic, urban sprawl, and pollution are not only annoyances, they are symptoms of bad policy,” said Bennet, who is a member of the committee and cosponsor of the bill. “Communities across Colorado have already taken important steps to integrate housing and transportation and reduce pollution. Now there will be increased support for these efforts. While families struggle through tough economic times, this bill would create jobs, give a much-needed boost to local economies and make our communities better, more affordable places to live and raise families.”
By encouraging sustainable development at the local, regional, and federal level, the Livable Communities Act will help communities cut traffic congestion, reduce greenhouse gas emissions and fuel consumption, protect green spaces, create more affordable housing, and revitalize existing main streets and urban centers.
Specifically, the bill would:
ü Authorize a competitive planning grant program that will allow local communities to create comprehensive, long-term plans that integrate transportation, housing, land use and economic development.
ü Authorize a challenge grant program that will allow local communities to implement these comprehensive plans through investments in public transportation, affordable housing, complete streets, transit-oriented development, and redevelopment to clean up hazardous areas.
ü Establish a federal Interagency Council on Sustainable Communities that will bring together representatives from the Department of Housing and Urban Development, the Department of Transportation, the Environmental Protection Agency and other federal agencies to coordinate federal sustainable development policies.
Bennet, along with Sen. Mark Warner (D-Va.), offered an amendment that would create a loan program to offer federal credit assistance through direct loans or loan guarantees to local communities to finance transit-oriented development.
“Transit-oriented development generates significant benefits through reduced transportation costs, greater housing affordability, enhanced economic development, lower traffic congestion and reduced pollution,” said Bennet. “But the up-front costs of such development are often prohibitively expensive, and private financing is hard to find, particularly in the early stages of the project. This amendment would provide communities with the financing needed to cover the initial costs of transit-oriented development. Federal loans also make it easier for communities to attract the private financing they need to make transit-oriented development a reality.
Colorado is already a leader in the development of sustainable communities that are critical to our economic security, environment, and health. Last Fall, Bennet was joined by Transportation Secretary Ray LaHood, HUD Secretary Shaun Donovan and EPA Administrator Lisa Jackson in a visit to the Denver Housing Authority’s South Lincoln Homes. When that project breaks ground later this year, it will spur economic development and job creation, and its proximity to mass transit connects the neighborhood with other part of the city, maximizing commuting options for local residents.
