FIRST COAST COMMUTER RAIL TOD STUDY | TOD IMPLEMENTATION
FIRST COAST COMMUTER RAIL TOD STUDY | TOD IMPLEMENTATION
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EQUITABLE TOD GOALS AND TOOLS Table 6-5 lays out goals and objectives for equitable TOD (ETOD) and at which level in TOD planning, corridor, sub district, or station, it can be implemented.
TOOL
DESCRIPTION
For affordable housing goals, there are strategies and tools that can support the public and private sector in affordable development (Table 6-6).
Recommended
JTA could work with other agencies to acquire strategic land parcels and/or current vacant parcels for future development as for-rent or for-sale affordable housing. Acquisition revenues could be sourced from community benefits agreements from larger developments. JTA could propose incentives that, if approved, would create affordability requirements for 1) projects receiving either financial or non-financial support, or 2) for all new TOD developed along the FCCR corridor. Incentives could include density bonuses, reduced or shared parking in a publicly developed facility, cash incentives or land and property write downs, and/or public financing. The respective city councils along the corridor could mitigate increases to property taxes for elderly homeowners to prevent displacement as values increase (either income-tested or not). Grants to recover a portion of the incremental increase in ad valorem taxes, on real and tangible personal property that is produced through multifamily housing development. To promote affordability in new developments on-site, REV Grants also require a certain percentage of affordable units for residents within a percentage of the Area Median Income (AMI), as in the case of San Marco Apartments. 1 Administered by the FHFC, this program allows the Jacksonville Housing Finance Authority (JHFA) to designate a development each year as a local priority for 9% Housing Credits (developers do not need to request this support). JHFA added long-term affordability to its selection criteria, and this is reflected in the Lofts at LaVilla 2 and Lofts at Brooklyn being designated for this funding. Both are down- town affordable apartment buildings located near transit. The JHFA can utilize “local preference” rules to steer LIHTC allocated by the Florida Housing Finance Corporation (FHFC) towards designated TOD zones and/or individual affordable housing projects in downtown Jacksonville. As an example, Vestcor applied to the FHFC for LIHTC and received $17.9 million 3 in credits support its Lofts at Brooklyn project. 4
Acquisition Fund
Developer Incentives
GOALS FOR ACHIEVING EQUITABLE TRANSIT-ORIENTED DEVELOPMENT (ETOD)
SUB- DISTRICT
CORRIDOR
STATION
1 Enhance Access to Transit For All
Ensure compact and dense development around transit stations as an alternative to urban sprawl, including affordable housing at a depth of affordability that meets the needs of the area Improve multimodel connectivity, streetscapes, and accessibility near transit
1a
Owner-Occupied Tax Relief
Existing
1b
Downtown Investment Authority (DIA) Multifamily Recapture Enhanced Value (REV) Grants
1c Increase use of first mile/last mile transportation options and align nearby land use to promote transportation use 2 Prevent Involuntary Displacement of Residents and Businesses
Support the construction of jobs for local residents and encourage employment along transit corridors
2a
Local Government Area of Opportunity Funding
Help small businesses in TOD locations thrive by providing assistance during construction and beyond Reduce cost of living for lower and middle income households by reducing the need for car ownership and associated expenses
2b
2c
Low-Income Housing Tax Credits (LIHTC)
3 Enhance Economic Opportunity
Incorporate connection to employment centers along transit corridors and beyond
3a
1 Gilliam, Derek. “DIA approves $2.5 million REV grant for Southbank apartment project.” Jacksonville Business Journal. August 25, 2017. 2 Hendrickson, Mark. “Local Government Area of Opportunity Funding – A Fancy Phrase for an Improved Housing Credit Selection Process.” Florida Housing Coalition: Housing News Network. Volume 34, Issue 1, 14-15. January 2018. 3 Martinez, Amy. “Vestcor projects provide workforce housing in Jacksonville.” Florida Trend. July 26, 2019. 4 Cawton, David. “Vestcor to seek $17 million in tax credits to build the Lofts at Brooklyn.” Jacksonville Daily Record. October 19, 2018.
Share public and private resources to promote more mixed-use projects
3b
Pilot new value capture tools to support transit and TOD
3c
Table 6-5: ETOD GOALS
Table 6-6: ETOD TOOLS
FCCR TOD
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