In an nod to progressive development, Cuyahoga County has rolled out a new loan program targeted at fostering job growth and urban development in areas adjacent to high-frequency public transportation. The Transit-Oriented Development (TOD) Loan Program, as it's called, draws on pre-existing loan funds with the express purpose of boosting mixed-use, high-density projects. Cuyahoga County detailed that these initiatives are aimed at bolstering transit accessible communities, spurring neighborhood reinvestment, and underpinning long-term economic health.
Cuyahoga County Executive Chris Ronayne underlined the aspirations of the program, stating, "Developing communities around transit helps create affordable, connected neighborhoods." He added that TOD symbolizes "smart growth in action – strengthening local ties, boosting our economic and transportation infrastructures, and ensuring resources are within reach of all of our residents." The program's reach extends to projects involving new constructions, major renovations, or substantial upgrades within designated zones. However, with loans ranging from $150K to $2.5M, the financial infusions serve primarily as gap financing, complementing developer equity and traditional bank loans.
Annie Pease, Cuyahoga County Executive Ronayne’s Senior Advisor on Transportation, emphasized the broader impact of the initiative, "The more jobs that can locate near public transportation, the more opportunities we are providing the people of Cuyahoga County." Her statement reflects the connection between employment and transportation accessibility as intertwined facets of urban planning. The TOD Loan Program is a competitive one, ranked according to specific TOD criteria. Interested parties can find application guidelines and forms on Cuyahoga County's website.
Echoing the sentiments of proactive urban design, Mary Cierebiej, Executive Director of the Cuyahoga County Planning Commission, remarked, "In addition, this new loan program signals to the development community that we are listening." She noted the Commission's efforts in updating zoning laws to encourage denser, multi-modal, and mixed-use development in transit-rich locales. Interestingly, one of the biggest hurdles to TOD identified by developers was the securing of financing, a barrier which Cierebiej suggests this new program will help overcome, according to Cuyahoga County news.
The initiative also looks set to offer tangible support for the region’s entrepreneurs. Vaughn P. Johnson, the County’s Deputy Director for Economic Development, sees the program as a boon for business growth and job creation in vibrant, well-connected settings. "By empowering businesses to build and grow around transit, we are supporting our region’s economic growth, and creating resilient, interconnected neighborhoods," he commented, according to Cuyahoga County's news. For further information or to apply for the TOD Loan Program, potential applicants are directed to reach out via the program's email at [email protected].
