The Federal Transit Administration has released guidelines that it said will enable transit agencies to be more flexible as they work with developers to build projects that benefit transit systems and their communities.
The new guidelines became effective on Aug. 14.
In a news release the agency said the new guidelines, which apply to agencies that receive FTA funding, reduce FTA involvement in joint development agreements negotiated between project sponsors and their partners, streamline FTA’s project eligibility review process, and clarify prior guidance.”
Joint development projects are defined as projects involving the construction of commercial, residential, or mixed-use projects near transit or on transit system-owned land.
The FTA news release said 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.