The bill, which Move LA wrote and is sponsoring, would create "Neighborhood Infill Finance and Transit Improvement (NIFTI-2) Districts" around rail stations and along high-frequency bus corridors These districts would collect the enhanced tax increment from increased property and sales taxes within the district and use these funds to invest in district improvements. 

The bill requires a NIFTI-2 district to dedicate 40% of the sales and property tax increment to deed-restricted affordable housing and 60% to transit capital including stations and programs promoting ridership, transit-oriented development, first-last-mile connections, active transportation, parks, urban greening and urban forestry, and detached/decoupled parking in new developments for residents, businesses, and visitors in lieu of on-site parking.

While these districts will require the concurrence of the county, unlike other "enhanced infrastructure finance districts" or EIFDs there will be no voter approval required to issue bonds to implement a district plan.

Move LA believes that the program as provided in the bill could provide a significant breakthrough in generating resources for affordable housing!

Funding would be available for detached parking structures with no more than one space per residential unit and for groundfloor space occupied by pedestrian-oriented commercial uses. Parking revenues may be used to implement transportation demand management programs to reduce trips.

The tax increment may also be used for other projects and programs to reduce GHG emissions and air pollution by reducing trips to and fron the district. Revenues are not to be used for highway improvements.

There's more info in the blog post further down the page, with links to our letter of support.

We'll keep you updated!