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Thu May 1, 2014
Connecticut Invests in Transit-Oriented Development to Expand Jobs, Education Access
Connecticut is to invest millions of dollars in an attempt to spur economic development along the route of the New Britain to Hartford busway, and the New Haven to Springfield rail line.
The $15 million fund will provide financing for developers who want to site housing, retail or office space adjacent to the mass transit lines. Two million dollars comes from the state, with the remaining $13 million from a private corporation that will oversee the fund. Andrea Pereira of the Local Initiatives Support Corporation, or LISC, says transit oriented development is an idea that's growing across the country.
"We see that by building housing and commercial space next to transit we can expand access to jobs and education for residents across the state," Pereira told a press conference, "and also jumpstart revitalization in our communities."
LISC is also hoping to attract other partners to invest in the fund. The fund is expected to accept applications by this summer.
Meanwhile, the Department of Transportation has also been holding forums to share information about the new busway, and solicit ideas from potential users. For instance, it wants to coordinate with big venues in and around Hartford to run special services at the time of planned events. The busway is scheduled to open in March of next year.
Watch CT-N's footage of the press conference below: