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xecutive Summary Since its inception in 1997, MTC's TLC Program has achieved tangible transportation improvements that support regional livability in the Bay Area. The recent evaluation of the TLC program recommended "continuing to strengthen the land use connection within the TLC Program" by supporting transit - oriented development (TOD) and infill projects. TOD and infill are bol:h critical to the continued healthy growth of the Bay Area, by reducing Vehicle Miles of Travel (VMT), reducing the combined costs of housing and transportation, and making more efficient use of transportation infrastructure. There are, however, real challenges to TOD and infill development. Even after station area or downtown plans are adopted, TOD and infill development projects still face significant financial and regulatory barriers that impede construction. The financial barriers include higher land costs around transit stations, infrastructure upgrades needed to support increased density, the need to assemble small parcels of land to reach a critical mass, and the need to replace existing surface parking reservoirs with structured parking. Project implementation is often delayed because these barriers cannot easily be addressed through traditional funding and financing mechanisms available to local jurisdictions and developers. MTC commissioned Strategic Economics and the Center for Transit-Oriented Development to explore various options for establishing a more flexible funding mechanism that includes the core strengths of the existing TLC Program, but does more to facilitate actual development. The intention of an expanded TLC Program would be to respond to changing regional demographics, provide needed affordable and accessible housing, reduce greenhouse gas emissions, and create local centers for community, through a collaborative program working together with regional and local agencies. KEY FINDINGS This White Paper has produced several key findings, including: > There are many potential program approaches (outlined in the table on page 5) that would support TOD and infill implementation in the region, and there are some key questions that will help determine which approach or approaches are most appropriate for the Bay Area. > Portland METRO and the Met Council in the Twin Cities both have successful model programs that address TOD and infill funding needs in different ways. Both incorporate involvement from a broad base of stakeholders coupled with professional expertise in evaluating grant proposals. > There are critical funding needs in both urban and suburban communities, but the tools to overcome specific barriers may be different. Funding through the program should thus be flexible to respond to local needs and communities with different market dynamics. > The stated goals of an expanded TLC Program will need to be linked to evaluation 4 FINANCING TRANSIT ORI -NTED DE JELOPMENT IN THE SAN FRANCISCO 13AY AREA