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This discussion of the strength of markets is not intended to lead to the conclusion that <br /> only the emerging market areas within the San Francisco Bay Area should be targeted <br /> for subsidies. Rather, it is intended to illustrate that a direct financing program will have to <br /> work within the constraints of the real estate market and may need to play different roles in <br /> different market contexts. Table 4 below outlines some of the different considerations that go <br /> into different market contexts. <br /> Table 4 Market Co texts and Role of Subsidy <br /> Strong Market Areas Emerging Market Areas <br /> > Grants to augment community > Make projects financially feasible <br /> benefits provided by project > Catalyze further development activity <br /> > Loans to reduce up front costs of by expanding market and providing <br /> v infrastructure upgrades or other built examples <br /> project costs > Support major infrastructure upgrades <br /> Support for major infrastructure that may be too significant for an <br /> a ° , upgrades that may be too significant individual project to finance <br /> for an individual project to finance > Enable appropriate development at <br /> > Make "risky" development types critical sites <br /> feasible with higher densities and/or <br /> greater environmental benefits <br /> THE ROLE OF COUNTY AND REGIONAL AGENCIES <br /> County and regional agencies in the Bay Area have played an important role in encouraging <br /> TOD and infill projects that support regional goals and objectives. These goals, adopted in <br /> the FOCUS program, seek to advance the development of compact housing near transit that <br /> increases housing options and affordability. As this paper has already addressed, there are <br /> trends in demographics and greenhouse gases that TOD can help address. <br /> County and regional agencies are uniquely equipped to take a broad view of development <br /> to link regional mobility benefits that connect jobs, housing, services, and entertainment <br /> destinations to rnaximize the efficiency of the regional transportation network. Specifically, <br /> the county and regional agency interest in TOD should include: <br /> 16 FINANCING TRANSITORI -N FED DE JELOF'MENT rN THE SAN FRANC ISCO BAY AREA <br />