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4. Land Acquisition and Site Assembly MTC could meet a current gap in regional TOD and infill financing by supporting the assembly and entitlement of development projects. This program would be most effective for larger - scale revitalization efforts with the medium -term horizon (5 -10 years) that is often necessary to acquire and entitle land. In this program, MTC could work with developers or with local governments and provide incentives for more rapid entitlement of development projects that meet regional goals. All three of the MPO programs surveyed are involved in site acquisition in some way. The Met Council LCDA program funds land acquisition by developers through cities incentive to participate in regional affordable housing allocations. Portland Metro takes a more proactive role in land acquisition and landbanking. NCTCOG requires public - private partnerships to be in place prior to releasing funds, and cities must participate in the risk since land acquisition funds must be repaid. This program could be used to create a program that is self- sustaining in the long -term by providing returns on medium -term investments, as the NCTCOG program is intended to do. The scale of cost for this program would be moderate to high, given the need for somewhat more patient capital. Because of this scale, MTC would need to work closely with ABAG, transit agencies, redevelopment agencies, and city staff to make appropriate investments. With this collaboration, the potential impact of a site acquisition and landbanking program would be high. 5. Affordability and Accessibility Investments Providing affordable and /or accessible housing units over and above the requirements of local codes and the Americans with Disabilities Act (ADA) is often an added cost for developers. This program could pay for the incremental costs of additional affordability or accessibility measures (e.g. units fully accessible for people with disabilities). MTC could provide funding directly to developers who agreed to make more units income - restricted and/ or fully accessible. This program could also support streetscape and capital improvements to provide accessible transit where it does not currently exist. While there are not case study examples directly applicable, Charlotte, North Carolina's Affordable Housing Trust Fund provides funding for income - restricted units in market -rate developments through a competitive application process. California Redevelopment Agencies already finance a significant amount of affordable housing, since 20% of TIF revenues must be put toward affordable housing by law. However, many TOD and infill opportunity areas in the BayArea do not fall within redevelopment areas, and redevelopment funds rarely provide for accessibility upgrades in projects. Where appropriate, funding in this program option could also be used to deepen the level of housing affordability by augmenting existing Redevelopment Agency funding. This program would also require especially close collaboration with ABAG, redevelopment agencies, and local jurisdictions to implement and complement local affordability and accessibility goals. The cost of this program would be moderate to high. However, due to the costs associated with these uses, the likely impact of funding would be more moderate in comparison to other uses. 24 FINANCING TRANSIT -OR [ N`ED DE, ELOPNIENT IN THE SAN FRANC SCO BAY AREA