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The Federal Transit Administration (FTA) last week updated its guidance on joint development to increase flexibility for transit agencies to work with developers to build projects that benefit transit systems and their communities.
The new guidance also reduces FTA involvement in joint development agreements negotiated between project sponsors and their partners, streamlines the administration's project eligibility review process and clarifies prior guidance.
The updates to the guidance will encourage projects that contribute to the nation’s economic recovery from COVID-19, FTA officials said in a press release.
Joint developments involve the construction of commercial, residential, or mixed-use projects near transit or on transit system-owned land. The public and private investments are coordinated between transit agencies and developers to build the project, producing a revenue stream for both the developer and the transit agency.