Cuyahoga County launches loan program for high-density, mixed-use development near transit
The Cuyahoga County Department of Development announced a new Transit-Oriented Development (TOD) Loan Program that would tap into existing loan funds to develop mixed use, high-density projects near highly trafficked public transit offerings. The department says the goal of the program is to enable real estate projects that strengthen transit accessible communities, promote reinvestment in neighborhoods and enhance the county’s long-term economic vitality.
“Developing communities around transit helps create affordable, connected neighborhoods,” said Cuyahoga County Executive Chris Ronayne. “TOD is smart growth in action, strengthening local ties, boosting our economic and transportation infrastructures, and ensuring resources are within reach of all of our residents.”
TOD loan program funding may be used for comprehensive real estate development projects that create or preserve jobs and involve new construction, major renovations or substantial building improvements within the TOD program zone. The program offers gap financing through subordinated, fixed-rate loans from $150,000 to $2.5 million to address capital shortfalls for projects that align with the county’s integrated development and sustainability goals. Projects are funded primarily through owner equity and private bank financing, with economic development loans available for gap financing.
“This is about enhancing the existing assets of Cuyahoga County,” said Cuyahoga County Senior Advisor on Transportation Annie Pease. “The more jobs that can locate near public transportation, the more opportunities we are providing the people of Cuyahoga County.”
The TOD loan program builds upon the work of the Cuyahoga County Planning Commission’s countywide Transit-Oriented Development Zoning Study. The study identified policy barriers to enabling development near high frequency transit corridors, created model legislation to help communities advance TOD and surveyed developers of TOD.
The department notes this is a competitive program, scored using the identified TOD criteria. Find the TOD Loan Program Guide and eligibility form here.