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k Strategy 14: Implement a TOD Property <br /> Acquisition Fund <br /> ., A TOD Property Acquisition Fund is a tool that has been used with success in other regions to <br /> provide financing for the purchase of properties within transit communities before increased land <br /> le values make affordable housing development prohibitively difficult. There is strong and ongoing <br /> i regional cross-sector support for establishing a fund in the central Puget Sound region. Developing <br /> um <br /> and managing such as <br /> fund will require significant commitments from the public sector, as well as <br /> private foundations and housing development funders. The TOD Fund strategy was a central <br /> component of the Growing Transit Communities Partnership work program and is a high priority for <br /> implementation. <br /> Puget Sound Regional Council <br /> 14.1 Coordinate with and support the identified manager of a regional fund to provide a revolving source of capital <br /> available to developers of affordable housing in transit communities. <br /> 14.2 Explore options for using a portion of PSRC regionally managed funds to contribute public sector catalyst <br /> investments in a TOD property acquisition fund. <br /> Transit Agencies <br /> C14.3 Explore options to contribute to public sector catalyst investments in a TOD property acquisition fund. <br /> 0 <br /> 'i Local Governments <br /> < 14.4 Explore options for contributing local funds as a portion of regional public sector catalyst investment in a TOD <br /> 13 CU <br /> property acquisition fund. <br /> = TOD Fund Manager <br /> 0) 14.5 Identify and recruit a broad range of potential contributors of startup capital to the TOD property acquisition <br /> E fund. <br /> 0 14.6 Structure fund governance to maximize input and oversight from regional stakeholders. <br /> U14.7 Work with PSRC, transit agencies, and local governments to identify target locations and a range of loan <br /> a, products designed to meet the needs for capital in various phases of housing development. <br /> Housing authorities,WSHFC <br /> 14.8 Explore options for contributing capital to the TOD property acquisition fund. <br /> Local and National Foundations and Philanthropies <br /> 14.9 Explore options for contributing capital to the TOD property acquisition fund. <br /> CDFIs and other private sector funders <br /> 14.10 Explore options for contributing capital to the TOD property acquisition fund. <br /> Priority Transit Communities for this Strategy <br /> • Transit communities with limited stock of affordable units <br /> • Transit communities with current high capacity transit service or expected within 10 years,and other regionally <br /> significant transit communities <br /> 43 <br /> The Growing Transit Communities Strategy 1 Public Review Draft I May 2013 <br />