FOR IMMEDIATE RELEASE
October 27, 2023
MARTA SECURES $1.75M TO FORM REGIONAL TRANSIT AND
TRANSIT-ORIENTED DEVELOPMENT ACCELERATOR
ATLANTA – The Metropolitan Atlanta Rapid
Transit Authority (MARTA) has secured $1.75 million in funding from the U.S.
Department of Transportation (USDOT) to stand up a transit and transit-oriented
development (TOD) accelerator to close capital funding gaps for projects across
the region.
MARTA’s primary
source of funding is the sales tax revenue collected in Fulton, DeKalb, and
Clayton counties and the City of Atlanta. Combined with fare revenue and
federal funding, these sources allow MARTA to operate and maintain its current
system, but additional funding is necessary to meet all the transit
expansion needs of the growing region. The City of Atlanta levied an additional
half-penny in 2016, which is projected to generate $3 billion, and while that
amount is sufficient for the planned projects, it is far short of
the overall investments that other cities such as Los Angeles ($120
billion) and Seattle ($54 billion) are making in their transit system expansion
programs.
With this grant, MARTA plans to
work in partnership with the Georgia Department of Transportation (GDOT) to
explore and validate that the property value increase resulting from transit
investment can finance a project. Access to such new revenue will potentially
unlock additional public-private partnerships and the ability to secure
Transportation Infrastructure Finance and Innovation Act (TIFIA) loans.
“From Georgia 400 bus rapid
transit to Roosevelt Highway and rail infill stations in between, the transit
needs of this region are far greater than our current funding model supports,”
said MARTA General Manager and CEO Collie Greenwood. “I’m thrilled that MARTA
will be able to form a dedicated team to work alongside the traditional funding
teams to coordinate with regional partners and USDOT to solve funding gaps for
transit and TOD projects.”
“I’m pleased to announce this investment in
transit for Metro Atlanta through the bipartisan infrastructure law. The
bipartisan infrastructure law is continuing to invest in Georgia’s
infrastructure and developing new public transit options for families across
the state,” Sen. Jon Ossoff said.
“This
latest federal grant for MARTA reflects the good we can accomplish
when we center the people in policymaking,” said Senator Reverend
Warnock. “I was proud to champion this investment through the
Bipartisan Infrastructure Law, which will help spur economic development
and make Atlanta an even more interconnected region, all while reducing the
city’s carbon footprint. I will continue working to secure federal investments that help
improve mobility and bring Georgians closer together.”
“Transportation equity and federal
investments in mass transit have been one of the cornerstones of my career in
Congress,” said Rep. Hank Johnson (GA-04), a senior member of the Transportation
& Infrastructure Committee. “And that’s meant being a reliable and
unwavering supporter of MARTA, who has shown remarkable fiscal stewardship, as
evidenced by its AAA bond rating. I’m pleased I could help secure this
accelerator grant, and I look forward to seeing projects that support economic
development, and promote mobility, connectivity, and affordability.”
Congresswoman Nikema Williams (GA-05) said,
“The Bipartisan Infrastructure Law continues to deliver for the people of
Georgia’s Fifth Congressional District. I am proud to partner with MARTA at
every opportunity so we can deliver on transportation equity. I helped secure
this grant for MARTA to accelerate its growth connecting people to housing,
jobs, and opportunities throughout the region for everyone–no matter your ZIP
code, no matter your bank account.”
“Once again, the historic federal
investments made possible by the Bipartisan Infrastructure Law are delivering
results to the Metro Atlanta region,” said Rep. Lucy McBath. “MARTA is
working hard to deliver quality transit combined with robust transit-oriented
development to build stronger communities. This funding will ultimately enhance
access to affordable housing and good-paying jobs while propelling economic
mobility for my constituents. I was proud to support MARTA’s grant application
and champion the Bipartisan Infrastructure Law. I look forward to seeing our
community reap the benefits of this federal award.”
This accelerator will help
MARTA build on its strong track record of innovative solutions to funding gaps
such as its public-private partnerships with Morgan Stanley (press
release) and Goldman Sachs (press
release) in providing affordable housing near transit. Similarly, the accelerator will seek other capital
partnerships and funding sources to support TOD.
As part of the Bipartisan Infrastructure
Law, and administered by the Build America Bureau, the Regional Infrastructure
Accelerators (RIA) Program aims to accelerate project delivery and clear
barriers for credit-worthy projects by funding and encouraging best practices.
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