2024 Winter Issue of Urban Land - 52

estate development with beneficial features,
such as green roofs, new trees, and access to
nature for area residents. With community
coordination focused on equitable
development, these complementary
investments can ultimately lead to cleaner
air, additional opportunities for people to
engage with nature, and more resilient
communities overall. ULI's Transportation
Transformations report highlights ways that
highway conversions can pave the path for
more inclusive and resilient places-including
by accessing BIL and IRA funds.
Funding equitable community priorities
Both BIL and IRA include goals to support
community equity, including by connecting
historically disadvantaged and underserved
communities to jobs, improving public health,
reducing pollution, and increasing access to
affordable clean energy.
For example, in 2023, Tallahassee,
Florida received a $15 million RAISE grant
through the BIL to invest in construction of
Southside Transit Center (SSTC), a new bus
transit facility that will integrate multiple
transportation modes in a place defined
by the Department of Transportation as an
" Area of Persistent Poverty. " According to
Tallahassee's assistant city manager, Abena
Ojetayo, the SSTC will feature solar panels to
help power the facility and electric charging
bus bays to accommodate the city's growing
EV fleet.
The investment in planning for the SSTC
is already leading to additional investment
in the area. " The new transit center has
spurred several adjacent infrastructure,
flood mitigation, and beautification
projects, including a new public park,
sidewalk improvements, street lighting, and
stormwater facilities, " says Ojetayo. " A block
away, our local housing authority is now
also redeveloping a multifamily residential
complex-this is the largest development in
the agency's history and will inject more than
300 new affordable housing units into the
community. "
Accessing available funding
Federal grant funds, including through IRA
and BIL, are generally allocated either directly
52
URBAN LAND WINTER 202 4
to states-which then use the funds or
distribute them to local government or private
organizations-or directly to private entities, to
individuals, or to both. Basic steps in directly
accessing funds include:
Learn about current funding opportunities.
ULI will share relevant information and
resources at uli.org/federalfunding. A
searchable list of funding opportunities is
available at Grants.gov. Such organizations as
the Urban Sustainability Directors Network
regularly update the list of open opportunities.
Discuss tax implications with a professional.
The array of tax credits and deductions
can be complex, so it's best to work with a
professional who understands how to leverage
these incentives for specific projects.
Determine eligibility. Eligibility requirements
are set by both legislation and federal agency
policies, and depend on entity type-for-profit
company, city government, etc.
Register. All federal funding applicants need
active SAM.gov and Grants.gov registrations
to apply. It is important to register earliy, as
the processing may take several weeks.
Complete application and submit.
Seven BIL and IRA programs and funding
opportunities for real estate to know
Developers and communities may be able to
profit from BIL and IRA programs. Some of
the programs expanded or funded by the BIL
and the IRA most relevant to the real estate
industry include:
Public/private partnerships: The BIL
increased the availability of Private Activity
Bonds for surface transportation projects
to $30 billion. The program lets state
governments issue municipal bonds that
give private developers and operations with
access to tax-exempt interest rates that lower
the cost of capital for public works projects,
including broadband and carbon-capture
projects, according to JLL. The BIL also
allots $20 million annually in grants to states,
localities, and tribal governments to help them
navigate potential P3 projects, either through
building their teams or retaining expert
services.
Discretionary grant funding programs:
The BIL includes such initiatives as the
Reconnecting Communities Pilot program,
http://www.uli.org/federalfunding http://www.Grants.gov http://www.SAM.gov http://www.Grants.gov
2024 Winter Issue of Urban Land

Table of Contents for the Digital Edition of 2024 Winter Issue of Urban Land
