OAKLAND, Calif.--(BUSINESS WIRE)--The U.S. Environmental Protection Agency (EPA) today named the two-year-old Bay Area Transit Oriented Affordable Housing Fund a winner of the federal agency’s 2012 National Award for Smart Growth Achievement. The $50 million revolving loan fund is among seven winners recognized this year for using creative approaches to build strong, sustainable communities while protecting human health.
“The 2012 winners of the National Award for Smart Growth Achievement are taking innovative steps to realize a vision of American communities that are clean, healthy, environmentally responsible, and economically resilient,” said EPA Administrator Lisa P. Jackson.
The Metropolitan Transportation Commission (MTC) launched the Bay Area Transit Oriented Affordable Housing Fund in 2010 with a $10 million commitment to establish a revolving loan fund to finance land acquisition for affordable housing development in select locations near rail and bus lines throughout the Bay Area. Other investors in the loan fund include Morgan Stanley; Citi Community Capital; the Ford Foundation; the San Francisco Foundation; the Silicon Valley Community Foundation; a collaborative of foundations and financial institutions known as Living Cities; and six community development financial institutions.
The Bay Area Transit Oriented Affordable Housing Fund was selected from among 47 applicants in 25 states. The winning entries were chosen based on their effectiveness in creating sustainable communities; fostering equitable development among public, private and nonprofit stakeholders; and serving as national models for environmentally and economically sustainable development.
EPA created the National Award for Smart Growth Achievement in 2002 to recognize exceptional approaches to development that protect the environment, encourage economic vitality, and enhance quality of life. In the past 11 years, 54 winners from 26 states have shown a variety of approaches that states, regions, cities, suburbs and rural communities can use to create economically strong, environmentally responsible development. EPA’s Office of Sustainable Communities manages the awards program.
More information on the National Award for Smart Growth Achievement may be found at http://www.epa.gov/smartgrowth/awards/sg_awards_publication_2012.htm.
MTC is the transportation planning, funding and coordinating agency for the nine-county San Francisco Bay Area.