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Partnership in the News: Officials Visit Indianapolis, IN

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On Friday, January 11th, officials from three federal agencies visited Indianapolis, IN for a first-hand perspective at how federal funding and provisions have benefited local environmental and redevelopment projects.

During the visit Indianapolis Mayor Greg Ballard was enthusiastic about several innovative development projects being done in the city, including brownfield remediation efforts and the Indianapolis Cultural Trail. The Cultural Trail is a multi-use path that connects neighborhoods, Cultural Districts and entertainment amenities and the Indianapolis ‘bike hub’ to help make bicycle commuting easier and more viable. The award-winning 8-mile path encircles downtown Indianapolis, passing through the city’s visitor and business district, its arts and cultural hubs, and several neighborhoods.

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Have you asked Congress to rethink real estate?

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Most Americans don’t know that the government spends $450 billion each year on real estate. And few – if any – know the full impact of these expenditures.

Join the call to examine this spending. Sign our petition calling on Congress to take action.

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What type of development does $450 billion a year support? Ask Congress to investigate.
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Exploring the economic benefits of walkable, sustainable development along the Keystone Corridor with PennDOT

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Coatesville, PA is home to a station on the Amtrak Keystone Line. Photo by the Chester County Planning Commission via Flickr.

The 104-mile long Keystone Rail Line that runs from Philadelphia to Harrisburg, PA, has played a significant role in shaping the towns around its 12 stations. Now, new investments in the line are creating opportunities for development along the corridor.

In 2006, the Pennsylvania Department of Transportation (PennDOT) and Amtrak completed a $145.5 million infrastructure improvement program to increase train frequency and service reliability along the Keystone Corridor. These improvements have the potential to attract new development – and new economic growth – to the areas around stations along the rail line.

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Join the call to Rethink Real Estate

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Earlier today, we released a new report about the federal government’s involvement in real estate. This spending represents billions of dollars of taxpayer dollars, and impacts Americans on every street in every town and city across the country.

We’re calling for action, and we want you to join us. Add your name to the petition asking Congress to examine this spending and better coordinate federal programs.

We know what programs this funding goes to, but how does it impact American families? Is it supporting U.S. communities? And are taxpayers getting the best return on their investment? All of these questions should be answered.

As the 113th Congress begins its new work, with the Presidential Inauguration just two weeks away, and as budget concerns continue to be a focus of debate in Washington, now is a unique opportunity to examine this spending.

Ask Congress to examine federal real estate spending. Take a moment to add your name to the national petition, and share it on Facebook or on Twitter with the hashtag #RethinkRealEstate.

Federal investments could help American communities grow stronger and more vibrant — in addition to achieving their goals of homeownership and housing security. Call on Congress to examine these programs today.

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New report calls for examination of federal real estate spending

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Federal financing of and spending on real estate impacts millions of Americans on every street, in every neighborhood, town and rural community in the country. From loan guarantees to commercial tax credits, these programs help those most in need pay their rent, help families purchase their first home, and provide financing for commercial development. The federal government impacts where and how homes and even whole neighborhoods are built in the United States.

Federal Involvement in Real Estate: A call for examination surveys this spending, which encompasses approximately $450 billion each year. Through a combination of direct spending and commitments, this funding supports loans and loan guarantees, grants, and tax credits.

This spending has an enormous impact on the U.S. real estate market. Though usually viewed as a “free” market, the U.S. real estate sector is heavily influenced by direct and indirect government intervention. Taken as a whole, these expenditures and investments impact where real estate is developed and what kind of product is built.

Even a cursory analysis reveals this impact is uneven. For example, small multifamily buildings are less likely to receive financing, despite the fact that most renters in the United States live in these smaller buildings. Viewed as whole, federal funds are not targeted to those most in need, are not targeted to strengthen existing communities and are not targeted to places where people have economic opportunities.

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How do federal investments affect real estate? An upcoming report takes a hard look.

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Federal financing and spending on real estate impacts millions of Americans on every street, in every neighborhood, town and rural community. From loan guarantees to commercial tax credits, these programs help those most in need pay their rent, help families purchase their first home, and provide financing for commercial development. The federal government impacts where and how homes and even whole neighborhoods are built.

What types of development do these programs support? How do they impact American homeowners and renters? And could these investments be getting a better return for taxpayers?

Tomorrow Smart Growth America will release a new report examining this spending and how it might better achieve its purposes. Federal Involvement in Real Estate: A Call for Examination is a first-of-its-kind report analyzing the U.S. government’s surprisingly large stake in the real estate sector.

Look for the new report tomorrow at www.smartgrowthamerica.org, or join our mailing list to get a copy emailed straight to your inbox.

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