Access for Value: Financing Transportation Through Land Value Capture

Abstract

The deteriorating financial plight of governments at all levels poses a significant challenge to transportation programs. The United States transportation system must become more effective if it is to provide the same level of services with less revenue at all levels of government. At the same time, the competitive forces in the international economy require an increasingly efficient U.S. transportation network, able to support economic change in America. This study investigates accessibility and its significance in evaluating transportation performance and in creating a sustainable transportation financing source. It first outlines the concept of accessibility through a comparison with the typical transportation performance measurement of mobility. The paper then describes how accessibility can help finance transportation via a virtuous circle of access, land value, and transportation infrastructure. State, local, and federal governments must better comprehend the characteristics and structure of value-capture policies if they are to develop their complete potential as a sustainable source of revenue.