Santa Clara Valley Transportation Authority: employee housing: transit-oriented joint development projects.

Existing law establishes the Santa Clara Valley Transportation Authority (VTA) in order to meet the public transit problems of the County of Santa Clara. Existing law authorizes VTA to purchase or otherwise acquire property for transit-oriented joint development projects, as provided. Existing law also authorizes VTA to accept moneys from, and to contract and cooperate with, any public agency to finance the acquisition and construction of transportation facilities, as specified. This bill would authorize VTA to similarly purchase or acquire property for rental housing for VTA employees or any other for-sale housing project that promotes housing opportunities for VTA employees, as specified. The bill would also authorize VTA to accept moneys from, and to contract and cooperate with, any public agency to acquire and construct a transit-oriented joint development project or employee housing, as specified. The bill would authorize VTA to form, own, or participate in a limited liability company or other joint venture partnership arrangement for the purpose of a transit-oriented joint development project or employee housing, as provided.