The US Department of Transportation announced May 1 that its Build America Bureau (BAB) has approved its first Transit-Oriented Development (TOD) loan for up to $26.8 million for the Mt. Vernon (Wash.) Library Commons Project. The project covers half of a city block in Mt. Vernon and includes a public library, community center, commercial kitchens, electric vehicle chargers, and other amenities, all within walking distance of a multimodal transportation center. TOD is a new category of project for BAB, which offers below-market rate financing on infrastructure projects.