Expanding the supply of affordable housing for low- and moderate-income households continues to be a major concern for many cities, according to Hunter Johnson, CEO and president of LINC Housing Corporation, a non-profit company that builds affordable housing in California. Because they stand to gain revenue-producing developments and revitalized neighborhoods, many cities fully support the trend. These cities are willing to provide critical support through a host of programs that offer incentives for redevelopment, he noted. Public agencies — especially public housing authorities — can provide access to municipal, state, and federal funds in the form of grants, tax credits, and other incentives. “Cities are also addressing the need for affordable housing by initiating marketing campaigns, assembling and writing down costs of developable sites, upgrading infrastructure and improving the regulatory process,” said Johnson. Others are experimenting with educating real estate agents, tweaking tax increment financing approaches, and mounting pilot projects, he added.

 
Many of these public programs operate as part of larger, ongoing housing and neighborhood conservation programs, such as the traditional assistance programs funded by community development block grants and federal- and state-assisted housing programs, including U.S. Department of Housing and Urban Development initiatives. City housing programs have also taken full advantage of low-income tax credits to attract private market housing investments, and Fannie Mae and Freddie Mac, along with other lending institutions, also are playing a significant role.

Grayfield development requires a commitment to networking and forming partnerships. By its very nature, redevelopment must be a cooperative process in which developers, local governments, regulatory agencies, architects and planners, businesses, and residents work together on all aspects of the project. To get these projects off the drawing table, private companies need to actively pursue partnerships with numerous groups, including the city, county, state, water district, school district, and environmental agency.

At the stage when land is being acquired, urban development requires a fresh approach to cost-benefit analysis, said David Voss, co-founder and principal of CitiSphere, a Dana Point, California-based firm that specializes in locating urban development sites for builders. CitiSphere principals are pursuing development opportunities through the normal acquisition processes such as broker referrals and landowner offerings, but they’re also establishing alliances with cities, counties, redevelopment agencies and other companies that allow them to network for opportunities. “We have to be much more creative,” said Voss. “We’re establishing alliances with companies and individuals that allow us to pursue opportunities.”   Continue »

Page 1 | Page 2 | Page 3 | Page 4 | Page 5 | Return to Index