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Synopsis
Offers step-by-step guidance through the entire process of real estate development for nonprofit organizations involved in affordable housing projects. Putting together the development team; determining feasibility for the project; financing including budgeting, long- and short-term financing and permanent loans; purchase contracts; rehabilitation and/or construction are among the subjects discussed. Features a slew of checklists, sample contracts and model documents. Supplemented annually.
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From the Inside Flap
Although the face of America and those who live in it have changed in the past decade, the need for decent, stable, and affordable housing has not. Recent studies confirm that decent, stable housing improves the ability of individuals to get and keep jobs, increases psychological well-being, and leads to better social behavior and school achievement among children. Now in a completely updated and revised third edition, Developing Affordable Housing continues to stand the test of time. This Third Edition addresses housing issues in the twenty-first century, even as the state of the field has changed, as development has become more complex, and as the need for affordable housing has grown.
Developing Affordable Housing provides a living resource for nonprofit executives, lawyers, accountants, developers, and owners of single- and multi-family housing, both for-profit and nonprofit; real estate owners and managers active in the affordable housing market; community development corporations; and government agencies. The Third Edition updates the practical advice and regulatory information found in the second edition, and makes the information useful in the context of the industry today.
Author Ben Hecht's valuable insights demystify affordable housing development for those considering it for the first time, as well as for those seeking to expand their affordable housing production activities. Developing Affordable Housing, Third Edition takes you step by step through the entire development process, covering all the bases, from putting together the development team to determining project feasibility to obtaining site control. With updates on sources of capital; all-new case studies, featuring six very different affordable housing organizations and developments; and new information on loans and assessing the feasibility of affordable housing developments, Developing Affordable Housing is a complete resource, with information on:
- The current trends in affordable housing
- Raising capital loans, grants, and equity including Low-Income Housing Tax Credits, public housing funds
- Prepurchase considerations forms of ownership, property management
- Settling on acquisition title insurance, the settlement agent, and property surveys
- Constructing or reconstructing the property architects, general contractors, selective rehabilitation, design, and build
- Completing and managing the property homeownership, rental, condominiums, and cooperatives
A practical guide that features straightforward guidelines, sound advice, and up-to-date information, this is essential reading for any nonprofit looking to sponsor, own, or manage affordable housing projects.
From the Back Cover
Praise for Developing Affordable Housing A Practical Guide for Nonprofit Organizations Third Edition
"Ben Hecht's book explains in clear language everything needed to successfully engage in nonprofit housing development. He tells how to find the money, how to generate good design and quality construction, and how to improve management a complete, well-researched, and well-presented 'A to Z' approach."
Henry G. Cisneros, former secretary U.S. Department of Housing and Urban Development
"Ben Hecht's book makes the affordable housing development process accessible for communities and practitioners everywhere. Developing Affordable Housing should be on the bookshelf of every organization that cares about people and wants to make affordable housing possible."
Rey Ramsey, former chairman, Habitat for Humanity CEO, One Economy Corporation
"The development of affordable housing is as much a journey as a destination. Ben Hecht's book provides maps and bridges while not losing sight of the challenging but elusive goal of providing decent, safe, and affordable housing."
Nicolas P. Retsinas, Director, Joint Center for Housing Studies Harvard University
"In our work to increase the supply of safe, decent homes for those who need homes the most, we appreciate the power of partnerships and the value of information. So does Ben Hecht. Developing Affordable Housing is more than a practical guide for nonprofits it's a library, a trusted advisor, and a road map. Read this book and benefit from its wisdom."
Stacey D. Stewart, President and CEO, Fannie Mae Foundation
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