Community Real Estate Development: A History and How-To for Practitioners, Academics, and Students PDF
Preview Community Real Estate Development: A History and How-To for Practitioners, Academics, and Students
Community Real Estate Development Community Real Estate Development: A History and How- To for Practition- ers, Academics, and Students introduces the fundamentals of affordable housing to aspiring development professionals. From understanding the history informing today’s affordable housing programs to securing fnanc- ing and partnering with public and private stakeholders, this primer equips students and emerging professionals for success in a unique area of the real estate industry. Topical chapters written by nationally recognized leaders in community real estate development (C RED) take a didactic approach, using r eal-l ife examples and case studies to provide context for refection. Drawing on the authors’ experience as private sector developers, state and municipal housing offcials, and not-f or-p roft executives, this versatile re- source offers an insider’s perspective on creating and maintaining afforda- ble housing in any real estate market. Features: • Covers topics including community design, development policy, tax credits, land use planning, development rights, historic buildings, adap- tive reuse, tax increment fnancing, and gentrifcation • Presents interviews with development professionals in asset and prop- erty management, commercial real estate brokerage, and local housing authorities and government agencies • Highlights winning case studies from a student competition to inspire similar classroom activities • Includes a glossary of C RED- specifc terminology to help readers mas- ter the language of affordable housing • Contains diverse examples, planning tools, and “ programs to make numbers work,” with a companion website available Blending the latest academic research with hard- won insights from the feld, Community Real Estate Development prepares the next generation of affordable housing professionals to continue the work of its pioneering authors and editors. Stephen Buckman is an Associate Professor of Real Estate Development at Clemson University. His research is centered on resiliency, waterfront devel- opment, and community real estate development. Dr. Buckman c o-t aught the CRED program for three classes and was a member of the CRED Steer- ing Committee. Dr. Buckman is also a partner in a real estate development company that specializes in small c ommunity- oriented multi- family pro- jects as well as consulting to developers and communities. Jeff Burton manages the City of Tampa, Florida Community Redevelop- ment Agency. He also earned his Ph.D. from the University of South Flor- ida, writing a dissertation focused on sustainable redevelopment. Jeff is an experienced State of Florida licensed residential building contractor and has performed over 5,000 building safety inspections as a licensed building code administrator. While at the Insurance Institute for Building and Home Safety ( IBHS), he co- authored the Louisiana State building code law in the aftermath of Hurricane Katrina and was a founding research member of the State of Florida post Hurricane Charley building code analysis team. Jeff is also the President of the Florida Redevelopment Association (F RA). John Talmage is Director of the Lee County Offce of Economic Develop- ment. He is responsible for attracting $5 billion of new development to Lee County ranging from affordable housing to corporation headquarter at- traction to new community revitalization initiatives. Community Real Estate Development A History and H ow- To for Practitioners, Academics, and Students Edited by Stephen Buckman Jeff Burton John Talmage Cover image: Jeff Burton First published 2023 by Routledge 605 Third Avenue, New York, NY 10158 and by Routledge 4 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business © 2023 selection and editorial matter, Stephen Buckman, John Talmage, and Jeff Burton; individual chapters, the contributors The right of Stephen Buckman, John Talmage, and Jeff Burton to be identifed as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identifcation and explanation without intent to infringe. Library of Congress Cataloging- in- Publication Data A catalog record for this title has been requested ISBN: 978- 0- 367- 62555- 9 ( hbk) ISBN: 978- 0- 367- 62554- 2 ( pbk) ISBN: 978- 1- 003- 10967- 9 ( ebk) DOI: 10.1201/ 9781003109679 Typeset in Times New Roman by codeMantra Access the companion website: communityredev.com Contents CRED Contributors List vii Foreword ix ANGELA CRIST List of Contributors xiii The Background of CRED 1 1 Introduction to Community Real Estate Development 3 STEPHEN BUCKMAN, JEFF BURTON, AND JOHN TALMAGE 2 Community Development Policy and Community Real Estate Development 9 JEFF BURTON AND ELIZABETH STROM 3 Programs to Make the Numbers Work and Their Impacts: L ow-I ncome Housing Tax Credits, New Market Tax Credits, and Opportunity Zones 29 STEPHEN T. BUCKMAN 4 Transfer of Development Rights and Community Development 43 EVANGELINE LINKOUS 5 Historic Building Reuse as a Form of Community Real Estate Development 58 BARRY L. STIEFEL 6 Community Design and the Real Estate Development Process 73 TRENT GREEN vi Contents 7 Community Redevelopment, Tax Increment Financing and CRED 85 JEFF BURTON 8 Balancing the Gentrifcation Elephant in the Room, or Slaying a Monster? Notes Towards a Post- American Urban Future 97 M. MARTIN BOSMAN AND STEPHEN T. BUCKMAN Interviews from the Field 125 9 How CRED Financing Differs from Market Rate? 127 JOE BONORA 10 Real Estate and CRED: A Broker’s Perspective 135 LISA REEVES 11 The Role of the Housing Authority 144 LEROY MOORE 12 Mosiac Development in Action 151 ROXANNE AMAROSO 13 Using Incentives for Affordable Housing 159 REED JONES AND RALPH SETTLE Conclusion 169 14 What Is the Future for CRED, and How You Can Utilize CRED-Oriented Ideas to Achieve Community-Focused Developments 171 STEPHEN BUCKMAN, JEFF BURTON, AND JOHN TALMAGE Overview of 2018 and 2019 Team Winners: Introduction to Examples of Class Winners 175 Mixed-Use E-Sport Arena Development 177 SOOMIN KIM Winner 2019: Orange Center Boulevard Redevelopment 188 CAMILLE REYNOLDS LEWIS Appendix: Glossary of Key CRED Terms 195 Index 205 CRED Contributors List Editors: Stephen Buckman (Chs 1, 3, 8, 14) Jeff Burton (Chs 1, 2, 7, 14) John Talmage (Chs 1, 14) Contributors: M. Martin Bosman (Ch 8) Angela Crist (Foreword) Trent Green (Ch 6) Soomin Kim (2018 Winner) Evangeline Linkous (Ch 4) Camille Reynolds Lewis (2019 Winner) Barry Stiefel (Ch 5) Elizabeth Strom (Ch 2) Foreword Community Development has always been plagued with a lack of consen- sus to defnition. Does It empower communities and individuals, encourage them to adopt sustainable goals, organize external resources to meet the needs of an existing community, some of these, or all of these? There are themes that connect all of these goals, but is it community development? Community development simply is not a term of art. Community Real Estate Development seems like a simpler term to defne since it is limited to real estate development, but is it any real estate transaction – m arket-b ased apartments, upscale grocery, or a h igh-e nd coffee shop or does where it is lo- cated and who it serves become what is important? While this book does not address directly what the defnition of Community Real Estate Development is, it does go into detail what are the different components of the develop- ment process that a community development agency or another practitioner needs to follow. Putting together a team, identifying a site, conducting a market analysis, building pro formas, and obtaining fnancing are just some of the steps that a developer will have to master to move the idea of a de- velopment into a buildable project. Along the way, the developer should be asking how does this beneft the community, do I have their support, what other type of investment could this leverage, and does it serve the existing community or a new one that might move it. These begin to lay the founda- tion if it is a community development project or not. Community development, as a feld of practice, has followed a long circuitous route to where it is now. In the late 19th century, Community Development saw the convergence of Agricultural Extension Service with urban public hygiene and fre safety regulations. It grew out of the extension services since most Americans lived in rural America. Further, after the great fres that beset our cities at the turn of the 20th century, addressing overcrowding and design malfunctions became a public priority to address. As the century progressed and community development became more in- stitutionalized, it took on more of an economic and housing focus. As the federal government stepped in to fund community development projects, it moved into an urban renewal tool to remove what was considered blighted communities that had long been defned by substandard tenement housing.
The list of books you might like
