Just like any large and complicated project, bringing a housing development into life needs both a visionary vision and careful attention to detail on all aspects of the planning, development, and implementation. Housing development is most commonly described as comprising four separate stages: Concept, Planning, Development, and Lease-Up/Occupancy and Maintenance. Although this may appear at first to be an overwhelming task, it is important to remember that all of these stages are simply refinements of the basic concept that has been decided upon earlier in the process.
The first stage of any housing development, regardless of its scale, is to carefully select which locations will be included in the overall plan. For instance, an investor may wish to develop a series of townhouses on a piece of land surrounding his or her existing home in order to generate the maximum amount of rental income possible. In order to make this decision, the developer must first consider how much he or she can sell the individual homes for, after taking into account such factors as taxes and how much money he or she might have saved by building the townhouses instead of houses on the open market. Then, based on this information, he or she must determine if it would be more cost-effective to buy rather than build new homes on the vacant land, or if he or she should pursue the second option, which is to lease or rent the land back from a neighboring owner or another investor who may be interested in developing the townhouses along with his or her own developments.
As far as local government regulations affecting a housing development are concerned, the process may vary slightly from locale to locale. One of the first areas of concern is the impact of new housing development on existing zoning regulations. Often times, developers will consult with local planning and zoning officials in an effort to seek approval for the proposed project. Depending on the nature of the planned development, this may include future use of certain roadways and/or structures, the landscaping of the property and the placement of various buildings and other amenities. Once any zoning issues have been resolved, the developer may proceed with the construction process.
Another consideration for developers when it comes to housing developments is the impact that their developments will have on the surrounding community. Many communities in the U.S., for example, have long been concerned about the effect of increased numbers of low- and moderate-income families on local infrastructure and services. In some cases, these concerns have led to legal actions and sometimes the development of local planning and zoning restrictions designed to ensure that the new developments are acceptable. Other times, these restrictions may not have been clearly understood until the housing development was underway. Regardless of whether the developers own the land and engage in financing or rental payments, they still need to take into consideration how the community will be affected by the new housing developments.
Many developers also need to take into consideration the possibility of government subsidies. The federal Making Home Affordable program provides money to help developers who cannot afford to buy their own property secure enough affordable financing from lenders to finish the project. This program provides low-interest financial assistance to qualified buyers who want to purchase real estate that is in need of repairs and does not yet meet all of the current housing development standards. In many instances, low income housing developments that are assisted by this federal program are designed to provide more affordable housing for people who make a moderate to low income.
One of the main reasons why single-family homes have become popular in recent years is the rising cost of fuel and other necessities. As a result, land developers have begun to develop communities that feature low cost housing developments. Typically, these communities contain both one-family units and two-family units constructed on pieces of land. Developments like these feature either an attached garage or a shared parking lot. In many cases, these neighborhoods feature amenities such as swimming pools, tennis courts and other amenities that are common features of upscale homes.
Private developers have been utilizing the tax credits provided by the Making Home Affordable program to complete low-income housing developments on their own. In many cases, these developers build subsidized homes and then offer them at an affordable price to those who qualify for the program. However, some public agencies such as the city of New York have begun offering subsidies to developers who agree to build low-income housing on their properties. In New York, the New York State Department of Health and Human Services has established a program known as the New York State Affordable Housing Alliance. Among its purposes are to provide assistance to low-income families to purchase and repair homes.
In general, it should be very easy for anyone to find a developer with which they can work to create the perfect new development. By taking the time to research affordable housing developments, you should be able to find the perfect location for your new home. In addition, working with local developers will allow you to tap into the social services that are already available in your community. By working with the right developers from the start, you can help to ensure that you can achieve the goals of your new development.