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Affordable Housing Strategies
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Flashcards
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Housing First
Mechanism: Approach to homelessness that provides immediate, permanent housing without preconditions. Intended outcome: Solve homelessness by providing stability to enable individuals to address other personal issues.
Inclusionary Zoning
Mechanism: Requires developers to provide a certain percentage of units in new developments at below-market rates. Intended outcome: Create mixed-income communities and provide affordable housing opportunities within new developments.
Rent Control
Mechanism: Government policies that limit the amount landlords can charge for renting out a property. Intended outcome: Keep rental prices affordable to protect tenants from rapid increases in housing costs.
Affordable Housing Tax Credits
Mechanism: Tax incentives given to developers to create affordable housing units. Intended outcome: Encourage private investment in affordable housing development.
Land Value Tax (LVT)
Mechanism: A tax levied on the value of land itself, rather than the value of the buildings on the land. Intended outcome: Encourage the efficient use of land and reduce property speculation, potentially leading to more affordable housing.
Housing Vouchers
Mechanism: Government-issued vouchers that cover a portion of rent, paying the difference between 30% of a renter's income and the market rent. Intended outcome: Allow low-income families to afford housing in the private market.
Accessory Dwelling Units (ADUs)
Mechanism: Small, independent residential units located on the same lot as a standalone single-family home. Intended outcome: Increase housing supply by utilizing existing residential lots more efficiently.
Community Land Trusts
Mechanism: Nonprofit organizations create a trust that owns land and allows individuals to own the buildings on that land. Intended outcome: Permanently affordable housing by controlling the cost of land.
Public Housing
Mechanism: Housing units developed and maintained by government authorities offered at below-market rates. Intended outcome: Provide safe and affordable housing to low-income families.
Cooperative Housing
Mechanism: Housing owned and managed by a corporation where residents purchase shares that correspond to their apartment. Intended outcome: Create affordable, stable housing by having residents collectively own and manage the property.
Shared Equity Homeownership
Mechanism: A hybrid of ownership where buyers purchase a share of the home's value, with the remainder being owned by a nonprofit or government entity. Intended outcome: Keep homes affordable for future buyers by limiting the sales price and equity gains.
Density Bonuses
Mechanism: Incentive programs that allow developers to build more housing units than normally permitted, in exchange for providing a certain percentage of affordable units. Intended outcome: Create more affordable housing within new developments.
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