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Forum Journal (Fall 2014): Real Estate Development Terminology

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This document is enhanced content for "Community Development Corporations Embrace Historic Rehabs" by Melissa Jest in the Fall 2014 Forum Journal ('Get Real About Real Estate'). To learn more about Preservation Leadership Forum and how you can become a member visit: http://www.preservationnation.org/forum

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Forum Journal (Fall 2014): Real Estate Development Terminology

  1. 1. Fall 2014 Forum Journal: “Community Development Corporations Embrace Historic Rehabs” By Melissa Jest Enhanced Content: Real Estate Development Terminology Specialized terminology and acronyms abound in the world of real estate development. Here are a few that appear in this journal along with their definitions. Community Development Corporations (CDCs) are nonprofit, community-based organizations focused on revitalizing the areas in which they are located, typically low-income, underserved neighborhoods that have experienced significant disinvestment. While they are most commonly celebrated for developing affordable housing, they are usually involved in a range of initiatives critical to community health such as economic development, sanitation, streetscaping, and neighborhood planning projects, and oftentimes even provide education and social services to neighborhood residents. Community-wealth.org is an information clearinghouse covering the state of the art in community-based economic development supported by The Democracy Collaborative at the University of Maryland. Community-wealth.org houses the most up-to-date collection of resources focused on CDCs and their role in community wealth building. According to Community-wealth.org there are 4,600 CDCs found in all 50 states. Their average annual housing production is 96,000 units and 75,000 jobs are created by CDC activity per year Community Development Financial Institution (CDFI) are specialized financial institutions that work in market niches that are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services in economically distressed target markets, such as mortgage financing for low-income and first-time homebuyers and not-for- profit developers, flexible underwriting and risk capital for needed community facilities, and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan and venture capital funds.
  2. 2. The US Department of Treasury reports that 5,780 Community Development Entities have been certified since 2012. Landmarks Community Capital, LCC, a nonprofit subsidiary of the Pittsburgh History & Landmarks Foundation and the Providence Revolving Fund are both certified CDFIs. Community Housing Development Organizations (CHDO) are private nonprofit, community- based organizations that have staff with the capacity to develop affordable housing for the community they serve. At least 15 percent of federal funds under the HOME Investment Partnerships Program (HOME) must be set aside for specific activities to be undertaken by CHDOs. HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. HOME provides grants to states and localities for building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. For more information visit HUD.gov A receivership is a legal tool under state statute that allows a judicially supervised receiver to gain temporary control of property whose owner has violated the state sanitary code and whose property poses health and safety hazards. In Massachusetts, the statute empowers the appointed receiver to collect rents, make repairs, and when necessary to borrow money. It also provides a mechanism to cover costs by allowing the receivership to have a priority lien on the property. The scope and features of state statutes vary widely. For more information:  Massachusetts Housing Partnership  MHP's receivership efforts helping 4 cities stabilize neighborhoods  Massachusetts Receivership Manual Who is doing what?  Pittsburg History & Landmarks Foundation is a CDFI  Providence Revolving Fund is a CDFI  Galveston Historical Foundation is a CHDO  Waterfront Historic Area LeaguE is a Receiver

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