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AICP > Housing > Flashcards

Housing Flashcards

1
Q

Urban development action grant

A

Created in 1977 to supplement private investment. It also provided federal grants to leverage private capital for development projects, including housing, that wouldn’t be feasible without the subsidy.

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2
Q

Community development block grant

A

Established in the Housing and Community Development Act of 1974. It was designed to simplify federal aid and increase local discretion in the use of funds. Most of the money went to activities benefitting low and moderate income families. There was no requirement for local matching funds. It required a Housing Assistance Plan that requires municipalities to state housing need, housing condition, community goals, where housing will be provided.

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3
Q

Section 8 (Rent Supplement)

A

It was established under the Housing and Community Development Act of 1974. It provided rent supplements and broadened the way private housing could
be subsidized.

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4
Q

Difference between UDAG and CDBG

A

CDBG was locally allocated whereas UDAG was awarded at the central HUD office by national competition

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5
Q

1982 President’s Commission on Housing

A

Basically stated that housing was a state and local responsibility and advocated for concentrating federal aid towards housing allowance, rather than construction subsidy. Recommended less federal intervention in housing finance, more concentration on land use regulatory reform primarily at the state and local levels, and elimination of tax policies that subsidized housing through federal tax deductions.

The President’s Commission on Housing didn’t provide a status of housing need

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6
Q

Federal Reserve System

A

Regulates and provides credit to federally chartered member banks

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7
Q

Federal Home Loan Bank

A

Provides credit and regulates federal savings and loan associations, which have been the principal source of mortgage credit

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8
Q

Government National Mortgage Association (GNMA)

A

Buys mortgages backed by FHA and VA insurance, pools them, and issues securities based on those mortgages

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9
Q

Two national study groups in 1968 that evaluated nation’s housing

A

The Presidents Committee on Urban Housing (Kaiser’s) and National Commision on Urban Problems (Douglas)

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10
Q

Findings by the President’s Committee on Urban Housing and National Housing on Urban Problems

A

They found that there needed to be more affordable housing (26 million over the course of 10 years) and that there needed to be more subsidies to help with this effort.

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11
Q

Housing and Community Development Act of 1974

A

Created CDBG program and Section 8 Housing and the Workable Program for Community Development (which led to the increase in master plans and planning commisssions)

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12
Q

Federal Deposit Insurance Corporation and Federal Savings and Loan Insurance Corporation

A

Insure deposits in federally chartered institutions, safeguarding depositors savings against possible bank failure

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13
Q

Federal National Mortgage Association

A

Buys and holds mortgages including conventional ones

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14
Q

Federal Home Loan Mortgage Corporation

A

Packages mortgages from its member institutions and sells securities

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15
Q

Tax Reform Act 1986

A

Made rental housing less attractive as an investment and reduced the use of tax exempt revenue bonds for financing housing

It also reduces tax rates that made all deductions, credits, and tax shelters less valuable

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16
Q

Housing and Community Development Act 1980

A

Expanded federal aid to low and moderate income housing programs

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17
Q

Housing Development Grant (1983)

A

Made grants specifically for housing projects; this was a national competition.

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18
Q

National Affordable Housing Act (1991)

A

This was the first major housing act in a decade. Consolidated all remaining federal housing programs and required a Comprehensive Housing Affordability Strategy (CHAS). CHAS was a prerequisite for states and some local governments and needed to be certified by HUD to get money.

Addressed housing, supportive services, homelessness, poverty, economic development, community development

19
Q

Omnibus Budget Reconciliation Act (1993)

A

Empowerment Zones and Enterprise Communities. Authorized HUD and Department of Agriculture to designate. Communities have great flexibility in use.

20
Q

Two traditional local government functions affecting housing

A

Provision of utilities and determination of land use

21
Q

Housing’s three interrelated components

A

Supply, Demand, Finance

Supply - includes all housing stock, new construction, labor, industry, and services needed to maintain the supply

Demand - determined by the number and characteristics of consumers of housing services, ownership patterns, and market behavior

Finance - significantly affects the supply and demand

22
Q

Characteristics of housing supply

A

Vast majority of housing is provided by the private sector

Private ownership is widely dispersed (65% of all
Units are privately owned)

Basic unit of measurement for housing supply is housing unit, which may be a single family house, apartment, or condo

23
Q

US census classified housing units by certain characteristics

A

Tenure (occupant Or renter)

Housing type (Single family, multi family)

Size (most important measure is the number of bedrooms)

Cost

24
Q

Basic unit of housing consumption

A

Household - the demand of households determine in large where housing units will be located in relation to population

25
Q

Housing demand is influenced by these two factors

A

Location and cost

26
Q

Housing Vacancy

A

Housing vacancy is an important housing indicator because it indicates the degree of choice available.

Too high of vacancy rate can be a problem for owners trying to sell or rent

Too low can force prices up

Vacancies between 4-5 percent are usually considered healthy

17% of US population moved annually, mainly to a different unit in the same area

60% of all movers stay in the same you the and 80% stay in the same state

27
Q

Filtering

A

Refers to the process involving a chain of moves: housing trickles down if it becomes available to lower income families and it trickles up if it is occupied by a higher income family

28
Q

Overall financing of housing

A

Short term loans for construction of new housing

Long term mortgages for completed and existing housing

Mortgage insurance for protecting the loans

Secondary mortgage markets providing liquidity and investment opportunities

29
Q

Housing is counter cyclical

A

Fluctuations in housing construction are largely attributed to fluctuations in financial market.

When the economy is booming, housing construction tends to decline, when the economy is in decline, housing construction is likely to increase before other areas of economic activity do so

30
Q

Goals for housing: community life

A

Objective of housing policy is the provision and maintenance of safe , sanitary, satisfactory housing together with efficiently and economically organized community families to support it.

Should be protected from fire, hazards, weather, crime

Zoning, subdivision control, and building and housing codes are means of managing housing and its development

31
Q

Goals for housing: social and equity concerns

A

Every community should provide safe, satisfactory housing opportunities for all households at costs they can afford without regard to income race religion national origin family structure or disability

There should be an aIm to address subpar housing for the poor, those unable to find housing, and those that are discriminated against

32
Q

Goals for housing: stability of production

A

Housing production should be stabilized to reduce fluctuations in construction, ensure predictable supply of new units,
Provide steady employment, reduce
Inflationary trends, and direct a reliable
Flow of credit into the industry

33
Q

Goals for housing: design and environment quality

A

Housing should be designed to accommodate household needs, optimize the quality of life, use land and resources efficiently, create minimal
Adverse impact on the natural environment

34
Q

Housing need versus housing demand and supply

A

Housing need is a social or evaluated concept

Supply and demand are economic terms

Before needs can be determined, housing standards need to be established

35
Q

8 standards of adequacy that can be used to evaluate housing in a community

A 
Cost relative to income,
condition,
Crowding,
Design,
Choice (household should be able to select housing unit suitable to its needs),
Community facilities,
Environmental factors,
Control
36
Q

Housing market analysis

A

Projects the number of housing units required at some future time

37
Q

Housing market area

A

Determine the boundaries of the market area is the first step in market analysis

Housing market area serves as the basis for compiling all data

Market area is an interdependent economic geographic and social entity within which all housing units are potentially competitive

38
Q

Three factors determining future demand for housing

A

Change in the number and composition of households.

Change in the number of vacant units

Change in the existing supply of housing

39
Q

Rent control

A

Sometimes viewed as a solution to the high housing costs that can result from
Too few vacancies.

In practice, it can discourage the building of additional units - units that would increase the supply, provide more vacancies, result in better housing prices

40
Q

Steps in housing market analysis

A

Collect and analyze population data > Collect and analyze housing data > Determined average annual demand

41
Q

Elements in a housing policy plan

A

Identify issues

Father and analyze data

Setting program objectives

Implementing plans

42
Q

Average size of a house has grown significantly over the past 30 years

A

National Association of Homebuilders found that homes have increased in size. The average American house size has more than doubled since the 1950s.

It now stands at 2,349 square feet.

43
Q

HOME Investment Partnerships Program

A

Authorized by Cranston- Gonzalez National Affordable Housing Act 1990 that was a federal block grant that provided funding to states and localities to be used exclusively for affordable housing activities to benefit low income households

AICP (11 decks)

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