Economic Development & Housing Flashcards

A city's economic development office is performing a 'gap analysis' for a proposed mixed-income housing project. What are they assessing?

Answer: The financial shortfall between development costs and achievable revenues that requires public subsidy

A financial gap analysis in development determines how much public subsidy is needed to make a project financially feasible when costs exceed achievable market revenues.

Which housing strategy focuses on providing rental assistance vouchers that allow low-income households to rent privately-owned units in the market?

Answer: Section 8 Housing Choice Voucher Program

The Section 8 Housing Choice Voucher Program provides rental subsidies directly to eligible households, who then find housing in the private market.

A municipality uses 'eminent domain' for economic development. Under the 2005 Kelo v. City of New London Supreme Court ruling, what was affirmed?

Answer: Government can take private property for economic development purposes that benefit the public

Kelo v. City of New London affirmed that economic development can constitute a 'public use' justifying eminent domain, though many states subsequently passed laws restricting this use.

What is a 'Business Improvement District' (BID)?

Answer: A defined area where property owners pay a special assessment to fund supplemental services and improvements

A BID is a defined geographic area where property owners collectively fund and manage supplemental services such as cleaning, security, and marketing beyond what the municipality provides.

Which metric is commonly used to measure housing affordability at the regional level and is published annually by HUD?

Answer: Area Median Income (AMI)

Area Median Income (AMI) is HUD's annual estimate of the midpoint income for a metropolitan area, used as the basis for determining affordable housing income thresholds.

A city wants to revitalize a contaminated former industrial site. Which federal program specifically supports the assessment and cleanup of brownfield sites?

Answer: EPA Brownfields Program

The EPA Brownfields Program provides grants and technical assistance for assessing, cleaning up, and redeveloping contaminated brownfield properties for productive reuse.

What does 'workforce housing' typically refer to in the context of municipal housing policy?

Answer: Housing affordable to households earning between 60% and 120% of AMI, often teachers, nurses, and first responders

Workforce housing targets the 'missing middle' income range—households earning too much for subsidized housing but too little to afford market-rate housing in high-cost areas.