URP 610, Section 5

Our society needs more new affordable housing, which are newly-constructed housing units designed for households who cannot meet their housing needs through the private housing market. Often created through the use of various subsidies (such as the Low Income Housing Tax Credit program, or LIHTC), creating real estate projects which expand the supply of affordable housing requires navigating complex financing, engaging with community, and aligning projects with community priorities. This class builds on other coursework in real estate to provide students the specialized knowledge to participate in this type of real estate development. After a review of the basics in this area of real estate development, students will work on real-life aspects of affordable housing syndication including the following topics: constructing pro-formas for financial feasibility of affordable housing, assessing market feasibility, discussing where debt is found for projects, and the understand legal aspects of the LIHTC program. Navigating the myriad number of programs available for affordable housing will be explored in detail. Students will develop a simulated tax credit application for LIHTC, the leading affordable housing program in the U.S.. A basic understanding of Excel will be required for this class. Class projects will connect students with professionals in various municipalities who review LIHTC applications, tax attorneys who specialize in this area, as well as professionals placing debt for their presentations. The goal of the class is to empower students to participate in the creation of housing which advances the goal of improving housing affordability.