Community development entails a variety of activities done within or on behalf of a community to add to or enhance it in some way. It may include housing construction, developing cooperatives or rehabilitation of structures.
Community land trusts are private, non-profit organizations which acquire and hold land for the benefit of the community. They provide secure and affordable access to land and potential housing for community residents.
Cooperative housing is joint corporate ownership of a housing development by those who reside on the premises. There are two types of cooperatives, market coops where units are bought and sold at market prices, and limited equity cooperatives where housing affordability is maintained over the long term.
Dedicated sources of revenue are sources of capital obtained through interest generated by investments, development fees, or surtax in a particular fund (i.e., housing trust fund or another trust fund). This capital is then dedicated for the use of that particular group.
Enterprise foundation is a non-profit organization working with neighborhoods and community organizations to help low income people obtain affordable housing and jobs.
Equity is the interest or value that an owner has in his or her property over and above any mortgage indebtedness.
Farmers' Home Administration (FmHA) provides housing loans to low to moderate income families in rural areas. Loans are particularly used for construction, repair, purchase of housing, adequate sewage disposal, purchase or installation of essential equipment, or to purchase a site to place a dwelling.
Federal mortgage insurance Section 213 ("Cooperative Housing Insurance") is a program available to non-profit cooperative housing organizations or trusts that construct homes for members of trust beneficiaries.
Housing and Urban Development (HUD) Section 202 is currently the major source of financing for the development of rental housing for low and moderate income people with disabilities.
Local initiative support corporation is a non-profit organization that acts as a funder and broker to assist community based development corporations in working with local governments and banks to build low cost housing.
Mortgage insurance is a program offered through HUD and administered by the Federal Housing Association (FHA), a branch of HUD, which insures approved FHA lenders against loss on mortgages placed by them. Mortgage insurance does not provide direct loan funds but insures loans made by financial institutions.
Mutual housing association is an organization interested in developing and preserving housing stock over the long-term. It builds a body of expertise in mutual housing or coop development and provide a range of support services.
Section 8 housing vouchers is a HUD program which provides low income families with a choice in renting units beyond existing fair market rents through rent subsidies. Eligibility is given to people occupying substandard housing or paying more than half of their income for rent.
Tax exempt bond financing entitles cooperative ownerships structured as charitable organizations to be eligible for public purpose bond financing. Tax exempt bond programs allow "share" loans for cooperative purchases.
Trusts are written instruments that give title to or an interest in real estate. A trustee holds title on behalf of the lender, known as the beneficiary who is the legal owner.
Housing Technical Assistance Project (HTAP)
Association for Retarded Citizens
1522 K Street, N.W., Suite 516
Washington, DC 20005
Institute for Community Economics
151 Montague City Road
Greenfield, MA 01301