Housing Types

Question 1

Conventional Market-Rate housing

Answer 1

Conventional Market-Rate housing refers to multifamily housing that has no rent restrictions or rent subsidies provided by a governmental or regulatory agency.

Question 2

Affordable housing

Answer 2

Affordable housing refers to decent, safe housing made affordable for individuals who generally earn less than 60% of the Area Median Income (AMI). Affordable housing typically benefits from federal, state, or private subsidies.

Question 3

Project based housing vouchers

Answer 3

Project Based Vouchers is a type of affordable housing that provides rental subsidies for eligible residents residing in newly constructed, rehabilitated, and existing rental and cooperative apartment projects. Some rents are subsidized by HUD under Section & New Construction, Substantial Rehabilitation, and/or Loan Management Set-Aside (LMSA) programs. Assistance is ‘project-based,’ i.e. a subsidy is committed by HUD for the assisted units of a particular mortgaged property for a contractually determined period.

Question 4

Low Income Housing Tax Credit (LIHTC)

Answer 4

Low Income Housing Tax Credit is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. It is a dollar-for-dollar tax credit for affordable housing investments. It provides incentives for private investors to develop affordable housing for low-income Americans. The LIHTC housing program currently accounts for approximately 90% of all affordable rental housing created in the United State. LIHTC is administered by individual state agencies that ensure properties comply applicable laws and regulations.

Question 5

Workforce housing

Answer 5

Workforce housing refers to affordable housing for households whose incomes are not sufficient to obtain quality housing that is reasonably close to where they work. It can refer to any form of housing, including single family homes and multifamily. The term is increasingly used by local governments, planners, developers, lenders and groups that are concerned with housing policy or advocacy.

Question 6

Senior housing

Answer 6

Senior housing is any housing operated specifically for persons over the age of 55. It could include both conventional market rate and affordable housing. In some instances, senior housing may have supportive services that allow seniors to remain in their homes longer and ‘age in place.’

Question 7

Independent living

Answer 7

Independent living is a type of senior housing that is designed exclusively for seniors and is meant to be ‘friendlier’ to older adults. Independent living is also referred to as retirement communities. It is more compact and easier to navigate. It oftentimes includes some support services, but residents are expected to be able to care for themselves. Some recreational centers onsite provide programs for seniors.

Question 8

Assisted living

Answer 8

Assisted living is a type of senior housing that offers help with some ‘activities of daily living,’ including minor help with medications, dressing, bathing, etc. and is generally staffed 24 hours a day. It may include apartment-style living with small kitchens, or individual rooms.

Question 9

Full service or continuing care retirement communities

Answer 9

A type of senior housing that includes independent living, assisted living, and nursing home care in one location. Seniors can stay in the same general area as their housing needs change over time.

Question 10

Purpose-Built student housing

Answer 10

Apartment communities targeted specifically for college students. They can be garden-style, low-, mid- or high-rise and are generally configured around a shared living room and kitchen with private bedrooms. Some bedrooms also have their own private bathrooms while other units may have shared bathrooms. Apartments in student housing projects are leased ‘by the bed.’ Many high-end student properties also have extensive amenities including fitness centers, pools, student rooms, game rooms, etc.

Question 11

Military housing

Answer 11

The Military Housing Privatization Initiative (MHPI) was designed and developed to attract private sector financing, expertise and innovation to provide necessary housing faster and more efficiently than traditional military construction processes would allow. Military services are authorized to enter into agreements with private developers selected in a competitive process to own, maintain and manage military housing.

Question 12

Condominiums

Answer 12

This is a form of ownership of an apartment in a building in which the units are individually owned. Owners receive a deed to the unit, including the right to sell, mortgage, etc. Condominiums include joint ownership of any common grounds, hallways, lobbies, and other common areas.

Question 13

Co-Op

Answer 13

Cooperative housing is an ownership structure in which an association or corporation owns a group of apartments and the common areas for use by all the residents. Residents own a share in the co-op which entitles them to occupy an apartment (or townhouse) as if they were owners. They have equal access to the common areas and vote for members of the Board of Directors to manage the co-op. there are often restrictions on transfer of shares, limits on income, maximum sales price, etc.

Question 14

Mixed Use

Answer 14

Mixed Use housing refers to single buildings or groups of buildings that combine multiple uses including residential, commercial, industrial, cultural, or institutional. Buildings are physically and functionally integrated and generally embrace ‘walkability’ by providing pedestrian connections.

Question 15

Extended stay rentals

Answer 15

Extended stay hotels offer apartment-style accommodations that are typically not available in standard hotels. They are also called ‘apartment hotels’ and typically have suites with kitchens and laundry facilities. They are aimed at business travelers on extended assignments, relocating families, etc. and typically offer discounts for extended stays (beginning at 5 or 7 days).