This step in the develoment process involves two items which are generally done simultaneously: getting community approvals and getting financing approvals. Depending on the community and the complexity of the financing, these processes usually take three to nine months to complete.

As an owner of a Low Income Housing Tax Credit property, there are many issues you must monitor on a consistent basis. During the annual recertification, you will find updated information regarding the household composition, household income, student status and changes to subsidy, if applicable.

Every developer needs to keep in mind that their project rests on a three-sided foundation:Time, Quality and Money. It is tempting to focus on one or two of the sides of that foundation, but every time the third wall gets neglected the building falls over.

First and foremost, there needs to be a vision. Every project begins with a dream put into formal action through some sort of strategic plan. Many organizations, communities and developers work through a strategic plan which can come in two very common formats.

When someone is having open heart surgery, who will they seek out to perform the risky surgery? Their family doctor? Or, if audited by the IRS? Who does one seek out to represent and protect themselves? A bookeeper? The answers to the questions are obvious. Individuals choose the best person or team possible to protect their health and their interests. Unfortunately, developers don't always make those kinds of obvious decisions when selecting members of their development team.

To determine the financial feasibility of a project, the developer works back and forth between two budgets called "pro formas." Each pro forma has two sections called sources and uses. The developer uses information from the market study and other research to fill in numbers on each pro forma and to determine the financial feasibility of the project.

Once a target audience has been identified and it is determined where and how resources will be focused, concepts can begin to be tested to determine the following:Is there a particular housing need in the area? What does this need look like? Does it fit our mission strategy? Being able to answer these key questions in some capacity can mean the difference between a troubled development with a high vacancy rate or a successful community with a high occupancy level and healthy waiting list.

Before launching on a real estate development project or a community revitalization inititative, it's critcal that the mission is clear and a plan to accomplish it is in place. This means having a shared vision of a desired future and answers to the following questions: Who is being served and why? What types of products and/or services will be provided? Where will resources be focused? What will be the role in ownership?

Marketing is a simple concept. No matter what the product or service is, potential customers need to know not only that a business has it, but that it is the best and that they should buy from that business. A marketing plan could be considered to be the nervous system of a business.

Inexperienced developers often fall into a trap of trying to develop a property that was donated to them (like an old school building, a former mental institution, or a property owned by a friend). Typically, this turns out to be a disaster for a variety of problems (environmental, economic, design, marketing, etc.). Site selection should begin with a clear understanding of the housing market and the unique wants and needs of individuals who will occupy the development.