The rising acquisition cost of developable land, among other factors like the rise in construction material costs and shortage in skilled construction labor, has been driving the cost of residential development, impacting developers’ ability to create affordable homes. Through effective partnerships and informed decision-making processes, faith-based organizations (FBOs) who own underutilized or vacant property are able to repurpose their property to create affordable homes and public benefit.
This white paper aims to assist FBOs and community stakeholders interested in advancing this strategy with:
- Understanding what it takes to successfully undertake this solution
- Becoming familiar with different paths that can be pursued to implement this solution.
These strategies include establishing development partnerships with potential ownership opportunities and entering into long-term ground lease agreement, requiring the development of a project with an affordable housing component.
The Learning Center’s resources and all data and information provided therein (collectively, “Content”) are for general informational purposes only. All Content is provided “as is” and may no longer be current or up to date. Enterprise Community Partners, Inc., its subsidiaries and affiliated entities (collectively referred to as “Enterprise”) as well as any co-authors of any Content disclaim all liability for any errors or omissions and make no warranties or representations of any kind, either express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any Content presented. All Content should be independently verified by you before relying on it. The Content does not constitute professional advice or services (including but not limited to legal, financial, tax, or investment advice).
- Brief
