Affordable Housing Development Certificate

Affordable housing is a complex field – development involves multiple layers of financing, public sector partners, and complicated tax incentives. Once a building is complete, the leasing phase and ongoing community management includes policy and program compliance and specialized resident services. Property maintenance and management often requires re-capitalization and more layers of finance and government relations. The Graduate Certificate in Affordable Housing Development provides knowledge and skills for real estate professionals in the private, nonprofit, and government sectors to be able to enter and advance within this specialized field.

Students completing the Affordable Housing Development (AHD) Certificate will leave with:

• Competence in pro forma and development planning for affordable housing
• Experience navigating the development process for affordable housing, including government relations and public-private partnerships
• Knowledge of the financing and delivery mechanisms specific to affordable housing, including Low Income Housing Tax Credits (LIHTC)
• Understanding of the history and current issues with equitable access to housing and the tools and programs to reduce barriers to housing through development, particularly for protected status groups
• Connections with local experts and professionals in affordable housing development, finance, and regulation

Required Courses:
 

The program is designed to meet the needs of a variety of students, including:

• Mix of afternoon and evening, in-person and online to fit a variety of schedules
• All courses taught regularly, completion in 9-12 months part-time (1-2 courses per term)
• Access to opportunities to work with students in complementary degree programs (Master of Urban and Regional Planning, Master of Real Estate Development) and a wide range of additional elective courses
• No prior experience in real estate is required; any bachelor’s degree is accepted
• Simple, straightforward application process

Course Descriptions

RE 521 Real Estate Finance I
Introduces fundamental concepts and analytical techniques of commercial real estate investment and finance. Concepts and techniques discussed include the characteristics of commercial real estate markets and real estate as a financial asset; lease and market analysis; real estate investment strategies; investment pro-forma statements and financial spreadsheet modeling; commercial real estate data analytics; mortgage financing and real estate private equity. It places an emphasis on quantitative analysis and real-world application.

USP 523 Real Estate Development I
Evaluates the new public/private partnerships that are necessary for downtown redevelopment, historic rehabilitation, integrated mixed-use urban centers, urban villages, and new communities. Students will analyze the critical conceptual, feasibility, and deal-making phases of the development process, as well as the development and management stages. The course examines the new affirmative roles played by both public and private developers, as well as unusual joint development entities. Also considered are innovative concepts of incremental growth, land and development banking, shared parking, and alternative development patterns.

USP 561 Affordable Housing Workshop
Students form teams to create a full proposal for an affordable housing development project, including funding, design, and resident services; when available students will enter project competitions. Two-term sequence, credit for first term dependent upon successful completion of the second term.

UPS 596 Affordable Housing Finance
Introduction to the unique challenges of financing and developing affordable housing projects. The challenges and tools for financing rental as well as owner-occupied housing will be covered, and case studies will be used to illustrate the ways in which financing for affordable housing is created and used, and poses unique challenges for investors, jurisdictions, and community-based groups.

USP 526 Neighborhood Conservation and Change
The dynamics of neighborhood development, including economic and institutional factors in neighborhood change; neighborhood definition and image, residential choice; residential segregation; neighborhoods in the political process; and neighborhood conservation strategies. Recommended prerequisite: junior standing. Graduate students undertake a substantial independent project in addition to other course requirements.

USP 554 Planning and Housing Markets
Explores the interaction of planning and local housing markets and submarkets. In a market economy, non-public actors build, own, and operate the majority of the housing stock (along with other assets, including other types of real estate, businesses, even ideas). Planning has a role in framing and influencing the decisions and approaches of these actors.

USP 567 Urban Housing Policies
Review of the history and the role of public policy in the housing sector. Study of past and current trends in the delivery of housing services in urban areas. The basic philosophies related to the supply of housing are analyzed and examined relative to current trends in the delivery of housing services in urban areas. Critical review of the role of the federal government and the construction industry. Equal attention to the role of public housing and the impact of urban renewal. Active participation in discussion and a research paper are required.

USP 585 Housing Environments for Older Adults
Explores physical, social, and service contexts related to housing and environments for people across the age and ability spectrums, focusing on older adults. Ecological perspectives and social theories on aging will be examined and applied and students will examine evidence regarding how older adults use, perceive, and are affected by their homes and environments. Topics include housing options, accessible and inclusive environments, supports and services, policies and politics, economics, neighborhood design, and age-friendly communities.