Table Of ContentCommunity Real Estate
Development
Community Real Estate Development: A History and How- To for Practition-
ers, Academics, and Students introduces the fundamentals of affordable
housing to aspiring development professionals. From understanding the
history informing today’s affordable housing programs to securing fnanc-
ing and partnering with public and private stakeholders, this primer equips
students and emerging professionals for success in a unique area of the real
estate industry. Topical chapters written by nationally recognized leaders
in community real estate development (C RED) take a didactic approach,
using r eal-l ife examples and case studies to provide context for refection.
Drawing on the authors’ experience as private sector developers, state and
municipal housing offcials, and not-f or-p roft executives, this versatile re-
source offers an insider’s perspective on creating and maintaining afforda-
ble housing in any real estate market.
Features:
• Covers topics including community design, development policy, tax
credits, land use planning, development rights, historic buildings, adap-
tive reuse, tax increment fnancing, and gentrifcation
• Presents interviews with development professionals in asset and prop-
erty management, commercial real estate brokerage, and local housing
authorities and government agencies
• Highlights winning case studies from a student competition to inspire
similar classroom activities
• Includes a glossary of C RED- specifc terminology to help readers mas-
ter the language of affordable housing
• Contains diverse examples, planning tools, and “ programs to make
numbers work,” with a companion website available
Blending the latest academic research with hard- won insights from the
feld, Community Real Estate Development prepares the next generation
of affordable housing professionals to continue the work of its pioneering
authors and editors.
Stephen Buckman is an Associate Professor of Real Estate Development at
Clemson University. His research is centered on resiliency, waterfront devel-
opment, and community real estate development. Dr. Buckman c o-t aught
the CRED program for three classes and was a member of the CRED Steer-
ing Committee. Dr. Buckman is also a partner in a real estate development
company that specializes in small c ommunity- oriented multi- family pro-
jects as well as consulting to developers and communities.
Jeff Burton manages the City of Tampa, Florida Community Redevelop-
ment Agency. He also earned his Ph.D. from the University of South Flor-
ida, writing a dissertation focused on sustainable redevelopment. Jeff is an
experienced State of Florida licensed residential building contractor and
has performed over 5,000 building safety inspections as a licensed building
code administrator. While at the Insurance Institute for Building and Home
Safety ( IBHS), he co- authored the Louisiana State building code law in the
aftermath of Hurricane Katrina and was a founding research member of the
State of Florida post Hurricane Charley building code analysis team. Jeff is
also the President of the Florida Redevelopment Association (F RA).
John Talmage is Director of the Lee County Offce of Economic Develop-
ment. He is responsible for attracting $5 billion of new development to Lee
County ranging from affordable housing to corporation headquarter at-
traction to new community revitalization initiatives.
Community Real Estate
Development
A History and H ow- To for Practitioners,
Academics, and Students
Edited by
Stephen Buckman
Jeff Burton
John Talmage
Cover image: Jeff Burton
First published 2023
by Routledge
605 Third Avenue, New York, NY 10158
and by Routledge
4 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2023 selection and editorial matter, Stephen Buckman, John
Talmage, and Jeff Burton; individual chapters, the contributors
The right of Stephen Buckman, John Talmage, and Jeff Burton to be
identifed as the authors of the editorial material, and of the authors
for their individual chapters, has been asserted in accordance with
sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or
reproduced or utilised in any form or by any electronic, mechanical,
or other means, now known or hereafter invented, including
photocopying and recording, or in any information storage or
retrieval system, without permission in writing from the publishers.
Trademark notice: Product or corporate names may be trademarks
or registered trademarks, and are used only for identifcation and
explanation without intent to infringe.
Library of Congress Cataloging- in- Publication Data
A catalog record for this title has been requested
ISBN: 978- 0- 367- 62555- 9 ( hbk)
ISBN: 978- 0- 367- 62554- 2 ( pbk)
ISBN: 978- 1- 003- 10967- 9 ( ebk)
DOI: 10.1201/ 9781003109679
Typeset in Times New Roman
by codeMantra
Access the companion website: communityredev.com
Contents
CRED Contributors List vii
Foreword ix
ANGELA CRIST
List of Contributors xiii
The Background of CRED 1
1 Introduction to Community Real Estate Development 3
STEPHEN BUCKMAN, JEFF BURTON, AND JOHN TALMAGE
2 Community Development Policy and Community Real Estate
Development 9
JEFF BURTON AND ELIZABETH STROM
3 Programs to Make the Numbers Work and Their Impacts:
L ow-I ncome Housing Tax Credits, New Market Tax Credits,
and Opportunity Zones 29
STEPHEN T. BUCKMAN
4 Transfer of Development Rights and Community Development 43
EVANGELINE LINKOUS
5 Historic Building Reuse as a Form of Community Real Estate
Development 58
BARRY L. STIEFEL
6 Community Design and the Real Estate Development Process 73
TRENT GREEN
vi Contents
7 Community Redevelopment, Tax Increment Financing and CRED 85
JEFF BURTON
8 Balancing the Gentrifcation Elephant in the Room, or Slaying
a Monster? Notes Towards a Post- American Urban Future 97
M. MARTIN BOSMAN AND STEPHEN T. BUCKMAN
Interviews from the Field 125
9 How CRED Financing Differs from Market Rate? 127
JOE BONORA
10 Real Estate and CRED: A Broker’s Perspective 135
LISA REEVES
11 The Role of the Housing Authority 144
LEROY MOORE
12 Mosiac Development in Action 151
ROXANNE AMAROSO
13 Using Incentives for Affordable Housing 159
REED JONES AND RALPH SETTLE
Conclusion 169
14 What Is the Future for CRED, and How You Can
Utilize CRED-Oriented Ideas to Achieve
Community-Focused Developments 171
STEPHEN BUCKMAN, JEFF BURTON, AND JOHN TALMAGE
Overview of 2018 and 2019 Team Winners: Introduction to
Examples of Class Winners 175
Mixed-Use E-Sport Arena Development 177
SOOMIN KIM
Winner 2019: Orange Center Boulevard Redevelopment 188
CAMILLE REYNOLDS LEWIS
Appendix: Glossary of Key CRED Terms 195
Index 205
CRED Contributors List
Editors:
Stephen Buckman (Chs 1, 3, 8, 14)
Jeff Burton (Chs 1, 2, 7, 14)
John Talmage (Chs 1, 14)
Contributors:
M. Martin Bosman (Ch 8)
Angela Crist (Foreword)
Trent Green (Ch 6)
Soomin Kim (2018 Winner)
Evangeline Linkous (Ch 4)
Camille Reynolds Lewis (2019 Winner)
Barry Stiefel (Ch 5)
Elizabeth Strom (Ch 2)
Foreword
Community Development has always been plagued with a lack of consen-
sus to defnition. Does It empower communities and individuals, encourage
them to adopt sustainable goals, organize external resources to meet the
needs of an existing community, some of these, or all of these? There are
themes that connect all of these goals, but is it community development?
Community development simply is not a term of art. Community Real
Estate Development seems like a simpler term to defne since it is limited to
real estate development, but is it any real estate transaction – m arket-b ased
apartments, upscale grocery, or a h igh-e nd coffee shop or does where it is lo-
cated and who it serves become what is important? While this book does not
address directly what the defnition of Community Real Estate Development
is, it does go into detail what are the different components of the develop-
ment process that a community development agency or another practitioner
needs to follow. Putting together a team, identifying a site, conducting a
market analysis, building pro formas, and obtaining fnancing are just some
of the steps that a developer will have to master to move the idea of a de-
velopment into a buildable project. Along the way, the developer should be
asking how does this beneft the community, do I have their support, what
other type of investment could this leverage, and does it serve the existing
community or a new one that might move it. These begin to lay the founda-
tion if it is a community development project or not.
Community development, as a feld of practice, has followed a long
circuitous route to where it is now. In the late 19th century, Community
Development saw the convergence of Agricultural Extension Service with
urban public hygiene and fre safety regulations. It grew out of the extension
services since most Americans lived in rural America. Further, after the
great fres that beset our cities at the turn of the 20th century, addressing
overcrowding and design malfunctions became a public priority to address.
As the century progressed and community development became more in-
stitutionalized, it took on more of an economic and housing focus. As the
federal government stepped in to fund community development projects, it
moved into an urban renewal tool to remove what was considered blighted
communities that had long been defned by substandard tenement housing.
