REAL 601 Master Syllabus

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Enterprise Hall 4400 University Drive, MS 1B1 
Fairfax, Virginia 22030 
Phone: (703) 993-1880 
Fax: (703) 993-1867

Affordable Housing Policy – ACCT 702
(This Syllabus is tentative and subject to change.)

Instructor:
George Mason Email:
Course Website:
Class Meeting Times & Location:
Recitation Meeting Times:
Office Hours:
Office Location:

Course Website: https://canvas.gmu.edu/ (Canvas)

Catalog Description

This course offers a comprehensive introduction to the fundamentals of affordable housing within the context of real estate development. It is designed to provide students with an in-depth understanding of the dynamics of housing markets—both for renters and homeowners—and the structural challenges that contribute to housing affordability crises. The course explores the complex intersection of real estate development, planning, policy, and design, with a focus on creating and sustaining affordable housing in the United States.

Course Description

This course offers a comprehensive introduction to the fundamentals of affordable housing within the context of real estate development. It is designed to provide students with an in-depth understanding of the dynamics of housing markets—both for renters and homeowners—and the structural challenges that contribute to housing affordability crises. The course explores the complex intersection of real estate development, planning, policy, and design, with a focus on creating and sustaining affordable housing in the United States.

Students will critically examine the key tools and strategies used to produce affordable housing, including the Low-Income Housing Tax Credit (LIHTC), and evaluate how these mechanisms have shaped housing landscapes across the country. Through a combination of historical context, policy analysis, and case studies, students will gain insights into the successes and limitations of various approaches to affordable housing development.

The course will be structured to cover specific topics each week, beginning with a historical overview of U.S. housing policy, including the legacy of redlining and disinvestment, and progressing to contemporary issues such as financing, site planning, acquisition strategies, and recent innovations in the field. By the end of the course, students will be equipped to understand and engage with the ongoing challenges and opportunities in affordable housing development.

Learning Objectives

• Understand Housing Market Dynamics: Develop a solid understanding of the fundamental dynamics of housing markets, including the factors that contribute to market failures and the need for affordable housing interventions.

• Explore Historical Context: Analyze the historical evolution of U.S. housing policy, with a focus on the 20th century, and understand how past policies continue to influence current affordable housing challenges.

• Examine Affordable Housing Tools: Gain a deep understanding of the key tools and instruments used in affordable housing production, particularly the Low-Income Housing Tax Credit (LIHTC), and evaluate their effectiveness and limitations.

• Analyze Policy and Planning: Investigate the role of public policy and urban planning in shaping affordable housing outcomes, with a specific focus on how cities across the U.S. and in Virginia address housing affordability.

• Evaluate Financing and Development: Explore the various private and public financing sources, site planning strategies, and acquisition processes involved in affordable housing development.

• Assess Innovative Approaches: Review and critique recent innovations in affordable housing finance, design, and development, and consider their potential impact on future housing policies and practices.

Approach to Learning

No additional information at this time.

Core Course Topics

• Introduction to Housing Market Dynamics

  • Overview of housing markets for renters and homeowners

  • Discussion of market failures and the need for affordable housing

  • Introduction to key concepts: housing affordability, cost-burdened households, and the role of government in housing

• Historical Context of U.S. Housing Policy

  • Evolution of U.S. housing policy from the 20th century to the present

  • The legacy of redlining, disinvestment, and their impact on contemporary housing inequality

  • Analysis of key federal housing programs, including the Fair Housing Act and the creation of HUD

• The Low-Income Housing Tax Credit (LIHTC)

  • Introduction to the LIHTC as a primary tool for affordable housing production

  • How the LIHTC works: allocation, syndication, and compliance

  • Evaluation of the strengths and limitations of the LIHTC program

• Public Policy and Affordable Housing

  • Role of federal, state, and local governments in promoting affordable housing

  • Policy instruments: zoning, inclusionary housing, rent control, and housing vouchers

  • Case studies: How cities across the U.S. address affordable housing

• Site Planning and Acquisition for Affordable Housing

  • Fundamentals of site selection and planning for affordable housing developments

  • Strategies for land acquisition and overcoming barriers to development

  • The role of community engagement in the planning process

• Private and Public Financing Sources

  • Overview of the financial landscape for affordable housing development

  • Analysis of private sector financing, including tax-exempt bonds, and public subsidies

  • Exploring innovative financing models and public-private partnerships

• Design and Sustainability in Affordable Housing

  • Principles of sustainable and inclusive design in affordable housing

  • The role of green building practices and energy efficiency in reducing operating costs

  • Case studies of successful affordable housing projects that prioritize design quality

• Recent Innovations and Future Directions

  • Exploration of recent innovations in affordable housing finance, such as Opportunity

  • Zones and social impact investing

  • The future of affordable housing: trends, challenges, and emerging opportunities○ Discussion on the potential for policy reform and innovation to address ongoing housing challenges

• Case Studies and Best Practices

  • In-depth analysis of successful affordable housing projects across the U.S.

  • Lessons learned from innovative approaches in different states and cities

  • Application of course concepts to real-world scenarios

Representative Text and Learning Materials

• No additional information at this time.

Methods of Student Evaluation

• No additional information at this time.

Revision History

Created: 10/3/2024