The analysis of readily available data can provide important insights into the extent of your local housing needs. Data can help you: 1) make the case for developing a local housing strategy, 2) determine what objectives you want the strategy to pursue, and 3) guide how you can most effectively allocate your dollar and human resources in conjunction with information on the costs and benefits.
Analysis of data can also help you evaluate how different sets of policies may affect the decisions made by developers to produce new housing and rehabilitate existing structures. By creating a real estate pro forma you can gain an understanding of the basic economics facing real estate development in your community given such factors as the costs of land, construction, and on-going management of the property.
Data can also help you monitor and evaluate progress as you implement your local housing strategy.
This section has three components: A Housing Needs Assessment Tool, a brief on what is a real estate pro forma and how it can help you in designing a local housing strategy, and a brief on using data to monitor your progress in implementing your local housing strategy and evaluate the need for making mid-course adjustments.
The Housing Needs Assessment Tool identifies key data points that can help you assess your local housing needs, shows you how to display that data using figures/maps/charts/etc. (”visualizations”) and how to combine those visualizations with text to illuminate different aspects of your local housing needs. Instructions for how to create each of these visualizations using data on your local situation can be accessed directly by clicking on the visualizations themselves or in Visualizations. Most of the data used to create the visualizations are readily available in national data sets.
This brief explains how a real estate pro forma can help you understand possible impacts housing policies can have on the economics of developing housing.
This brief explores how numerical goals can help you monitor progress in implementing your local housing strategy and identify the need for redirecting resources or modifying policies.