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����'�|�U��|�0�Df�T�{� ��������nf -Qr��h|��Q0�'DQFQdUCt'��D <br />Residential real estate development ioacomplex, interdisciplinary process. It involves <br />various activities ranging from the rehabilitation of an existing home or multifamily property <br />to the purchase of raw land and development of new housing. Owners/developers typically <br />lead the process and act as the overall coordinator of a wide range of processes involving <br />specialized firms and contractual arrangements. <br />In most cases, developers d0 not actually construct the project but have the <br />responsibility to: <br />* Purchase land; <br />* Assemble adequate financing; <br />* Secure local approvals; <br />* Ensure compliance with funding sources; <br />* Develop affirmative fair housing nn8[kSding and |88S8-Up plans; <br />* Execute contracts with ageneral contractor; and <br />p Oversee successful completion ofthe project, indudingp jeotdoae-outand|eaae-up. <br />Some development projects areundertakenhvadeveoperm/hoin1endStoovvnandrnanage <br />the project (asset management) after construction, while others coordinate and develop <br />projects that will be sold immediately upon completion or at a targeted future date. <br />Housing development always involves similar major procedura|andtechnica|oteoo. <br />D8v8|0p8[S interact with government entities, city planners, architects, Su[v8y0[S, engineers, <br />contractors, and inspectors, among others. Generally, adeve|oprnent project will involve <br />f0U[ or five distinct phases, each involving nnu|1ip|8 action steps. But it all starts with 8 basic <br />concept that may originate from several different sources, such as: <br />�1—i <br />- --- <br />"== <br />-,.�A <br />ONE� MousfiigmmrmGrowing, 7hrivinqgegion <br />