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Local Housing Incentives Account (see Livable Communities Act) <br />Local/Land Use Control S/Reg u lGhoOS <br />Ordinances and policies of local governments, including requirement of permits and codes <br />created toensure private use of land resources are aligned with public objectives and <br />standards. Some forms of land use regulations include housing codes, regulations for <br />subdivisions, zoning ordinances, and building codes. <br />Locally Preferred Al1erDGtiVe([PA) <br />The preferred route for a proposed transitway that has been locally adopted as a final step <br />inanAlternatives Analysis. This phase ofaproposed transit project defineotheopecific <br />corridor a community will consider for subsequent phases of transit planning. While the <br />adoption ofanLPAionot aguarantee that atransit project vviUbebui|t.itioareaaonab|e <br />indicator of a project'a likelihood of completion. This document considers transit projects <br />with an adopted LPA as the benchmark for transit -related policy. <br />Low Income Housing Tax Credit (L|HTC)Program <br />Since its creation via the Federal Tax Reform Act of 1986, the Low Income Housing Tax <br />Credit Program (L|HTC) has become the premier financing t00| for the development of new <br />affordable housing as well as the acquisition and/or rehabilitation of existing affordable <br />housing. Administered atthe federal level by the Internal Revenue Service. the L|HTC <br />program provides tax credits to investors of qualifying projects. <br />MGDUfGCtUned Housing and Manufactured Housing Parks <br />Manufactured housing (formerly known as mobile homes) is built to the Manufactured <br />Home Construction and Safety Standards (HUD Code). Manufactured housing units are <br />constructed primarily off -site prior to being moved to a piece of property where they are <br />set. Manufactured housing parks provide access to utilities and solid foundations for <br />manufactured homes. <br />Market Demand <br />The total number of households in a defined market area that would potentially move into <br />any new or renovated housing units. Market demand is not project specific and refers to all <br />applicable households, independent ofincome. <br />Market Rate Rent <br />The rent that an apartment commands in the primary market area considering its location, <br />features and amenities. Market rent should be adjusted for concessions and owner -paid <br />Market Study <br />A comprehensive study of a specific proposal including a review of the housing market <br />in adefined market area. Project -specific market studies are often used by developers, <br />oyndicatoro, and government entities to determine the appropriateness of proposed <br />development, whereas market -specific market studies are used to determine what housing <br />needs, if any, exist within 8opecific geography. <br />HOUSING POLICY PLAN <br />Appendices <br />189 <br />