The Effects of Inclusionary Zoning on Local Housing Markets: Lessons from the San Francisco, Washington DC and Suburban Boston Areas

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Effects of Inclusionary Zoning on Local Housing Markets: Lessons from the San Francisco, Washington DC and Suburban Boston Areas"

Transcription

1 F u r m a C e t e r f o r r e a l e s t a t e & u r b a p o l i c y N e w Y o r k U i v e r s i t y m a r c h s c h o o l o f l aw wa g e r s c h o o l o f p u b l i c s e r v i c e h o u s i g P o l i c y B r i e f w w w. f u r m a c e t e r. y u. e d u w w w. h c. o r g / h o u s i g / c h p - i d e x The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas Iclusioary zoig (IZ) is a affordable housig tool that liks the productio of affordable housig to the productio of market-rate housig. IZ policies either require or ecourage ew residetial developmets to make a certai percetage of the housig uits affordable to low- or moderateicome residets. I exchage, may IZ programs provide cost offsets to developers, such as desity bouses that allow the developer to build more uits tha covetioal zoig would allow, or fast-track permittig that allows developers to build more quickly. There is tremedous diversity i the structure ad goals of iclusioary zoig programs throughout the coutry: some IZ programs are volutary while others are madatory; they are triggered by differet sizes ad types of market-rate developmets; they target the affordable uits to differet icome levels; they have differet rules about whether the affordable uits must be located withi the market-rate developmet or may be located off-site; ad they impose the affordability restrictio for differet legths of time. Sice the first program was established i 1972, the umber of jurisdictios that have adopted iclusioary zoig policies has grow steadily, with a sigificat umber of jurisdictios adoptig programs i the last decade. While it is difficult to idetify a exact umber, well over 300 jurisdictios cities, tows ad couties have a iclusioary zoig ordiace o the books.

2 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas Argumets For ad Agaist IZ Despite, or perhaps because of, the rapid spread of iclusioary zoig across the atio, IZ programs ofte geerate sigificat cotroversy. Amog supporters, IZ is heralded as a importat evolutio i affordable housig policy because it requires less direct public subsidy tha traditioal affordable housig programs, ad therefore is cosidered more fiscally sustaiable. Propoets also argue that IZ programs that require affordable ad market-rate uits to be located i the same developmet promote ecoomic ad racial itegratio. 1 While propoets recogize that developers may lose moey o the affordable uits, they believe that developers ca recoup lost profits through icetives such as desity bouses. Critics, o the other had, argue that IZ programs, particularly madatory oes, will costrict developmet of market-rate housig by causig developers to build istead i jurisdictios that do t require developers to sell or ret a portio of the uits at below-market levels. By costraiig the supply of housig, the argumet follows, IZ programs will cause the prices of market-rate housig i the jurisdictio to rise, Poisettia Statio, Carlsbad, CA, BRIDGE Housig. ultimately reducig rather tha icreasig affordability. Oppoets also argue that it is ufair to place the etire burde of providig affordable uits o the developers ad purchasers of ew market-rate housig uits; to the extet the commuity believes affordable housig is a importat good, the whole commuity ought to pay for it. What Do We Kow About the Impacts of IZ Programs? I spite of its popularity amog housig advocates ad policymakers ad steady oppositio from critics, we kow relatively little about the effects of iclusioary zoig policies. At the ceter of the debate over IZ are two empirical questios. First, have IZ programs had the effect of restrictig the supply of market-rate housig ad icreasig its costs i the jurisdictios adoptig IZ? Secod, have IZ programs bee successful at producig affordable uits? Ufortuately, few researchers have tried to aswer these questios, ad may of the studies that have bee completed suffer from sigificat data ad methodological limitatios. It is difficult to obtai accurate data o the 2 1 Not all IZ programs require the affordable uits to be produced o-site; some allow developers to build the affordable uits elsewhere i the commuity, ad some allow developers to pay a i-lieu fee that the jurisdictio ca use to build affordable housig wherever it chooses.

3 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas 3 adoptio ad characteristics of iclusioary zoig programs across jurisdictios ad over time, ad to track the umber of uits produced uder these programs. Recogizig the eed for objective, rigorous aalysis to help iform the academic ad policy debate about IZ, the Ceter for Housig Policy asked NYU s Furma Ceter for Real Estate ad Urba Policy to coduct a i-depth, logitudial aalysis of the effects of IZ. 2 Our research addresses three primary questios: 1) What kids of jurisdictios have adopted IZ? 2) How much affordable housig has bee produced i differet IZ programs, ad what factors have iflueced productio levels? 3) What effects has IZ had o the price ad productio of marketrate housig? To aswer these questios, we selected three metropolita areas i which IZ programs are fairly prevalet ad well-documeted, ad for which the data about housig supply ad prices are available: the Sa Fracisco area, suburba Bosto, 3 ad the Washigto D.C. regio. Due to data costraits, we were ot able to completely ad defiitively aswer each of these questios for each of the regios we studied. I particular, the small umber of jurisdictios i the D.C. area preveted us from coductig statistical aalysis o that regio. Despite these challeges, our fidigs sigificatly advace the curret uderstadig of the effects of IZ policies ad have importat implicatios that advocates, critics, ad jurisdictios cosiderig adoptig a IZ program should bear i mid. Variatio Amog IZ Programs ad Regios The desig of iclusioary zoig programs varies tremedously across jurisdictios. This variatio reflects a umber of key differeces amog the jurisdictios themselves, icludig the compositio of their populatio ad housig stock ad their political goals. For example, some jurisdictios place a higher priority o achievig ecoomic itegratio through IZ while others are more cocered with maximizig the umber of affordable housig uits produced. The diversity also reflects differeces i the larger regulatory framework i which the jurisdictios work: some states allow jurisdictios a great deal of freedom to eact ew forms of lad use legislatio, while others are more restrictive of local cotrols. The IZ programs i our three study areas reflect this diversity. Table A provides a overview of some key elemets of the IZ programs i these regios. Please ote that these statistics reflect the data we used i our study; more recet data may ow be available from each regio. Because IZ programs may take some time to have a impact, we were ot able to evaluate the impacts of the most recetly adopted IZ policies. Table A illustrates sigificat differeces amog the programs i our study areas. IZ programs i the Sa Fracisco area were established earlier, are more likely to be madatory, ad are more broadly applicable to differet types ad sizes of developmets tha the programs i suburba Bosto. 2 This policy brief presets a summary of our fidigs; the etire study ca be foud at: or 3 While the City of Bosto has a IZ program, it was ot icluded i the database that forms the basis of our study because Bosto has differet authority over lad use regulatios tha other jurisdictios i the state.

4 Table A: Variatio Amog IZ Programs i Our Three Study Areas Sa Fracisco Area Suburba Bosto Washigto D.C. (as of 2004) (as of 2004) Area (as of 2000) Prevalece of IZ 7/10 couties 48/104 cities/tows 4 99/187 cities/tows 5/23 couties (# of all jurisdictios adoptig) Year program was adopted: Media Rage % of programs that are madatory 93% 58% 80% Breadth of applicability to differet types ad sizes of developmets Broad Narrow Fairly Broad % of programs providig desity bous 67% 71% 100% The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas % of programs allowig developers to pay fees i lieu of buildig uits % of uits that must be affordable Media Rage Icomes targeted for affordable uits How log uits must remai affordable 86% 15% 5-25% Very low to moderate The media legth of affordability is 45 yrs. Source: This table combies data from various sources, icludig: Calavita & Grimes (1998); Brow (2001); CCRH ad NPH (2003); Fox & Rose (2003); Vadell (2003), adapted from Rusk (2003); Pioeer Istitute for Public Policy ad the Rappaport Istitute for Greater Bosto Local Housig Regulatio Database (2004); CCRH Iclusioary Housig Policy Database (2007); NPH (2007); ad a supplemetal telephoe survey of the Sa Fracisco ad D.C. areas, coducted by the Furma Ceter i Jue, Because each of these data sources used a differet survey methodology ad because the cotet of IZ programs varies greatly, the data across jurisdictios are ot always comparable. Our aalysis excludes ewer programs that have ot existed log eough to produce measurable results. Data for the Sa Fracisco regio ad suburba Bosto cover programs eacted through 2004, ad data for the Washigto D.C. area iclude programs adopted prior to See referece list for full citatios. 38% 10% 5-60% Low to moderate Oe-third of the programs require permaet affordability; half do t specify. 100% 8.13% % Low to moderate For owers, rage is from 5-15 years; for reters rage is I order to assess the impacts of IZ o housig prices ad permits, our study used data o IZ programs i the Sa Fracisco area as of Accordig to NPH (2007), there are ow 77 jurisdictios i the Sa Fracisco area with IZ.

5 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas 5 Programs i the Sa Fracisco area also are more likely to allow developers to satisfy requiremets by payig i-lieu fees rather tha buildig the uits themselves. I Washigto D.C., most programs are madatory, but the requiremets are limited oly to larger developmets, rather tha the broader set of developmets subject to IZ i the Sa Fracisco area. I the D.C. regio, programs require the uits to remai affordable for less time tha i either of the other study areas. I additio to this variatio across regios, there is also sigificat variatio i the structure of IZ programs withi each regio. Table A does ot reveal the complicated regulatory structure withi which each of these regios operate, which may affect the likelihood of adoptio of IZ, the form i which IZ takes, ad the ultimate impacts of a IZ policy. State or regioal regulatory regimes may ehace or impede the formatio ad success of local IZ programs i a umber of ways. For example, Califoria grats local govermets broad authority over lad use decisios but also has a umber of statewide affordable housig policies. Similarly, Palmer s Dock, Brookly, NY, L&M Equity Participats ad Du Developmet Corp. Photo: Courtey Wolf. Massachusetts has a strog traditio of local self-goverace, ad tows ad cities (but ot couties) have a tremedous amout of authority over lad use decisios. The Massachusetts state law kow as Chapter 40B, which requires cities to provide expedited permittig ad other beefits to developmets that set aside a specified percetage of affordable uits, complicates the icetives a jurisdictio has to adopt IZ. Some muicipalities may adopt IZ to help them respod to 40B, while others may fid 40B to be a sufficiet mechaism for producig affordable housig o its ow, ad accordigly thik they do ot eed a IZ program. Our study was uable to upack these complicated icetives ad costraits, but it is worth otig that state regulatios play a sigificat ad somewhat upredictable role i jurisdictios decisios to adopt IZ. Which Jurisdictios Adopt IZ ad How Does it Affect Their Housig Markets? What kids of jurisdictios adopt IZ? Our aalysis of jurisdictios i the Sa Fracisco area ad suburba Bosto helps us uderstad some of the characteristics that predict whether a jurisdictio is likely to adopt a IZ program. 5 We fid that larger, more affluet jurisdictios are more likely to adopt IZ. Those ear other jurisdictios with IZ also are more likely to adopt IZ. For example, i suburba Bosto, we fid that the probability of adoptig a IZ program icreases as the umber of other jurisdictios i the same couty with IZ 5 Because of the small umber of jurisdictios i the Washigto D.C. area with IZ, we were uable to perform a regressio aalysis for this regio. Accordigly, most of the fidigs summarized i this brief are based oly o data from the Sa Fracisco ad suburba Bosto areas. However, the full report cotais detailed iformatio o IZ programs i the Washigto D.C. area, as well as fidigs o IZ productio ad other observatios o the effects of IZ i this area.

6 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas 6 icreases. This makes sese; if eighborig jurisdictios already have a IZ program i place, it may be less likely that IZ will scare developmet to other locatios. It also may idicate that jurisdictios lear from the experieces of their eighbors, or that there is a badwago effect for promisig or tredy policies. Fially, i suburba Bosto, we fid that jurisdictios with growth maagemet policies ad cluster zoig are more likely to adopt IZ. 6 Our iterviews with program admiistrators revealed that some jurisdictios adopt IZ programs because of a desire to satisfy state regulatios or expectatios, rather tha out of a desire to adopt a progressive affordable housig policy. These differig motives may impact the amout of housig Key fi di gs o iz adoptio Jurisdictios are more likely to adopt a IZ program whe they: Are larger ad more affluet Have more eighborig jurisdictios that have IZ Have adopted other lad use regulatios (specifically cluster zoig or growth maagemet) produced. If the program is adopted solely to satisfy exteral requiremets, it may be writte, implemeted or eforced i a differet way tha if it resulted from more local political pressure. Specifically, oe might thik that commuities that adopted IZ merely to satisfy a state madate may have adopted policies that are less effective or less carefully crafted; additioal research would be eeded to test this hypothesis. What iflueces how much affordable housig has bee produced uder IZ? We fid that the strogest predictor of how may affordable uits a jurisdictio s IZ program has produced is the legth of time the program has bee i place. This makes sese for a umber of reasos: projects that trigger the IZ program are likely to take several years to be completed ad geerate ew IZ uits, developers ad admiistrators udoubtedly eed some time to become more familiar with the program ad work out ay kiks, ad the productio of affordable uits through IZ adds up over time. We also fid evidece that programs i the Sa Fracisco regio that exempt smaller projects or provide desity bouses ted to produce more uits, idicatig that more flexible programs may result i greater productio. While early all IZ programs i the Sa Fracisco area have produced some affordable uits, some 43% of the jurisdictios i suburba Bosto with a IZ program o the books have ot produced ay uits, ad over oe-third are uable to report how may uits have bee produced. This may idicate that jurisdictios i the Bosto area have adopted IZ programs for reasos other tha producig affordable housig, such as creat- 6 Cluster zoig provisios allow developers more flexibility tha covetioal zoig allows, such as reductios i the miimum lot size or other dimesioal requiremets, i exchage for settig aside protected ope space. May of the suburba Bosto IZ programs are desiged as part of cluster zoig, allowig developers to receive icreases i the total allowable uits i retur for producig affordable housig (or some other form of commuity beefit). The prevalece of IZ programs amog jurisdictios with growth maagemet policies, such as aual caps o buildig permits, may suggest that those commuities are cocered both with the pace of residetial growth ad pressures o housig affordability.

7 Key Fi di gs o IZ Productio The loger IZ programs have bee i place, the more affordable uits they have produced I the Washigto D.C. area, IZ programs have produced a total of 15,252 affordable uits (as of 2003). Nearly three-quarters of the uits come from Motgomery Couty which adopted oe of the first IZ programs i the coutry, datig back to I suburba Bosto: As of 2004, 43% of jurisdictios with IZ had ot produced ay affordable uits. Precise couts are ot available, but surveys suggest that IZ programs have produced relatively few affordable uits, probably i part because so may IZ programs i the area were eacted relatively recetly. The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas 7 I the Sa Fracisco area: Almost all jurisdictios report havig produced some affordable uits. The media aual productio across all programs is 9 affordable uits/year. For the regio as a whole, IZ programs have produced 9,154 affordable uits (as of 2004).* Programs with desity bouses ad exemptios for smaller projects have produced more affordable uits. * Updated productio umbers are available i NPH s 2007 report, Affordable by Choice: Treds i Califoria Iclusioary Housig Programs available at: ig a mechaism to satisfy the requiremets of state law 40B. It also may be a fuctio of the fact that IZ programs are a relatively ew pheomeo i the regio, ad these jurisdictios simply have ot yet brought their programs to scale. Aother explaatio for the low productio could be that may of the Bosto-area programs are volutary ad apply to a arrow rage of developmets. What effects have IZ programs had o the price ad productio of marketrate housig? The fial questio we try to aswer is the most importat, ad the most difficult, of the issues surroudig the debate over IZ: how do IZ programs impact housig prices ad productio? I order to get a better uderstadig of the uderlyig issues, it is helpful to cosider a simplified theoretical model to predict developers behavior.

8 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas 8 The amout of reveue a developer ca gai by sellig or retig a uit required to be affordable by a madatory IZ policy is geerally lower tha the costs of developig that uit, so uless developers ca offset these losses, IZ programs may cause developers to ear lower profits. Ecoomic models predict that developers are likely to react i a umber of ways to madatory IZ programs that do ot provide meaigful beefits to offset developers reveue losses. First, developers may build or ivest i other jurisdictios that do ot have IZ programs. Secod, they may try to make up the lost reveues by raisig the prices they charge for market-rate uits. Third, they may lower the prices they are willig to pay for lad. Their ability to do ay of these optios will deped o a umber of market factors, but uder each sceario, the productio of housig i the jurisdictio is likely to fall. If the umber of ew housig uits produced i the area falls, ad demad ad other market factors remai costat, housig prices will likely icrease due to the law of supply ad demad. The theoretical models predict that the size of the impact o housig productio ad prices will deped upo may factors, icludig the extet to which the IZ programs offer cost offsets such as desity bouses, the strigecy of the IZ requiremets, the dyamics of housig supply ad demad, the extet to which other types of supply costraits have bee adopted i the commuity ad broader area, ad the extet to which eighborig jurisdictios have adopted IZ. Previous studies have tried to test these theoretical models ad gauge the impact of IZ programs o prices ad productio, but the methodologies ad data used i those studies are widely questioed. 7 We use well-accepted regressio aalysis techiques to isolate Key Fi di gs o IZ s Impact o Productio a d Prices of M arket- R ate Housi g I the Sa Fracisco area, there is o evidece that IZ impacts either the prices or productio of siglefamily houses. I suburba Bosto, IZ seems to have resulted i small decreases i productio ad slight icreases i the prices of sigle-family houses. the effects of IZ programs o jurisdictios housig markets. Specifically, we cotrol for variatios i the jurisdictios characteristics that may cotribute to chages i housig prices ad productio, such as populatio size, desity, ad demographic compositio, icludig race, age ad educatio levels. Our aalysis fids o evidece that IZ programs have had a impact o either the prices or productio rates of market-rate sigle-family houses i the Sa Fracisco area. 8 I suburba Bosto, however, we see some evidece that IZ has costraied productio ad icreased the prices of siglefamily houses. The umber of affordable housig uits produced uder the suburba Bosto IZ programs, ad the estimated size of the programs impact o the supply ad 7 Previous studies iclude Powell ad Strigham (2004a) ad Powell ad Strigham (2004b); for critiques of those studies, see, e.g., Basolo ad Calavita (2004). 8 We chose to use sigle-family permits because they make up the overwhelmig majority of all housig permits issued i all three areas durig the period from 1980 to I ay give year, sigle-family permits average over 90 percet of total permits, ad betwee 50 ad 90 percet of jurisdictios i our sample issued o permits for multifamily housig.

9 The Effects of Iclusioary Zoig o Local Housig Markets: Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas price of housig are both relatively modest. These results reflect the most appropriate aalysis of the best available data. Because of limitatios i the scope ad quality of the available data, however, both the Sa Fracisco ad the suburba Bosto results should be iterpreted with cautio. 9 Give the variatio amog the programs i the two regios, it is ot surprisig that our aalysis of the two regios produced differet results. As we cautioed earlier, IZ is ot a oe-size-fits-all tool. Not oly ca the desig ad scope of a program vary greatly, but its impacts may deped o may variables specific to the jurisdictio. The differet results from the Sa Fracisco ad suburba Bosto aalyses are a importat remider that IZ policies come i may shapes ad sizes ad eed to be thought of as a piece of the larger regulatory framework, ot a stad-aloe solutio. The impact of a IZ policy may be affected by the specific desig of the IZ program ad the effectiveess of its cost offsets, a jurisdictio s reliace o other affordable housig tools, its reasos for adoptig IZ, the ature ad stregth of its housig market, ad the state regulatory framework i which it operates. 15 Quicy, Brookly, NY, BFC Parters ad Pratt Area Commuity Coucil. Photo: Courtey Wolf. What are the Implicatios for IZ Policies? The fidigs from our research suggest a umber of poits that policymakers should bear i mid as they cosider whether to adopt ad if so, how to structure iclusioary zoig policies: Each idividual ordiace should be cosidered o its ow merits. We foud tremedous variatio i the details of IZ policies from oe jurisdictio to the ext. This suggests that IZ is ot a sigle policy but rather a umbrella term for describig may differet but related housig policies, each of which may well have differet effects o the umber of affordable housig uits produced ad o the price ad supply of market-rate homes. I light of this variatio, broad geeralizatios about IZ would seem to be less helpful tha case-by-case aalysis of particular proposals or ordiaces. May IZ policies produce affordable uits, but IZ is ot a paacea for solvig a commuity s housig challeges. The IZ policies that we examied had varied success i producig affordable uits. Some have produced very few or o affordable uits, while others have produced thousads of uits, makig a sigificat cotributio to the availability of affordable homes. Eve those ordiaces that have produced the most affordable housig uits, however, have ot solved the commuity s housig challeges. This suggests that commuities should thik of IZ as oe piece of a broader ad more comprehesive housig strategy, rather tha as a stad-aloe policy respose. 9 9 Please cosult the full study for a discussio of the data limitatios.

10 The Effects of Iclusioary Zoig o Local Housig Markets: 10 Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas More flexible IZ policies may lead to greater productio of affordable uits. Our aalysis of the IZ programs i the Sa Fracisco metro area foud that more flexible IZ policies those that grat desity bouses or exempt smaller projects were associated with a greater productio of affordable uits. The study was ot able to determie why policies that provide desity bouses ad exempt smaller projects produced more affordable housig uits, but oe possible explaatio is that this flexibility cotributed to (or was a maifestatio of) a regulatory climate that ecouraged ew developmet. I cosiderig whether to adopt, ad if so how to structure, IZ policies, the potetial impacts o the price ad supply of market-rate housig should be cosidered. Both our theoretical aalysis ad our aalysis of IZ policies i suburba Bosto suggest that i some settigs, IZ programs may lead to impacts o the price ad supply of market-rate housig that reduce its affordability. While the average size of the price icreases ad supply decreases of market-rate housig across all jurisdictios i the Bosto sample were fairly small, they were evertheless sigificat ad could be larger i some commuities. O the other had, we foud o evidece that IZ caused a icrease i the price or a decrease i the supply of market-rate housig i the Sa Fracisco area, despite the fact that 93 percet of those programs were madatory. These results suggest that adverse price ad supply effects are ot ievitable outcomes of IZ. As explaied more fully i the ext poit, it seems likely that the details of the policies particularly the iclusio of effective cost offsets matter cosiderably. IZ policies that provide meaigful ad achievable desity bouses or other beefits to offset the profits lost o affordable uits should be less likely to impact adversely the price ad supply of market-rate housig. Data limitatios preveted us from separately aalyzig how differet types of IZ ordiaces impacted the price ad supply of market-rate housig. However, our theoretical aalysis suggests that adverse impacts o the price ad supply of market-rate homes ca be mitigated or eve avoided etirely by providig beefits to developers that fully compesate them for losses associated with sellig or retig IZ uits at below-market prices. The most commo compesatory beefit icluded i the IZ ordiaces we studied was a icrease i allowable desity. Other compesatory beefits iclude fast-track permittig (which decreases the time ad costs of ew developmet) ad reduced parkig requiremets (which reduce the amout of lad eeded per uit). To the extet that such beefits allow developers to realize the same or similar profit uder a IZ policy as might have bee achieved without oe, we would expect that there would be fewer impacts o the price ad supply of market-rate homes. Differet cost offsets may be eeded i differet commuities ad i differet market cycles. The ecoomics of the developmet process vary sigificatly from commuity to commuity. They also vary sigificatly over time, eve withi a sigle commuity. For this reaso, it is likely that differet commuities will eed to adopt differet offset policies to esure that IZ policies fully compesate for losses associated with below-market uits. These policies also will eed to be reviewed over time to esure they remai meaigful ad effective.

11 Cost offsets eed to work i practice, ad ot just o paper. Practitioers report that i may commuities, desity bouses or other offsets that are provided i a IZ ordiace are ot i fact realizable because of oppositio from commuity members, plaig departmet staff, ad others, or because other policies such as height caps prevet developers from buildig the additioal uits. To the extet that promised offsets do ot materialize i particular commuities, developers may become less iclied to build there, or may eed to raise the price of housig for market-rate customers. Broad-based cosultatios with stakeholders may be helpful i desigig effective policies ad moitorig their implemetatio. To esure that IZ policies are truly effective i offsettig the costs associated with below-market uits, it may be helpful to egage a broad rage of stakeholders, icludig both for-profit ad oprofit developers. These stakeholders ca help commuities develop policies that take ito accout the realities of costructio costs ad market dyamics ad provide ivaluable feedback o how the policies are workig oce they are implemeted. These stakeholders also ca help advise jurisdictios o whether there are particular types of housig or particular areas of the commuity i which IZ policies may ot be eeded, may be couterproductive, or may eed to be more flexible to work effectively. Related Housig Policies The Effects of Iclusioary Zoig o Local Housig Markets: 11 Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas The followig are two housig policies that are closely related to IZ that commuities may wish to cosider as part of a comprehesive housig strategy; Reductios i Regulatory Barriers to Developmet. There are may regulatios ad other practices at the local level that make it difficult or expesive to develop ew housig ad do ot produce sufficiet beefits to justify those extra expeses. Other research suggests that these regulatory barriers are drivig up housig prices by costraiig the ability of the market to respod effectively to demad. Reducig those barriers ca help to expad the supply of housig, moderatig home prices, ad mitigatig cocers that IZ might costrai ew developmet. By icreasig the amout of ew developmet, such policies also might icrease the umber of affordable uits produced through a IZ ordiace.* Shared equity homeowership. Uits produced through IZ policies may be affordable whe origially produced, but will likely become much less affordable oce ay affordability restrictios expire. Through commuity lad trusts ad other shared equity homeowership strategies, commuities ca esure that affordable uits produced through IZ stay affordable over time, while still providig residets with a opportuity to build assets.** Similar policies ca be applied to retai the affordability of retal uits over time, though ogoig operatig subsidies may be eeded i some cases. * For more iformatio, see HUD s Regulatory barriers clearighouse ( the Ceter for Housig Policy s olie guide to state ad local housig policy ( ad the followig publicatios: Glaeser et. al. (2005) ad Schuetz (2007). **For more iformatio, see the Ceter for Housig Policy s suite of materials o shared equity homeowership at

12 Refereces Basolo, Victoria ad Nico Calavita Policy Claims with Weak Evidece: A Critique of the Reaso Foudatio Study o Iclusioary Housig i the Sa Fracisco Bay Area. Workig paper. Brow, Kare Destorel Expadig Affordable Housig Through Iclusioary Zoig: Lessos from the Washigto Metropolita Area. Washigto DC: Brookigs Istitutio Ceter of Urba ad Metropolita Policy. Calavita, Nico ad Keeth Grimes Iclusioary Housig i Califoria: The Experiece of Two Decades. Joural of the America Plaig Associatio 64(2): Califoria Coalitio for Rural Housig ad No-Profit Housig Associatio of Norther Califoria Iclusioary Housig i Califoria: 30 Years of Iovatio. Califoria Coalitio for Rural Housig Califoria Iclusioary Housig Database. Fox, Radhika ad Kalima Rose Expadig Housig Opportuity i Washigto, DC: The Case for Iclusioary Zoig. Oaklad, CA: PolicyLik report. Edward Glaeser, Jey Schuetz ad Bryce Ward Regulatio ad the Rise of Housig Prices i Greater Bosto. Harvard Uiversity, Rappaport Istitute for Greater Bosto workig paper. The Effects of Iclusioary Zoig o Local Housig Markets: 12 Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas No-Profit Housig Associatio of Norther Califoria Affordable by Choice: Treds i Califoria Iclusioary Housig Programs. Pioeer Istitute for Public Policy Research ad the Rappaport Istitute for Greater Bosto Local Housig Regulatio Database. Prepared by Amy Dai ad Jey Schuetz. Powell, Bejami ad Edward Strigham. 2004a. Housig Supply ad Affordability: Do Affordable Housig Madates Work? Los Ageles: Reaso Public Policy Istitute, Policy Study No Powell, Bejami ad Edward Strigham. 2004b. Do Affordable Housig Madates Work? Evidece from Los Ageles Couty ad Orage Couty. Los Ageles: Reaso Public Policy Istitute, Policy Study No. 320 Schuetz, Jey No Reters i My Suburba Backyard: Lad Use Regulatio ad the Retal Housig Market i Massachusetts. New York: Furma Ceter for Real Estate ad Urba Policy Workig Paper Series. NoretersimyBackyardcombied.pdf Vadell, Kerry D Iclusioary Zoig: Myths ad Realities, Ceter for Urba Lad Ecoomics Research at Uiversity of Wiscosi Madiso workig paper.

13 Ackowledgemets This issue brief is based o research coducted by Jey Schuetz, Rachel Meltzer, ad Vicki Bee of the Furma Ceter for Real Estate ad Urba Policy at New York Uiversity. The study was commissioed by the Ceter for Housig Policy. The study beefited from the advice ad review of a diverse advisory board, comprised of: Victoria Basolo, Associate Professor, Departmet of Plaig, Policy ad Desig, Uiversity of Califoria-Davis; David Crowe, Seior Staff Vice Presidet for Federal Regulatory ad Housig Policy, Natioal Associatio of Home Builders; Richard Gree, Oliver T. Carr Jr. Chair i Real Estate ad Fiace George Washigto Uiversity; Joatha Levie, Professor of Urba ad Regioal Plaig Uiversity of Michiga; Jeffrey Lubell, Executive Director, Ceter for Housig Policy; ad Kalima Rose, Seior Director, PolicyLik. Complete ackowledgemets may be foud i the workig paper draft, available olie at or All opiios, errors or omissios, however, are those of the Furma Ceter aloe. Fairbaks Ridge, Sa Diego, CA, Chelsea Ivestmet Corporatio. Photo: Ly Schmid. The Effects of Iclusioary Zoig o Local Housig Markets: 13 Lessos from the Sa Fracisco, Washigto DC ad Suburba Bosto Areas Authored by Amy Armstrog, Vicki Bee, Rachel Meltzer, Jey Schuetz The Furma Ceter for Real Estate ad Urba Policy is a joit research ceter of the New York Uiversity School of Law ad the Robert F. Wager Graduate School of Public Service at NYU. Sice its foudig i 1995, the Furma Ceter has become the leadig academic research ceter i New York City dedicated to providig objective academic ad empirical research o the legal ad public policy issues ivolvig lad use, real estate, housig ad urba affairs i the Uited States, with a particular focus o New York City. More iformatio about the Furma Ceter ca be foud at The Ceter for Housig Policy is the research affiliate of the Natioal Housig Coferece (NHC). I partership with NHC ad its members, the Ceter works to broade uderstadig of the Natio s housig challeges ad to examie the impact of policies ad programs developed to address these eeds. Combiig research ad practical, real-world expertise, the Ceter helps to develop effective policy solutios at the atioal, state ad local levels that icrease the availability of affordable homes. More iformatio o the Ceter is available at:

Section 3: Renters and Rental Units

Section 3: Renters and Rental Units Sectio 3: Reters ad Retal Uits About two millio New York City households roughly two-thirds ret their homes. Over the past decade retal housig has become less affordable to may New Yorkers. Give the dowtur

More information

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value.

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value. GoVal Group Govermet Cosultig ad Valuatio Advisory Group real. Real expertise. Real choices. Real value. Novogradac s GoVal Group Specialized cosultig services from a idustry leader. real choices. A uique

More information

WHERE CHANGE IS POSSIBLE

WHERE CHANGE IS POSSIBLE WHERE CHANGE IS POSSIBLE gree workspaces AT TIDES, WE HAVE BEEN WORKING WITH PEOPLE LIKE YOU FOR MORE THAN 30 YEARS TO MAKE THE WORLD A BETTER PLACE. Our missio is to parter with philathropists, foudatios,

More information

Making training work for your business

Making training work for your business Makig traiig work for your busiess Itegratig core skills of laguage, literacy ad umeracy ito geeral workplace traiig makes sese. The iformatio i this pamphlet will help you pla for ad build a successful

More information

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature.

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature. Itegrated Productio ad Ivetory Cotrol System MRP ad MRP II Framework of Maufacturig System Ivetory cotrol, productio schedulig, capacity plaig ad fiacial ad busiess decisios i a productio system are iterrelated.

More information

Prescribing costs in primary care

Prescribing costs in primary care Prescribig costs i primary care LONDON: The Statioery Office 13.50 Ordered by the House of Commos to be prited o 14 May 2007 REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 454 Sessio 2006-2007 18 May

More information

How to read A Mutual Fund shareholder report

How to read A Mutual Fund shareholder report Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.

More information

The Forgotten Middle. research readiness results. Executive Summary

The Forgotten Middle. research readiness results. Executive Summary The Forgotte Middle Esurig that All Studets Are o Target for College ad Career Readiess before High School Executive Summary Today, college readiess also meas career readiess. While ot every high school

More information

France caters to innovative companies and offers the best research tax credit in Europe

France caters to innovative companies and offers the best research tax credit in Europe 1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public

More information

How to use what you OWN to reduce what you OWE

How to use what you OWN to reduce what you OWE How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts.

More information

CHAPTER 3 THE TIME VALUE OF MONEY

CHAPTER 3 THE TIME VALUE OF MONEY CHAPTER 3 THE TIME VALUE OF MONEY OVERVIEW A dollar i the had today is worth more tha a dollar to be received i the future because, if you had it ow, you could ivest that dollar ad ear iterest. Of all

More information

National Institute on Aging. What Is A Nursing Home?

National Institute on Aging. What Is A Nursing Home? Natioal Istitute o Agig AgePage Nursig Homes: Makig The Right Choice Lucille has lived i her home for 33 years. Eve after her husbad died 3 years ago, she was able to maage o her ow. Recetly, she broke

More information

FM4 CREDIT AND BORROWING

FM4 CREDIT AND BORROWING FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer

More information

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place.

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place. PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.

More information

Determining the sample size

Determining the sample size Determiig the sample size Oe of the most commo questios ay statisticia gets asked is How large a sample size do I eed? Researchers are ofte surprised to fid out that the aswer depeds o a umber of factors

More information

A guide to School Employees' Well-Being

A guide to School Employees' Well-Being A guide to School Employees' Well-Beig Backgroud The public school systems i the Uited States employ more tha 6.7 millio people. This large workforce is charged with oe of the atio s critical tasks to

More information

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY?

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY? Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory

More information

RISK TRANSFER FOR DESIGN-BUILD TEAMS

RISK TRANSFER FOR DESIGN-BUILD TEAMS WILLIS CONSTRUCTION PRACTICE I-BEAM Jauary 2010 www.willis.com RISK TRANSFER FOR DESIGN-BUILD TEAMS Desig-builD work is icreasig each quarter. cosequetly, we are fieldig more iquiries from cliets regardig

More information

Advancement FORUM. www.acmaweb.org/advancement CULTIVATING LEADERS IN CASE MANAGEMENT

Advancement FORUM. www.acmaweb.org/advancement CULTIVATING LEADERS IN CASE MANAGEMENT H E A L T H C A R E D E L I V E R Y S Y S T E M C A S E M A N A G E M E N T E D U C A T I O N Advacemet FORUM CULTIVATING LEADERS IN CASE MANAGEMENT DATES AND LOCATIONS LOS ANGELES, CA DECEMBER 11 DALLAS,

More information

Agency Relationship Optimizer

Agency Relationship Optimizer Decideware Developmet Agecy Relatioship Optimizer The Leadig Software Solutio for Cliet-Agecy Relatioship Maagemet supplier performace experts scorecards.deploymet.service decide ware Sa Fracisco Sydey

More information

CREATIVE MARKETING PROJECT 2016

CREATIVE MARKETING PROJECT 2016 CREATIVE MARKETING PROJECT 2016 The Creative Marketig Project is a chapter project that develops i chapter members a aalytical ad creative approach to the marketig process, actively egages chapter members

More information

Analyzing Longitudinal Data from Complex Surveys Using SUDAAN

Analyzing Longitudinal Data from Complex Surveys Using SUDAAN Aalyzig Logitudial Data from Complex Surveys Usig SUDAAN Darryl Creel Statistics ad Epidemiology, RTI Iteratioal, 312 Trotter Farm Drive, Rockville, MD, 20850 Abstract SUDAAN: Software for the Statistical

More information

International Delegation A summary for financial advisers

International Delegation A summary for financial advisers Iteratioal Delegatio A summary for fiacial advisers Cotets Please ote For fiacial adviser use oly. It should ot be distributed to, or relied upo by, retail cliets. AXA Wealth Iteratioal is the brad used

More information

How To Find FINANCING For Your Business

How To Find FINANCING For Your Business How To Fid FINANCING For Your Busiess Oe of the most difficult tasks faced by the maagemet team of small busiesses today is fidig adequate fiacig for curret operatios i order to support ew ad ogoig cotracts.

More information

INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION

INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION At Tides, we have bee workig for more tha 30 years with people like you to make the world a better place. Our missio is to parter with activists,

More information

STUDENTS PARTICIPATION IN ONLINE LEARNING IN BUSINESS COURSES AT UNIVERSITAS TERBUKA, INDONESIA. Maya Maria, Universitas Terbuka, Indonesia

STUDENTS PARTICIPATION IN ONLINE LEARNING IN BUSINESS COURSES AT UNIVERSITAS TERBUKA, INDONESIA. Maya Maria, Universitas Terbuka, Indonesia STUDENTS PARTICIPATION IN ONLINE LEARNING IN BUSINESS COURSES AT UNIVERSITAS TERBUKA, INDONESIA Maya Maria, Uiversitas Terbuka, Idoesia Co-author: Amiuddi Zuhairi, Uiversitas Terbuka, Idoesia Kuria Edah

More information

Flood Emergency Response Plan

Flood Emergency Response Plan Flood Emergecy Respose Pla This reprit is made available for iformatioal purposes oly i support of the isurace relatioship betwee FM Global ad its cliets. This iformatio does ot chage or supplemet policy

More information

Savings and Retirement Benefits

Savings and Retirement Benefits 60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you

More information

Wells Fargo Insurance Services Claim Consulting Capabilities

Wells Fargo Insurance Services Claim Consulting Capabilities Wells Fargo Isurace Services Claim Cosultig Capabilities Claim Cosultig Claims are a uwelcome part of America busiess. I a recet survey coducted by Fulbright & Jaworski L.L.P., large U.S. compaies face

More information

Enhancing Oracle Business Intelligence with cubus EV How users of Oracle BI on Essbase cubes can benefit from cubus outperform EV Analytics (cubus EV)

Enhancing Oracle Business Intelligence with cubus EV How users of Oracle BI on Essbase cubes can benefit from cubus outperform EV Analytics (cubus EV) Ehacig Oracle Busiess Itelligece with cubus EV How users of Oracle BI o Essbase cubes ca beefit from cubus outperform EV Aalytics (cubus EV) CONTENT 01 cubus EV as a ehacemet to Oracle BI o Essbase 02

More information

Information for Programs Seeking Initial Accreditation

Information for Programs Seeking Initial Accreditation Iformatio for Programs Seekig Iitial Accreditatio Aswers to Frequetly- Asked-Questios (from www.abet.org/ew-to-accreditatio/) Assurig Quality l Stimulatig Iovatio This documet iteds to aswer may of the

More information

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life TIAA-CREF Wealth Maagemet Persoalized, objective fiacial advice for every stage of life A persoalized team approach for a trusted lifelog relatioship No matter who you are, you ca t be a expert i all aspects

More information

Information about Bankruptcy

Information about Bankruptcy Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet

More information

The Potential for Energy Savings in Affordable Multifamily Housing

The Potential for Energy Savings in Affordable Multifamily Housing MAY, 2015 The Potetial for Eergy Savigs i Affordable Multifamily Housig Key Fidigs 1 There is sigificat eergy savigs potetial i the affordable multifamily sector i each of the ie states studied. 2 The

More information

INVESTMENT PERFORMANCE COUNCIL (IPC)

INVESTMENT PERFORMANCE COUNCIL (IPC) INVESTMENT PEFOMANCE COUNCIL (IPC) INVITATION TO COMMENT: Global Ivestmet Performace Stadards (GIPS ) Guidace Statemet o Calculatio Methodology The Associatio for Ivestmet Maagemet ad esearch (AIM) seeks

More information

Lesson 17 Pearson s Correlation Coefficient

Lesson 17 Pearson s Correlation Coefficient Outlie Measures of Relatioships Pearso s Correlatio Coefficiet (r) -types of data -scatter plots -measure of directio -measure of stregth Computatio -covariatio of X ad Y -uique variatio i X ad Y -measurig

More information

Preserving Your Financial Legacy with Life Insurance Premium Financing.

Preserving Your Financial Legacy with Life Insurance Premium Financing. Preservig Your Fiacial Legacy with Life Isurace Premium Fiacig. Prepared by: Keeth M. Fujita, Natioal Director, The Private Bak Specialty Fiace Group Life Isurace Premium Fiace. James Mosrie, Seior Wealth

More information

A powerful promise. The 21st Century Scholarship Covenant

A powerful promise. The 21st Century Scholarship Covenant A powerful promise The 21st Cetury Scholarship Coveat Keep your eye o the prize. We ll help you reach your goal. The greatest good you ca do for aother is ot just to share your riches, but to reveal to

More information

optimise your investment in Microsoft technology. Microsoft Consulting Services from CIBER

optimise your investment in Microsoft technology. Microsoft Consulting Services from CIBER optimise your ivestmet i Microsoft techology. Microsoft Cosultig Services from Microsoft Cosultig Services from MICROSOFT CONSULTING SERVICES ca help with ay stage i the lifecycle of adoptig Microsoft

More information

LEASE-PURCHASE DECISION

LEASE-PURCHASE DECISION Public Procuremet Practice STANDARD The decisio to lease or purchase should be cosidered o a case-by case evaluatio of comparative costs ad other factors. 1 Procuremet should coduct a cost/ beefit aalysis

More information

Linkages of Short- and Long-term Policy Measures

Linkages of Short- and Long-term Policy Measures Likages of Short- ad Log-term Policy Measures Zafar Adeel Eviromet ad Sustaiable Developmet Programme Uited Natios Uiversity Tokyo 150-8925, Japa The pollutio of groudater, particularly drikig ater, by

More information

DEPARTMENT OF TREASURY FORECASTING ACCURACY OF THE ACT BUDGET ESTIMATES

DEPARTMENT OF TREASURY FORECASTING ACCURACY OF THE ACT BUDGET ESTIMATES DEPARTMENT OF TREASURY FORECASTING ACCURACY OF THE ACT BUDGET ESTIMATES May 008 . Executive Summary Every public or private orgaisatio that produces projectios or forecasts also evaluates their performace.

More information

Agricultural & Agri-Business Grant Opportunities. Presented By: Connie Miner Grant Consultant

Agricultural & Agri-Business Grant Opportunities. Presented By: Connie Miner Grant Consultant Agricultural & Agri-Busiess Grat Opportuities Preseted By: Coie Mier Grat Cosultat NYS Dept. of Agriculture & Markets: Overview of eligibility requiremets: Agricultural & Farmlad Protectio Boards Erie

More information

Domain 1: Designing a SQL Server Instance and a Database Solution

Domain 1: Designing a SQL Server Instance and a Database Solution Maual SQL Server 2008 Desig, Optimize ad Maitai (70-450) 1-800-418-6789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a

More information

A Benchmark for Making College Affordable

A Benchmark for Making College Affordable A Bechmark for Makig College Affordable The Rule of 10 A white paper from Lumia Foudatio A Bechmark for Makig College Affordable Defiig the affordability problem College prices have icreased by 45 percet

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New editio Jauary 2009 Are you worried about your mortgage? Get advice ow If you are strugglig to pay your mortgage, or you thik it will be difficult to pay more whe your fixed-rate deal eds, act ow to

More information

A Resource for Free-standing Mathematics Qualifications Working with %

A Resource for Free-standing Mathematics Qualifications Working with % Ca you aswer these questios? A savigs accout gives % iterest per aum.. If 000 is ivested i this accout, how much will be i the accout at the ed of years? A ew car costs 16 000 ad its value falls by 1%

More information

Medicaid And Private Insurance: Evidence And Implications

Medicaid And Private Insurance: Evidence And Implications 194 Peer Review Medicaid Ad Private Isurace: Evidece Ad Implicatios How large is the substitutio of Medicaid for private isurace? The aswer depeds o how exactly the questio is posed. by David M. Cutler

More information

GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS

GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS I the sprig of 2008, Stadig Together agaist Domestic Violece carried out a piece of collaborative work o domestic violece

More information

PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE

PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE OUR EXPERTISE To arrage a meetig with a member of for more iformatio about Price Bailey, At Price Bailey, we recogise that charity ad ot-for-profit

More information

Comparing Credit Card Finance Charges

Comparing Credit Card Finance Charges Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how

More information

For customers Key features of the Guaranteed Pension Annuity

For customers Key features of the Guaranteed Pension Annuity For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether

More information

UK Grant-making Trusts and Foundations

UK Grant-making Trusts and Foundations SECTOR INSIGHT UK Grat-makig Trusts ad Foudatios 2015 Tom Trayor Dr Catherie Walker dsc directory of social chage Published by the Directory of Social Chage (Registered Charity o. 800517 i Eglad ad Wales)

More information

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology Adoptio Date: 4 March 2004 Effective Date: 1 Jue 2004 Retroactive Applicatio: No Public Commet Period: Aug Nov 2002 INVESTMENT PERFORMANCE COUNCIL (IPC) Preface Guidace Statemet o Calculatio Methodology

More information

AGC s SUPERVISORY TRAINING PROGRAM

AGC s SUPERVISORY TRAINING PROGRAM AGC s SUPERVISORY TRAINING PROGRAM Learig Today...Leadig Tomorrow The Kowledge ad Skills Every Costructio Supervisor Must Have to be Effective The Associated Geeral Cotractors of America s Supervisory

More information

Amendments to employer debt Regulations

Amendments to employer debt Regulations March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios

More information

For customers Income protection the facts

For customers Income protection the facts For customers Icome protectio the facts We ve desiged this documet to give you more iformatio about our icome protectio beefits. It does t form part of ay cotract betwee you ad/or us. This iformatio refers

More information

Is there employment discrimination against the disabled? Melanie K Jones i. University of Wales, Swansea

Is there employment discrimination against the disabled? Melanie K Jones i. University of Wales, Swansea Is there employmet discrimiatio agaist the disabled? Melaie K Joes i Uiversity of Wales, Swasea Abstract Whilst cotrollig for uobserved productivity differeces, the gap i employmet probabilities betwee

More information

A Guide to Better Postal Services Procurement. A GUIDE TO better POSTAL SERVICES PROCUREMENT

A Guide to Better Postal Services Procurement. A GUIDE TO better POSTAL SERVICES PROCUREMENT A Guide to Better Postal Services Procuremet A GUIDE TO better POSTAL SERVICES PROCUREMENT itroductio The NAO has published a report aimed at improvig the procuremet of postal services i the public sector

More information

Modified Line Search Method for Global Optimization

Modified Line Search Method for Global Optimization Modified Lie Search Method for Global Optimizatio Cria Grosa ad Ajith Abraham Ceter of Excellece for Quatifiable Quality of Service Norwegia Uiversity of Sciece ad Techology Trodheim, Norway {cria, ajith}@q2s.tu.o

More information

HSAs the American Fidelity Way:

HSAs the American Fidelity Way: Health Ser vices Admiistratio, LLC HSAs the America Fidelity Way: Kowledge, Experiece, Commitmet With over 30 years experiece i providig pre-tax services, America Fidelity is a pioeer i Sectio 125 flexible

More information

Optimize your Network. In the Courier, Express and Parcel market ADDING CREDIBILITY

Optimize your Network. In the Courier, Express and Parcel market ADDING CREDIBILITY Optimize your Network I the Courier, Express ad Parcel market ADDING CREDIBILITY Meetig today s challeges ad tomorrow s demads Aswers to your key etwork challeges ORTEC kows the highly competitive Courier,

More information

DC College Savings Plan Helping Children Reach a Higher Potential

DC College Savings Plan Helping Children Reach a Higher Potential 529 DC College Savigs Pla Helpig Childre Reach a Higher Potetial reach Sposored by Govermet of the District of Columbia Office of the Mayor Office of the Chief Fiacial Officer Office of Fiace ad Treasury

More information

The Canadian Council of Professional Engineers

The Canadian Council of Professional Engineers The Caadia Coucil of Professioal Egieers Providig leadership which advaces the quality of life through the creative, resposible ad progressive applicatio of egieerig priciples i a global cotext Egieerig

More information

CCH Accounts Production

CCH Accounts Production CCH Accouts Productio accouts productio facig today s challeges Preparig statutory ad fiacial accouts is a core activity for our practice, as it is for may professioal firms. Although legislatio ad accoutig

More information

UNIT 3 SUMMARY STATIONS THROUGHOUT THE NEXT 2 DAYS, WE WILL BE SUMMARIZING THE CONCEPT OF EXPONENTIAL FUNCTIONS AND THEIR VARIOUS APPLICATIONS.

UNIT 3 SUMMARY STATIONS THROUGHOUT THE NEXT 2 DAYS, WE WILL BE SUMMARIZING THE CONCEPT OF EXPONENTIAL FUNCTIONS AND THEIR VARIOUS APPLICATIONS. Name: Group Members: UNIT 3 SUMMARY STATIONS THROUGHOUT THE NEXT DAYS, WE WILL BE SUMMARIZING THE CONCEPT OF EXPONENTIAL FUNCTIONS AND THEIR VARIOUS APPLICATIONS. EACH ACTIVITY HAS A COLOR THAT CORRESPONDS

More information

UM USER SATISFACTION SURVEY 2011. Final Report. September 2, 2011. Prepared by. ers e-research & Solutions (Macau)

UM USER SATISFACTION SURVEY 2011. Final Report. September 2, 2011. Prepared by. ers e-research & Solutions (Macau) UM USER SATISFACTION SURVEY 2011 Fial Report September 2, 2011 Prepared by ers e-research & Solutios (Macau) 1 UM User Satisfactio Survey 2011 A Collaboratio Work by Project Cosultat Dr. Agus Cheog ers

More information

HOSPITAL NURSE STAFFING SURVEY

HOSPITAL NURSE STAFFING SURVEY 2012 Ceter for Nursig Workforce St udies HOSPITAL NURSE STAFFING SURVEY Vacacy ad Turover Itroductio The Hospital Nurse Staffig Survey (HNSS) assesses the size ad effects of the ursig shortage i hospitals,

More information

T H E N O N P R O F I T S E C T O R I N B R I E F :

T H E N O N P R O F I T S E C T O R I N B R I E F : URBAN INSTITUTE T H E N O N P R O F I T S E C T O R I N B R I E F : Public Charities, Givig, ad Voluteerig, 2012 Amy S. Blackwood, Katie L. Roeger, ad Sarah L. Pettijoh This brief summarizes ad expads

More information

Predictive Modeling Data. in the ACT Electronic Student Record

Predictive Modeling Data. in the ACT Electronic Student Record Predictive Modelig Data i the ACT Electroic Studet Record overview Predictive Modelig Data Added to the ACT Electroic Studet Record With the release of studet records i September 2012, predictive modelig

More information

In June 2012, AORN surveyed its members

In June 2012, AORN surveyed its members Results of the 2012 AORN Salary ad Compesatio Survey DONALD R. BACON, PhD ABSTRACT AORN coducted its 10th aual compesatio survey for perioperative urses i Jue 2012. A multiple regressio model was used

More information

Harnessing Natural and Human Capital 2009 10

Harnessing Natural and Human Capital 2009 10 NATURAL RESOURCES INSTITUTE Haressig Natural ad Huma Capital 2009 10 www.ri.org Who we are The Natural Resources Istitute (NRI) is a specialist istitute of the Uiversity of Greewich. We provide research,

More information

Professional Networking

Professional Networking Professioal Networkig 1. Lear from people who ve bee where you are. Oe of your best resources for etworkig is alumi from your school. They ve take the classes you have take, they have bee o the job market

More information

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

5: Introduction to Estimation

5: Introduction to Estimation 5: Itroductio to Estimatio Cotets Acroyms ad symbols... 1 Statistical iferece... Estimatig µ with cofidece... 3 Samplig distributio of the mea... 3 Cofidece Iterval for μ whe σ is kow before had... 4 Sample

More information

Non-life insurance mathematics. Nils F. Haavardsson, University of Oslo and DNB Skadeforsikring

Non-life insurance mathematics. Nils F. Haavardsson, University of Oslo and DNB Skadeforsikring No-life isurace mathematics Nils F. Haavardsso, Uiversity of Oslo ad DNB Skadeforsikrig Mai issues so far Why does isurace work? How is risk premium defied ad why is it importat? How ca claim frequecy

More information

Designing Incentives for Online Question and Answer Forums

Designing Incentives for Online Question and Answer Forums Desigig Icetives for Olie Questio ad Aswer Forums Shaili Jai School of Egieerig ad Applied Scieces Harvard Uiversity Cambridge, MA 0238 USA shailij@eecs.harvard.edu Yilig Che School of Egieerig ad Applied

More information

auction a guide to selling at Residential

auction a guide to selling at Residential Residetial a guide to sellig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells up to 700 millio of property at auctio Holds at least seve residetial ad six

More information

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated.

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated. Itroducig Your New Wells Fargo Trust ad Ivestmet Statemet. Your Accout Iformatio Simply Stated. We are pleased to itroduce your ew easy-to-read statemet. It provides a overview of your accout ad a complete

More information

Season s Greetings. President s Message

Season s Greetings. President s Message News SOLELY FOR BENEFIT December 2012 BOARD OF DIRECTORS PRESIDENT Tret White Pharmacists Associatio of Newfoudlad ad Labrador (PANL) SECRETARY/TREASURER Price Edward Islad Pharmacists Associatio (PEI)

More information

Houston Independent School District

Houston Independent School District Housto Housto Idepedet School District Program Name: Implemeted: Program Type: Legal Authorizatio: Weighted Studet Formula 2000-2001 School Year District-Wide School Board Policy School Empowermet Bechmarks

More information

My first gold holdings. My first bank. Simple. Transparent. Individual. Our investment solutions for clients abroad.

My first gold holdings. My first bank. Simple. Transparent. Individual. Our investment solutions for clients abroad. My first gold holdigs. My first bak. Simple. Trasparet. Idividual. Our ivestmet solutios for cliets abroad. The perfect basis for workig together successfully The wheel of time is turig faster tha ever

More information

Agenda. Outsourcing and Globalization in Software Development. Outsourcing. Outsourcing here to stay. Outsourcing Alternatives

Agenda. Outsourcing and Globalization in Software Development. Outsourcing. Outsourcing here to stay. Outsourcing Alternatives Outsourcig ad Globalizatio i Software Developmet Jacques Crocker UW CSE Alumi 2003 jc@cs.washigto.edu Ageda Itroductio The Outsourcig Pheomeo Leadig Offshore Projects Maagig Customers Offshore Developmet

More information

Withdrawals with SunAmerica Income Plus 6% SM

Withdrawals with SunAmerica Income Plus 6% SM Guaratee cliets Withdrawals with SuAmerica Icome Plus 6% SM More Now More Later More Flexibility Growth with SuAmerica Icome Builder 8% SM For fiacial professioal use oly. Not for distributio to the public.

More information

Evaluating Model for B2C E- commerce Enterprise Development Based on DEA

Evaluating Model for B2C E- commerce Enterprise Development Based on DEA , pp.180-184 http://dx.doi.org/10.14257/astl.2014.53.39 Evaluatig Model for B2C E- commerce Eterprise Developmet Based o DEA Weli Geg, Jig Ta Computer ad iformatio egieerig Istitute, Harbi Uiversity of

More information

Tell us if you need help because of a disability Ask for a free interpreter

Tell us if you need help because of a disability Ask for a free interpreter Your rights uder Califoria Welfare Programs for people applyig for or receivig public aid i Califoria Tell us if you eed help because of a disability Ask for a free iterpreter 2 Your rights all people

More information

Design. the Future Path of Healthcare in the Home EXCLUSIVELY FOR TOP EXECUTIVES FROM LARGE HOME CARE & HOSPICE ORGANIZATIONS. homecare100.

Design. the Future Path of Healthcare in the Home EXCLUSIVELY FOR TOP EXECUTIVES FROM LARGE HOME CARE & HOSPICE ORGANIZATIONS. homecare100. Desig the Future Path of Healthcare i the Home homecare100.com EXCLUSIVELY FOR TOP EXECUTIVES FROM LARGE HOME CARE & HOSPICE ORGANIZATIONS February 6-9, 2016 Hyatt Regecy Lost Pies Resort, Austi, Texas

More information

What You Need To Know About Your HECM Counseling Session

What You Need To Know About Your HECM Counseling Session What You Need To Kow About Your HECM Couselig Sessio 1. Why do I eed couselig? The US Departmet of Housig ad Urba Developmet (HUD) requires a certified couselig sessio for a federally-isured reverse mortgage,

More information

6. p o s I T I v e r e I n f o r c e M e n T

6. p o s I T I v e r e I n f o r c e M e n T 6. p o s I T I v e r e I f o r c e M e T The way positive reiforcemet is carried out is more importat tha the amout. B.F. Skier We all eed positive reiforcemet. Whether or ot we are cosciously aware of

More information

Creating a Culture of Health

Creating a Culture of Health Creatig a Culture of Health Creatig a culture of health is vital to improvig the health ad productivity of your workforce ad your bottom lie. To establish the right foudatio, you must have the right programs

More information

CHAPTER 3 DIGITAL CODING OF SIGNALS

CHAPTER 3 DIGITAL CODING OF SIGNALS CHAPTER 3 DIGITAL CODING OF SIGNALS Computers are ofte used to automate the recordig of measuremets. The trasducers ad sigal coditioig circuits produce a voltage sigal that is proportioal to a quatity

More information

Smart Connected Products & The Internet of Things

Smart Connected Products & The Internet of Things Smart Coected Products & The Iteret of Thigs Who we are Taget delivers Talet Globally. Established for 40 years we specialise i delivery of iovative & tailored talet solutios to customers aroud the world.

More information

client communication

client communication CCH Portal cliet commuicatio facig today s challeges Like most accoutacy practices, we ow use email for most cliet commuicatio. It s quick ad easy, but we do worry about the security of sesitive data.

More information

A GUIDE TO BUILDING SMART BUSINESS CREDIT

A GUIDE TO BUILDING SMART BUSINESS CREDIT A GUIDE TO BUILDING SMART BUSINESS CREDIT Establishig busiess credit ca be the key to growig your compay DID YOU KNOW? Busiess Credit ca help grow your busiess Soud paymet practices are key to a solid

More information

Confidence Intervals. CI for a population mean (σ is known and n > 30 or the variable is normally distributed in the.

Confidence Intervals. CI for a population mean (σ is known and n > 30 or the variable is normally distributed in the. Cofidece Itervals A cofidece iterval is a iterval whose purpose is to estimate a parameter (a umber that could, i theory, be calculated from the populatio, if measuremets were available for the whole populatio).

More information

Allied Health Workforce Analysis Los Angeles Region

Allied Health Workforce Analysis Los Angeles Region F u d e d b y & p r e p a r e d f o r : Allied Health Workforce Aalysis Los Ageles Regio Timothy Bates, M.P.P. Susa Chapma, Ph.D, R.N. M A Y 2 0 0 8 October 2007 A report from The Allied Health Care Workforce

More information

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES Read Sectio 1.5 (pages 5 9) Overview I Sectio 1.5 we lear to work with summatio otatio ad formulas. We will also itroduce a brief overview of sequeces,

More information

Methods for Optimizing GRATs

Methods for Optimizing GRATs A ceter of excellece buildig bridges from thought to actio, creatig practical, applicable strategies to help beefit you ad your family I the Hawthor Istitute white paper A Overview of GRATs, we review

More information

Present Value Tax Expenditure Estimate of Tax Assistance for Retirement Saving

Present Value Tax Expenditure Estimate of Tax Assistance for Retirement Saving Preset Value Tax Expediture Estimate of Tax Assistace for Retiremet Savig Tax Policy Brach Departmet of Fiace Jue 30, 1998 2 Preset Value Tax Expediture Estimate of Tax Assistace for Retiremet Savig This

More information

Subject CT5 Contingencies Core Technical Syllabus

Subject CT5 Contingencies Core Technical Syllabus Subject CT5 Cotigecies Core Techical Syllabus for the 2015 exams 1 Jue 2014 Aim The aim of the Cotigecies subject is to provide a groudig i the mathematical techiques which ca be used to model ad value

More information