2|PLANNING AND PREDEVELOPMENT

The planning and predevelopment phase moves your project from a general idea to a more detailed project. By the end of this phase, you will have a specific development scope, including a site for your development and the ability to build on it; a development team; a development site plan; and an understanding of the financial feasibility and anticipated costs for your project. You will also have started to evaluate and assemble sources of financing for your project.

Many of the decisions you make about your proposed development during the predevelopment phase will shape who benefits from your project; how it looks; its costs to both build and operate; and its eligibility and competitiveness for financing. A thorough and well-managed predevelopment process can minimize risks in the overall development process; maximize homes’ intended benefits; and set future phases up for success.