Environmental
The Arizona Water Infrastructure Finance Authority (WIFA) affects real estate by:
ASetting water rates for Arizona homeowners
BProviding low-cost financing for water and wastewater infrastructure projects that support growth and development✓ Correct
CRegulating private well water quality
DManaging the Central Arizona Project (CAP) water delivery
Explanation
WIFA provides loans and other financial assistance to Arizona municipalities, counties, and water utilities for water and wastewater infrastructure projects, supporting the public infrastructure that enables real estate development.
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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