Land Use & Zoning
In Tennessee, a 'mixed-income housing development' is designed to:
AProvide housing only for the wealthiest buyers
BInclude units available at various income levels, promoting economic diversity in the community✓ Correct
CRequire all residents to have the same income
DOnly qualify for federal tax credits
Explanation
Mixed-income developments intentionally include housing units for residents at various income levels — market rate, workforce housing, and affordable units — promoting economically diverse communities.
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Key Terms to Know
Capitalization Rate (Cap Rate)
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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