What defines a Planned Unit Development (PUD)?

A Planned Unit Development (PUD) is primarily defined as a project that includes both individual homes and common areas that are managed collectively by a homeowners association (HOA). This setup allows for various types of residential units and often integrates commercial spaces as well, aiming to create a cohesive community environment.

One of the key features of a PUD is that property owners have ownership of their individual lots as well as shared ownership of the communal spaces, like parks, swimming pools, and streets, which are typically maintained by the HOA. This promotes a sense of community while providing individuals with their private residential space.

While the other options touch on aspects of real estate and housing, they do not capture the essence of what a PUD is. A mortgage plan pertains to financing rather than development structure; single-family home ownership does not account for the community-wide management aspect of a PUD; and a government housing scheme refers to public housing initiatives which may not include the shared ownership model integral to PUDs. Thus, the defining characteristic of a PUD is indeed its combination of private ownership and managed common property.