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THE LANGUAGE OF AFFORDABLE HOUSING
Adjustment Factor
The rent setting mechanism in some Section 8 programs where rents are adjusted annually by a factor based on marked rents for comparable unsubsidized communities.

Amendment
Subsidy contracts which run out of budgeted funds before the contract term ends are amended to provide sufficient funds to complete the contract term. The amendment funds, not the previously budgeted funds, affect the current federal budget.

Block grant
Federal funds with broad guidelines awarded to local and state governments who decide how the funds will be used.

Budget based rent increase
Rent-setting mechanism where rents are adjusted based on HUD's review of the owner's estimate of future operating costs.

C.H.A.S.
Each unit of state or local government prepares an annual Comprehensive Housing Affordability Strategy which HUD uses to assess national needs for affordable housing.

Certificate
A form of tenant-based Section 8.

Community Development Block Grant (C.S.B.G)
Federal block grant program that is primarily used to create and preserve affordable housing.

Default
A HUD-insured mortgage loan is in default if the debt service payment is more than 30 days late.

Drug Elimination Grant
Competitively awarded grants made to public housing authorities and assisted housing providers for combating the effects of drug-related crime and discouraging residents' drug use.

Elderly Housing
Roughly 30 percent of assisted housing communities were designed, developed and operated for the elderly, people age 62 and over, usually with 10 percent of the units set aside for persons with disabilities.

ELPIHPA
Emergency Low Income Housing Preservation Act of 1987. Similar to LIHPRHA, for communities developed prior to January 1, 1972. Also known as Title II.

Excess income
Residents of Section 236 communities with relatively high incomes pay a rental surcharge in addition to the standard rent. This is called excess rent. Any excess rent remarnirig after deducting collection losses is remined to HUD and is called excess income.

F. A.F.
This financing Adjustment Factor increases the initial rents of certain Section 8 New Construction and Substantial Rehabilitation communities to reflect the actual interest cost of bond-financed mortgage loans as opposed to an assumed 8 percent interest rate used for initial processing.

Family Housing
Roughly 70 percent of assisted housing communities were designed, developed and operated for families.

Farmers Home Administration
(FmHA) Part of the flepartrnent of Agriculture. Established to produce affordable housing in rural areas

Flexible Subsidy
Low-interest rate Idans for for-profit owners or granEs for nonprofit owners awarded competitively to existing communities with significant financial needs, This program includes the Capital Unprovement Loan Program specifically to flind maintenance and repair needs. This program is fflnded by appropriations only.

HOME
The Home Investment Partnerships program was created in the National Affordable Housing Act of 1990 It is a block grant program to states and localities to be used for non-affordable housing development, preservation and provision of resident assistance payments

Rent supplement
Similar to Section 8 but used with early Section 221d3 communities. Most rent supplement contracts have been convened to Section SELMSA.

Rental Assistance
A variety of assisted housing programs where subsidy is provided to qualifEg residents to cover the portion of rent and utility payments they cannot afford.

Rental Assistance EHA)
Similar to Sections but used with FaiHA 515 communities.

Rent Rehab
A HUD direct loan program, now discontinued, for the creation of affordable housing through rehabilitation of existtng structures.

Replacement reserve
A cash escrow established by each assisted housing community to flind alture major repairs and replacements. The replacement resettre receives monthly deposits from rental income in an amount agreed to by LIUD and the housingEowner

Residual receipts
Surplus cash from prior periods in excess of the limited dividend. Section 8. A Hun rental assistance program that prdvides housing assistance payments on behalf of low-income residents with incomes of up to either 50 percent or 80 percent of median income. Rent and utility burden are Innited to 30 percent of the resident's adjusted income. The major Section 8 sub-programs are:
  • Tenant-based subsidies.;
    • Certificate and voucher
  • Prolect-bised subsidies:
  • Loan ManagementESet-Aside EMSA)
  • Subsidy awarded competitively to troubled HUD-insured conanuruties in order to avoid insurance claims.
  • New Construction and Substantial Rehabilitation
  • A subsidy with the adjustment factdr rent-setting mechanism. Most communities were developed between 1976 and 1983 usually with 20-year Section 8 contracts.

Section 108
HUD direct loans for affordable housing development and rehabilitation guaranteed by local or state government through a pledge of filnire Community Development Block Grant funds.

Section 202
Mortgage loans provided at market interest rates directly by HUD to nonprofit sponsors of housing for the elderly atid/or persons with disabilities,

Section 220
HUD mortgage insurance program at market interest rates for urban redevelopment areas may or may not have Section 8 subsidy.

Section 236
HUD mortgage insurance program that provided an effective one percent interest rate and 40-year term to households with incomes up to 80 percent of the median income. Most mortgages originated between 1970 and 1975. See also Interest Reduction Payment.

Section 236
Uninsured. Ajoint program betweeri HUD and a state agency that combines state agency direct loans and a Hun Interest Reduction Payment lowering the effective mortgage interest rate to one percent.

Section 221d3
mm mortgage insurance program with market interest rates except Section 221d3 SM[R (Below Market Interest Rate). Usually has Section S subsidy

Section 221d3
BNUR, HUD mortgage insurance program that provides a three percent interest

ACC - Annual Contributions Contract
AAF Annual Adjustment Factor
AbA - Americans with Disabilities Act
AFHMP - Affirmative Fair Housing Marketin9 Plan
APR RATES - Applicable federal (interest) rates
ANMA - Affordable Housing Management Association
AMGI - Area Median Gross Income
BIN
  • - Building Identification Number for Housing Credits
  • - Below Market Interest Eate
    CDBG Corritnunity Development Block Grants
    CFR - Code of Federal Regulations
    ELIMPA Emergency Low Incorne Housing Preservation Act of 1987
    PMR - Fair Market Rent
    PHA Federal Housing Administration
    FHAA Far Housing Amendments Act
    FHAP Fair Housing Assistance Program
    FHIP - Fair Housing Initiatives Program
    Fn'HA - Farmers Home Administmtion - see RECD and RHS
    GAO - General Accounting Office
    HAP - Housing Assistance Payment
    HOUSING CREDIT - Low Income Housing Tax Credit
    HCCB - Housing Credit Certification Board
    WOME - Federally funded housing program in 1990 and allocated to states on a needs based formula
    HUb - U.S. Department of Housing and Urban Development (Hub)
    IRP - Interest Reduction Payrnent
    Ilts "Cobr' - Internal Revenue Code of 1986
    LIXPRHA - Low Income Housing Preservation and Resident Homeownership Act of 1990
    CIHC - Low Income Housing Credit
    L!l-lTC - Low Income Housing Tax Credit
    LMSA - Loan Management Set-Aside
    LOCCS - Line of Credit Control System
    MZM - Mark to Market
    MAHRAA - Multifamily Assisted Housing Reform and Affordability Act
    MTCS - Multifamily Tenant Characteristics System (tenant based Section 8)
    NAA National Apartment Association
    NAHA - National Affordable Housing Act (Cranston-Gonzalez)
    NAME - National Association of Home Builders
    NAMMA - National Affordable Housing Management Association
    NCWM - National Center for Housing Management
    NCSHA - National Council State Housing Agencies
    NOFA - Notice of Funding Availability
    OCAP - Operating Cost Adjustment Factor
    0MB - Office of Management and Budget
    OMMAR - Office of Multifamily Housing Assistance Restructuring
    PACs - Project Assistance Contracts CSection 162)
    • - Personal Benefit Expense
    PRACs - Project Rental Assistance Contract
    PAE - Participatin9 Administrative Entities
    PWA
    • - Public Housing Authority
    • - Public & Indian Housing
    • - Private Letter Rulin9
    QAP - Qualified Allocation Plan
    Qas - Qualified Census Tracts
    Rb - Rural Development
    RECb - Rural Economic and Community Development
    REMS - Real Estate Management System
    • - Request for Qualifications
    SRO Section 8 Moderate Rehabilitation Single Room Occupancy
    TRACsE- Tenant Rental Assistance Certification System - (project based Section 5)
    TREASURV - ETreasury Department"
    UP - Total Tenant Poytnent on 50059
    LISPAP - Uniform Standards of Professional Appraisal Practice
    514(c) - temporary renewal contract for expiring Section 2 contract
    521(o)(1) - renewal method for expirin9 Section 8 under MAHRA
    524(a)(2) - renewal method for expiring Section S exception properties under MAHRA
    8609 IES Form for Housing Credits Allocation Certification
    8823 - IRS Forhi for Housing Credits Report of Noncompliance
    50058 - Income certification form used for tenant based Section 8 used by PHA
    50059 - Income certification form used for project based Section S
    SECTION 8 - Housing payments regulations in Section B of the U.S, Housing Act
    SECTION 101 - Rent supplements to reduce rents for certain disadvantaged lowEincome persons
    SECTION 108 Community Development Block Grants
    SECTION 201 - Flexible subsidy used as loans then grants for rehab
    SECTION 202 - Capital Advances - supportive Housing for the Elderly
    SECTION 207 - Rental Housing
    SECTION 220 - Urban Renewal Housing
    SECTION 221 - Mortgage Insurance for Projects Serving Low - and Moderate - Income Families
    SECTION 223 - Cf) - Exiting Multifamily Rental Housing
    SECTION 231 - Elderly Housing
    SECTION 232 - Mortgage Insurance for Nursing Homes and Intermediate Care
    SECTON 236 - Lower Income Housing
    SECTION E04 - Section 504 of the 1973 Eehabilitation Act
    5EEON 608 - Veterans Housing
    SECTION 810 Armed Services Housing in Impacted Areas
    SECTION 811 - Capitol Advances - Supportive Housing for Persons with disabilities
    Section 515 - IRMS (FmHA) program for rural low income rental housing
    1944-8 - RHS Tenant Certification Form
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