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501 (C)(3) |
Section of the
Internal Revenue Code that addresses the
requirements that an organization must
meet in order to be considered a tax
exempt organization. Many people refer
to agencies that have obtained a tax
exempt status as a “501(c)(3).”
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A
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Abandoned Property |
Property that is
no longer being maintained by its owners
and is either vacant or not lawfully
occupied. Some jurisdictions may limit
the term to properties that have
undergone legal proceedings confirming
the owner’s failure to pay back property
taxes.
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Abatement |
A reduction or
decrease. With respect to real estate,
the term usually applies to a
government-granted decrease in property
taxes but can also refer to the
reduction or termination of other debt.
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Absorption Rate |
In real estate,
the rate or projected rate that a
particular use will be completely rented
or sold. For example, market analysis
projects 25 to 30 luxury condominium
units can be sold over the course of one
year in the Elmwood District. That is,
the Elmwood District can absorb 25 to 30
luxury condo units per year.
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Abstract |
A short legal
history of a piece of property, tracing
its ownership (title) through the years.
An attorney or title insurance company
reviews the abstract to make sure the
title comes to a buyer free from any
defects (problems).
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Abutting |
Having property or
district lines in common.
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Accessory Dwelling
Units |
A small,
self-contained residential unit built on
the same lot as an existing
single-family home, often used by
extended family members, and commonly
referred to as "in-law apartments" or
"granny flats." ADUs may be built
within a primary residence, attached to
the primary residence, or detached from
the primary residence. An ADU will be
subordinate in size, location, and
function to the primary residential
unit, which is why ADUs are sometimes
referred to as "secondary units" or
"second units". |
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Acquisition |
The purchase of
land and buildings
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Acquisition
Financing |
Funds obtained for
the purpose of purchasing vacant land or
properties (exclusive of any funds
needed for property improvements or
rehabilitation).
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Acquisition Rehab |
A strategy of
purchasing and rehabbing substandard
homes or properties for rent or for sale
with affordable financing to low- or
moderate-income renters or buyers.
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Acre |
Unit of land
measuring 43,560 square feet.
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Act |
In the United
State legal context, a bill that has
successfully passed the necessary
political procedures to become law at
the state or federal level. For example,
the USA Patriot Act.
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Activity Center |
Activity center is
a term that refers to concentrated areas
of housing and or employment such as
downtowns, town centers, or edge cities.
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Ad Valorem Taxes |
A tax based on
assessed value of an item of property.
In Georgia, common usage generally
refers to taxes due on the value of a
vehicle.
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Adaptive Reuse |
A new use for a
structure or landscape other than the
historic use, normally entailing some
modification of the structure or
landscape.
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Adequate Public
Facilities |
A term often used
in discussing a new development to
describe whether existing public
facilities, such as roads, schools,
sewers, and water, are of a size and
capacity to serve the new development.
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Adequate Public
Facilities Ordinance |
Controls the
timing and location of new development
by coordinating development permits with
the availability of public facilities to
serve the development. New developments
are not permitted unless the public
facilities needed to serve the project
are already in place or can be provided
by the developer. (Georgia DCA)
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Adjustable Rate
Mortgage (ARM) |
A mortgage loan
subject to changes in interest rates
during the course of the loan term. When
rates change, adjustable-rate mortgage
(ARM) monthly payments increase or
decrease at intervals determined by the
lender. The change in monthly-payment
amount, however, is usually subject to a
cap. In hybrid ARMs, the interest rate
is fixed for a period of time – often,
3, 5, 7, or 10 years – and then coverts
to an adjustable rate thereafter.
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Affordability
Covenant |
An affordability
covenant is a legally binding clause to
a deed that specifies that the property
will remain affordable by setting
certain terms and conditions related to
its long-term use. An affordability
covenant may restrict to whom a rental
unit is rented and at what level or to
whom and at what price a for-sale unit
will be sold. These guidelines are
typically put in place to preserve the
affordability of homes financed with
substantial government subsidies for
future residents.
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Affordability
Period |
The time period
for which rent restrictions or resale
restrictions apply to housing that has
been assisted by government funding.
HOME-assisted rental units carry rent
and occupancy restrictions for varying
lengths of time, known as the
affordability period.
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Affordable
Housing |
Affordable housing
is generally defined as housing on which
the occupant is paying no more than 30
percent of gross income for housing
costs, including utilities. Families who
pay more than 30 percent of their income
for housing are considered cost
burdened.
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Affordable Housing
Fund |
A subsidy funding
program of the Federal Home Loan Bank
Board, the official governing body that
oversees savings and loan institutions,
that seeks to promote investment in low
to moderate income housing initiatives
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Affordable Senior
Housing |
The HUD 202
Program offers rental assistance for
seniors who meet the requirements of the
federal program. Rents are based on a
resident's adjusted gross income, which
is calculated by subtracting approved
medical expenses from their income. The
resident then pays 30 percent of the
adjusted gross income for rent and
utilities. Residency requirements have
been determined by HUD. To be eligible
for an apartment under the HUD 202
program, individuals or their spouse
must be at least 62 years of age or
older; individuals must have an annual
income consistent with HUD guidelines
for income maximums; individuals must be
able to meet the posted residency
criteria. All affordable senior housing
communities comply with federal fair
housing regulations, accepting age- and
income-qualified residents without
regard to race, color, religion, sex,
disability, familial status, or national
origin.
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Amenities |
Those settings or
improvements to a property or
neighborhood that increase the
desirability or enjoyment of the
residents, for example, parks, community
centers, sports fields. Amenities are
not necessities.
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American
Association Of Homes And Services For
The Aging (Aisha) |
National
organization representing not-for-profit
organizations that are dedicated to
providing high-quality health care,
housing, and services to the nation's
elderly. Its membership consists of over
5,000 not-for-profit nursing homes,
continuing care retirement communities,
senior housing communities, assisted
living, and community services. AAHSA
organizations serve more than one
million seniors of all income levels,
creeds, and races.
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American Planning
Association (APA) |
Nonprofit
public interest and research
organization representing 43,000
practicing planners, officials, and
citizens involved with urban and rural
planning issues. APA is national group
with offices in Washington, DC and
Chicago, Il. The APA publishes several
planning related magazines, journals and
newsletters and conducts and annual
conference. |
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Americans With
Disabilities Act (ADA) |
A federal civil
rights law that protects individuals who
are physically and mentally disabled,
prohibiting discrimination in
employment, public services, public
accommodations, and telecommunications.
Entities that are covered by ADA must
make reasonable accommodations, which
may involve adapting programs,
facilities, or work places to allow
disabled individuals to participate. |
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Amortization |
The gradual
repayment of a debt, such as a mortgage,
by installments. |
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Amortizing Loan |
A loan for which
equal payments are due on a regular
periodic basis, usually monthly. The
payments include varying amounts of
principal and interest. These are
sometimes called “level payment” loans,
as opposed to deferred payment loans due
only on resale or loans repaid with
unequal periodic payments of principal
and interest. |
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Annexation |
The incorporation
of land area into the jurisdiction of an
existing municipality with, a resulting
change in the boundaries of that
municipality. |
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Annual (Gross)
Income |
The total amount
of money that a person or company
receives over the course of a year,
before taxes and other deductions. This
income may include, but is not limited
to, funds from employment; interest;
dividends; alimony; disability payments;
or public assistance.
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Annual Membership
Meeting |
The annual
membership meeting is a yearly meeting
to which all the members of the co-op
are invited. At the annual meeting,
members elect the co-op's board of
directors, bylaw revisions can be voted
on, and other important matters can be
brought before the entire membership.
The financial status and overall health
of the cooperative is usually reported
on. Most cooperatives, as corporations,
are legally required through their
bylaws to hold an annual
member/shareholder meeting. The bylaws
state when, where, and the agenda.
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Annual Report |
A yearly report of
an organization’s or government’s
financial statements and
accomplishments.
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Apartment |
One or more rooms
of a building used as a place to live,
in a building containing at least one
other unit used for the same purpose.
Can also be a separate suite, not owner
occupied, which includes kitchen
facilities and is designed for and
rented as the home, residence, or
sleeping place of one or more persons
living as a single housekeeping unit.
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Application Fee |
Charge collected
by the lender at the time a would-be
borrower applies for a mortgage. This
fee generally covers the cost of the
appraisal on the property and the cost
of ordering a mortgage credit report.
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Appraisal |
Estimate of the
real or market value of a property, that
is, what the owner could reasonable
expect to get upon sale. Estimates are
usually made by professional real estate
appraisers.
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Appreciation |
An increase in the
value of property due to changes in
market conditions or other causes.
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Appropriation |
Funding
allocations made on a regular basis by a
committee or other authorizing body. The
level of appropriations made available
to federal , state or local agencies for
housing and related programs may vary
from year to year on the basis of other
urgent budget needs and/or political
shifts. In contrast, dedicated funding
sources generally guarantee that all
revenue from a specified source will be
available for use by a designated
program or entity.
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Arbitrage |
Generally,
transactions by which securities are
bought and sold in different markets at
the same time for the sake of the profit
arising from a difference in the two
markets. With respect to the issuance of
municipal bonds, arbitrage usually
refers to the difference between the
interest paid on the bonds issued and
the interest earned by investing the
bond proceeds in other securities.
Arbitrage profits are permitted on bond
proceeds for various temporary periods
after issuance of municipal bonds.
Internal Revenue Service regulations
govern arbitrage of municipal bond
proceeds.
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Area Median Income
AMI) |
A term of art used
by some federal programs to describe
published income standards for various
areas of the country that are used as
benchmarks for determining households’
eligibility for federally funded
programs. For example, homebuyers
assisted with HOME or CDBG funds
generally must have incomes at or below
80% of area median income. AMIs are
calculated and published annually by
HUD. “Median” means that half of all
households in the area are estimated to
have more than this amount of income.
AMI is also referred to as Area Median
Family Income (AMFI).
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Articles Of
Incorporation |
Legal document
submitted to a designated officer of the
state for permission to commence
business as either a for-profit or
non-profit corporation. The articles of
incorporation, or charter, state the
purpose, rights and duties of the
corporation.
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Asbestos |
A mineral formerly
used as insulation in buildings that has
been linked to lung cancer when inhaled.
It must be removed or sealed when
demolishing or renovating older
buildings to protect construction
workers and new inhabitants.
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Assessed
Valuation: |
The value assigned
to a property by the local government
unit for real estate tax purposes. This
is usually less than the market value of
the property. The relationship between
assessed and market value varies widely
depending on location and jurisdiction. |
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Assessment |
A levy against
property for a special purpose, such as
a sewer assessment. |
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Assessment Area |
The geographical
area served by a lender. The area is
used by the Federal Reserve Board to
evaluate the lender's compliance with
the Community Reinvestment Act and the
bank's record in helping to meet the
credit needs of its community
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Assessor |
A public official
who evaluates property values for the
purpose of taxation. |
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Asset Oversight |
Duties performed
in conjunction with multifamily bond
financed properties. Asset oversight
typically entails monitoring aspects
relating to the property and
periodically reporting that information
to the owner of the property as well as
other parties that may be involved.
Asset oversight duties are primarily
restricted to defined physical audits of
the property and monitoring the
financial covenants and agreements in
applicable loan agreements.
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Assisted Housing |
Low-income
multi-family rental housing and
single-family ownership units whose
construction, financing, sales prices,
or rents have been subsidized by
federal, state, or local housing
programs.
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Assisted Living |
Assisted living
units are self-contained apartments for
seniors or people with disabilities who
need some support services to continue
living independently, but do not need
24-hour facility care. Services provided
include daily meals, social and
recreational opportunities, assistance
with medications, mobility and other
care needs, a 24-hour response system
and light housekeeping.
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Association
Community Organizations For Reform Now
(Acorn) |
The nation's
largest community organization of low-
and moderate-income people, ACORN
members organize in their neighborhoods
and across the country around local and
national issues such as affordable
housing, safety, education,
foreclosures, living wages, immigration
and voter engagement.
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At-Risk Housing |
Multi-family
rental housing that is at risk of losing
its status as housing affordable for low
and moderate income tenants due to the
expiration of federal, state or local
agreements.
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Attainable
Housing |
A term that is
used for housing that is neither serves
households typically targeted for
affordable housing nor is deed
restricted. It is housing that cost
perhaps slightly less than market but is
considered above "affordable".
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Audit |
An examination of
the financial or administrative records
of an organization or governmental
entity to ensure that they are complete
and accurate.
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B |
TOP |
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Balance Sheet |
An accounting
statement of the financial position of a
company showing all assets, liabilities
and net worth as of a specific date.
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Basic Rent: |
The rent charged
in a subsidized housing project and
computed on the basis of a maximum
subsidy.
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Below Market
Interest Rate Program (BMIR) |
Applies to certain
mortgage programs where the interest
rate on the mortgage is below that
charged for conventional financing, in
order to assist low-and moderate-income
families rent or purchase dwelling
units. |
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Below-Market |
Below-market is a
general term that refers to housing that
rents or sells for less than prevailing
market levels. In some cases,
below-market housing is used
synonymously with affordable housing. In
other cases, below-market housing is
targeted at moderate-income families
with somewhat higher incomes than those
served by federal affordable housing
programs. Generally, housing can be
offered at below-market levels only with
a public subsidy or with a public
concession such as density bonuses or
reduced-cost publicly-owned land.
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Bill |
A proposed law,
introduced during a session for
consideration by the Legislature also,
commonly refers to Joint and Concurrent
Resolutions and Constitutional
Amendments.
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Blanket Mortgage |
A blanket mortgage
is a single loan covering more than one
piece of real estate. Because the
mortgage is secured by more than one
item of collateral, sale of one piece of
property will not retire the entire
mortgage.
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Blight |
A condition of
property, or the uses of property, in
parts of a city, town, or neighborhood
that are detrimental to the physical,
social, and/or economic well-being of a
community. It can include abandoned
buildings or those severely neglected by
their owners, vacant lots full of rubble
and garbage, or dangerous and/or illegal
uses such as crack houses. |
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Block Grants: |
Grants to states
that can be used for a variety of
purposes. Block grants are funded by
annual appropriations by Congress and
allocated to states by formula. Block
grants usually provide considerable
flexibility to governors for delivering
the services outlined in the block
grant. |
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Board Of
Directors |
A co-op's board of
directors is elected by the
members/shareholders to govern the
cooperative including setting policy,
making rules and regulations and other
decisions which govern the operations
and the welfare of its
members/shareholders. |
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Bond |
A bond is a type
of loan or debt security that is issued
by a public authority or credit
authority for long-term investments.
Bonds are repaid when they "mature,"
typically 10 years or more after being
issued. |
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Bond Bill |
A bill authorizing
the sale of State general obligation
bonds to finance specified projects or
activities, which must be subsequently
approved by the voters.
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Bond Money Or Bond
Program |
State and local
governments sell tax-exempt Housing
Bonds, commonly known as Mortgage
Revenue Bonds (MRBs) and Multifamily
Housing Bonds, and use the proceeds to
finance low-cost mortgages for lower
income first-time homebuyers or the
production of apartments at rents
affordable to lower income families.
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Bond Review Board |
The Bond Review
Board's mission is to ensure that debt
financing is used prudently to meet
infrastructure needs and other public
purposes, to support and enhance the
debt issuance and debt management
functions of state and local entities,
and to administer the state's private
activity bond allocation.
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Bridge Loan
(Interim Financing) |
Short-term loans
designed to bridge the gap between the
time money is needed, e.g. between
construction, and the time of a
permanent loan. Also covers the period
(gap) between the construction loan and
equity payments made by investors over
time in a low-income housing tax-credit
project.
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Brownfield |
Brownfield sites
are abandoned, idled, or underused
industrial and commercial properties
where expansion or redevelopment is
complicated by actual or perceived
environmental contamination.
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BRT- Bus Rapid
Transit |
BRT refers to a
variety of transportation systems that,
through improvements to infrastructure,
vehicles and scheduling, attempts to use
buses to provide transportation service
that is on par with the quality of rail
transit, but which enjoys the lower
costs of bus service.
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Buffer Zone |
A strip of land,
identified in the zoning ordinance,
established separate two distinct land
uses which may be incompatible with each
other. For example industrial and
residential buffer zones may either be
shown on the zoning map or described in
the ordinance with reference to
neighboring districts.
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Builders Remedy |
A builder's remedy
is a legal cause of action available in
certain states to a developer that has
been denied a building permit for
development of affordable homes. The
"remedy" occurs when a state enforcement
agency, such as a court or other special
authority, overrides local
decision-making and grants permission to
move forward with development. In New
Jersey, the builder's remedy has been
established as a tool for encouraging
municipalities to meet their fair share
housing targets.
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Building Code |
State and local
ordinances that prescribe certain
minimum standards for construction,
rehabilitation, or occupancy of
affordable housing. It also relates to
the acceptance or rejection of new
building designs, materials, or
technology intended to reduce the cost
of affordable housing. |
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Building Envelope |
Refers to the
separation of a building's interior from
its exterior including the exterior
walls, windows and roof.
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Building Footprint |
The area on a
parcel of land covered by a particular
building.
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Building Line of
Setback |
Distances from the
ends and/or sides of the lot beyond
which construction may not extend. The
building line may be established by a
filed plat of subdivision, by
restrictive covenants in deeds or
leases, by building codes, or by zoning
ordinances. |
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Building Permit |
A permit issued by
a local government agency that allows
the construction or renovation of a
home.
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Buildout/Build-Out |
Development of
land to its full potential or
theoretical capacity as permitted under
current or proposed planning or zoning
designations.
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Business District |
A downtown, a core
of business development, or a central
business district. Such an area can
often mix different land uses, including
residential, commercial, and industrial,
with certain entertainment functions. |
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Bylaws |
The rules
governing the internal affairs of an
organization or governmental entity.
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By-Right
Development |
Development rights
that a property owner can exercise under
existing zoning conditions without
seeking approval from the City.
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C |
TOP |
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Community Action
Agency (CAA) |
CAAs were
organized in the 1970s with the goal of
eliminating the causes, conditions, and
effects of poverty. A CAA may be a
private, non-profit, tax-exempt
corporation or a department within local
government. CAAs may operate a variety
of programs that serve low income and
elderly residents of the community,
including emergency home repair,
weatherization, food distribution,
employment counseling, homeless
assistance, transportation and Headstart.
CAAs generally receive funding from a
variety of federal, state, local, and
private sources. Sometimes referred to
as CAP (Community Action Program)
agencies. |
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Capacity |
With respect to
nonprofits corporations, the ability to
(1) remain organizationally healthy; (2)
actively address the needs of the
organization; and (3) effectively carry
out the organization's mission.
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Capital Asset: |
An asset of a
permanent or fixed nature, or one used
in carrying on a business or trade.
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Capital
Expenditures: |
The cost of an
improvement made to extend the useful
life of a property or to add to its
value
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Capital Gain Or
Capital Loss: |
The gain or loss
incurred from the sale or disposition of
a capital asset (such as a property).
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Capital
Improvements |
Improvements on a
property that increase its value; also,
improvement of public facilities such as
streets, sewers, etc.
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Capital
Replacements |
Capital items that
need to be replaced as their useful life
wears out, such as appliances, flooring,
furnaces, hot water tanks, carpets,
linoleum, window covering, painting and
paving .
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Capital: |
Money invested
either in a business or property to
create income.
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Capitalize;
Capitalization |
Can have several
meanings as used in the low-income
housing industry. The most common is
“capitalizing a loan fund,” i.e. raising
grants or low-interest loans for a fund
from which loans are made to third
parties. In real estate development,
the term can also mean characterizing
certain expenses such as loan interest
and professional fees as capital costs,
not ordinary operating expenses.
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Carrying Capacity |
Used in
determining the potential of an area to
absorb development: 1) The level of land
use, human activity, or development for
a specific area that can be accommodated
permanently without an irreversible
change in the quality of air, water,
land, or plant and animal habitats. (2)
The upper limits of development beyond
which the quality of human life, health,
welfare, safety, or community character
within an area will be impaired. (3) The
maximum level of development allowable
under current zoning. (See "Buildout.")
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Carrying Charges |
When applied to
cooperative housing, carrying charges,
also called monthly maintenance fees,
are the proportionate share of a
cooperative's operating expenses,
reserve funding, and mortgage payments
assessed to each member/shareholders.
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Cash Flow |
The flow of cash
into and out of a corporation or
project; or, the net cash remaining
after deduction of operating expenses
and debt service (loan payment) from
gross income.
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Cash-To-Close |
A colloquial term
used in the single-family lending
industry to describe the total amount of
cash to be provided by the homebuyer at
the real estate and loan closing. This
cash is applied to pay the down payment,
appraisal fee, and other loan-related
fees, recording costs, and pre-paid real
estate taxes and insurance.
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Catalyst Program |
The Catalyst
Program, administered by the Florida
DCA, Bureau of Community Development,
provides training and technical
assistance to local governments and
community-based organizations to assist
in developing capacity to undertake
affordable housing and specifically in
the implementation of the CDBG Small
Cities, HOME and SHIP programs. |
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Categorical
Grant: |
An allocation of
funds for a particular programmatic
purpose.
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Census |
The official
United States decennial enumeration of
the population conducted by the federal
government.
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Census Tract |
Small, relatively
permanent statistical subdivisions of a
county typically containing between
2,500 and 8,000 persons and, when first
delineated. Census tracts are designed
to be homogeneous with respect to
population characteristics, economic
status, and living conditions. While
the spatial size of census tracts varies
widely depending on the density of
settlement, census tract boundaries are
delineated with the intention of being
maintained over a long time so that
statistical comparisons can be made from
census to census. Census tracts do not
cross county boundaries.
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Center For
Community Change (CCC) |
National
organization that supports emerging
non-profits and grassroots groups. CCC
provides on-site assistance to
grassroots groups, connects people to
resources, helps build coalitions, and
informs communities on in state and
national policy issues.
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Certificate Of
Completeness |
A notice issued in
response to an application. The
Certificate notifies the applicant that
the applicant may proceed with the
approval process since the submitted
application meets the requirements of
the municipality's regulations and is
complete.
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Certificate Of
Compliance: |
A certificate
issued by an official of the appropriate
political subdivision which allows a
particular proposed use which is
generally restricted in the area to go
forward. For example, in the
Chattahoochee River corridor, land and
water uses deemed inconsistent with the
ARC’s study of the corridor are
restricted. However upon petition to
the local government and review by the
ARC, a certificate of compliance may be
issued and the proposed use allowed.
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Certificate/Voucher/Ra: |
Tenant-based
rental assistance provided to the tenant
in the form of a certificate or voucher
(HUD) or Rental Assistance (USDA-RD),
See Section 8. |
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Chapter 40b |
Massachusetts
General Law enacted in 1969, which
established affordable housing goal of
10% for every community. In communities
below the 10% goal, developers can seek
a comprehensive permit bypassing local
zoning. In exchange developers must
designate a minimum of 25% of total
development for moderate income
households. The Bolton ZBA can place
conditions on the comprehensive permit
as long as these conditions do not make
the project “uneconomical “ for the
developer. (also referred to as
“anti-snob zoning” or comprehensive
permit) |
|
Charrette |
A meeting of
stakeholders employing public process
techniques and focused on creating a
vision for the future.
|
|
CHDO Entitlement |
The amount of
money a city, state or urban county gets
annually from HUD based on a formula
through the Community Development Block
Grant program.
|
|
Chronic Homeless |
A term used by HUD
to define a particular group of homeless
individuals. HUD defines the term as an
unaccompanied homeless individual with a
disabling condition who has either been
continuously homeless for a year or
more, or has had at least four episodes
of homelessness in the past three years.
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|
City Planning |
City planning,
also referred to as town planning or
urban planning, is the activity or
profession of determining the future
physical arrangement and condition of a
community. It involves an appraisal of
the current conditions, a forecast of
future requirements, a plan for the
fulfillment of these requirements, and
proposals for legal, financial, and
construction programs to implement the
plan.
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|
Clear Title |
Title to real
estate that is free from competing
interests such as old liens or other
claims to ownership. Because having
clear title is generally a requirement
to purchase title insurance, clear title
is sometimes interchanged with
“insurable title.” Similarly, because
possession of clear title is necessary
to market or sell a property, the term
“marketable title” can also be
synonymous with clear title
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|
Closing |
The occasion where
the sale of real estate and/or the
making of a loan is finalized.
Sometimes called “settlement.”
|
|
Closing Costs |
Also referred to
as Settlement Costs. These are costs
paid at loan closing which may include
points, attorney's fees, title
insurance, and prepaid items.
|
|
Cluster
Development (Conservation Development,
Conservation Design) |
Development in
which single-family dwelling units are
placed in closer proximity than zoning
typically allows. Cluster development
can save money on infrastructure like
roads and their maintenance, while
preserving permanently for the common
good environmental assets like woodlands
and environmentally sensitive areas. The
techniques used to concentrate buildings
might include reduction in lot areas,
setback requirements, and/or bulk
requirements, with the resultant open
land being devoted by deed restrictions
for one or more uses.
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|
Cluster
Subdivisions |
This technique
provides for the clustering of housing
units within a residential development
(usually single-family detached- or
attached-housing) on lots smaller than
those normally allowed under existing
zoning, usually with the provision that
the land that is saved be set aside
permanently as open space. http://ohioline.osu.edu/cd-fact/1270.html |
|
Coalition |
(1) A combination,
a union. (2) A temporary alliance for
some specific purpose.
|
|
Code Compliance: |
To be in
accordance with required building codes
|
|
Code Enforcement |
the act of
assuring compliance with a set of laws
or norms as defined by a code, such as a
building code.
|
|
Code Inspection: |
The assessment of
the design, construction, and material
used in buildings in meeting required
building codes.
|
|
Codes |
A collection of
laws bound together in volumes and
organized by subject matter.
|
|
Co-Housing |
A cohousing
community is a kind of intentional
community composed of private homes with
full kitchens, supplemented by extensive
common facilities. A cohousing community
is planned, owned and managed by the
residents, groups of people who want
more interaction with their neighbors.
Common facilities vary but usually
include a large kitchen and dining room
where residents can take turns cooking
for the community. Other facilities may
include a laundry, pool, child care
facilities, offices, internet access,
game room, TV room, tool room or a gym.
Through spatial design and shared social
and management activities, cohousing
facilitates intergenerational
interaction among neighbors, for the
social and practical benefits. There are
also economic and environmental benefits
to sharing resources, space and items.
http://www.cohousing.org/default.aspx
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Collateral |
Property pledged
as security for a debt, for example,
mortgaged real estate.
|
|
Commitment Fee |
A fee paid to the
Issuer by a lender to secure the right
to originate a specific portion of the
available program funds. Typically these
funds are used by the Issuer to pay all
or a portion of the costs of issuance of
the issue.
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|
Community Centers |
The businesses,
services and institutions in Community
Centers serve not only the immediate
neighborhood, but also the larger
surrounding community of up to 100,000
people. There is both more activity, as
businesses are open in the evening, and
more intensive building in Community
Centers where buildings are typically
between two and six stories. Community
Centers may have a mix of housing with
commercial buildings, grade schools,
libraries, professional offices, hotels,
cultural and entertainment facilities.
Pedestrian-friendly streets and
sidewalks are encouraged as are
centralized and shared parking, bus
shuttles and support for bicyclists.
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|
Community
Development |
A term broadly
used to describe any efforts to improve
housing, infrastructure, education,
social services and employment in lower
income areas.
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|
Community
Development Action Grant |
A state funded
program using housing bond bill funds,
to enable financing of affordable
housing.
|
|
Community
Development Banking |
Banks designed to
serve residents and spur economic
development in low- to moderate-income (LMI)
geographical areas. When CDBs provide
retail banking services, they usually
target customers from "financially
underserved" demographics. Community
development banks can apply for formal
certification as a Community Development
Financial Institution (CDFI) from the
Community Development Financial
Institutions Fund of the U.S. Department
of the Treasury.
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|
Community
Development Block Grant |
This is a HUD
(federal) program that provides grants
to cities and states to undertake
community development efforts.
Affordable housing is a common use, and
many cities subcontract with nonprofits
to run the programs. Generally rural
areas and cities smaller than 50,000
population must apply on a competitive
basis annually or bi-annually to be a
state government agency administering
the Small Cities CDBG program.
|
|
Community
Development Corporation |
A loosely defined
term for a nonprofit organization that
undertakes commercial or residential
real estate development. It usually,
but not always, indicates some targeting
of efforts to a low-income neighborhood. |
|
Community
Development Credit Union |
A non-profit
credit union chartered to serve A
low-income community. The structure is
similar to that of A regular credit
union, however, because CDCUs are
non-profit, they are tax-exempt. CDCUs
offer services not provided by
mainstream banks, such as small loans at
below-market rates to people who might
not qualify for bank loans in A
competitive situation. CDCUs rely
heavily on banks, foundations, and other
investors for deposits to support their
work. Federally chartered CDCUs are
regulated by The state they operate in.
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|
Community
Development Financial Institution. |
An array of
diverse institutions that lends to
low-income and, increasingly,
middle-income persons, Native American
reservations and community development
projects, complementing the work of
conventional lenders. Included are
community development banks, community
development credit unions, community
development loan funds and micro-loan
funds. |
|
Community
Development Loan |
Loans that have as
their primary purpose one of the
following: Affordable housing, community
services targeted to LMI individuals,
activities that revitalize or stabilize
LMI geographies, activities that promote
economic development. |
|
Community Housing
Development Organizations. |
Pronounced
CHO-DOE. A HUD term for a
Community-Based Housing Development
Organization in relation only to the
federal HOME program (see “HOME”). HOME
reserves 15% of its funds for CHDOs. A
CHDO must have on its board at least
one-third low-income people, their
specially elected representatives, or
residents of low-income census tracts. |
|
Community Housing
Land Trust |
Community land
trusts are a form of shared equity
homeownership designed to ensure that
homes made affordable through public or
philanthropic subsidies remain
affordable over the long-term. Under the
traditional community land trust model,
a nonprofit community land trust is
established to own the land on which
homes are situated. The trust then sells
the physical structures to home
purchasers for an affordable price,
along with a long-term lease on the
land. When the home is sold, it must be
sold an affordable price to a qualifying
homebuyer. |
|
Community
Investment Financial Institutions |
An array of
diverse institutions that lends to
low-income and, increasingly,
middle-income persons, Native American
reservations and community development
projects, complementing the work of
conventional lenders. Included are
community development banks, community
development credit unions, community
development loan funds and micro-loan
funds. |
|
Community
Investment Program: |
A federal program
established by the Financial
Institutions Reform, Recovery, and
Enforcement Act through which Federal
Home Loan Banks provide low-cost
advances and direct subsidies to member
banks for purchasing or renovating
owner-occupied or rental housing for
families with incomes up to 115 percent
of the area median, for low- or
moderate-income commercial or economic
development, and for mixed-use projects
combining housing and commercial or
economic development activities. |
|
Community Land
Trusts |
A means of
restricting use of land and housing
through not-for-profit ownership of land
with leases to the land users. It is
often used to protect low-income housing
from speculation.
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|
Community
Preservation Act |
Massachusetts Law
designed to preserve open space,
historic resources and affordable
housing. For every $1 that a town raises
through a property surcharge, the state
provides matching funds. CPA funds can
support housing for households up to
100% of the area’s median income. (for
housing to count as affordable, however,
income needs to be 80% or less of median
income).
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|
Community
Redevelopment Agency |
In California, a
governmental entity separate from the
city established to redevelop certain
defined areas of a city. Under State
law, it is also responsible for the
development of affordable housing.
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|
Community
Reinvestment Act (CRA): |
A federal law that
encourages lenders to make residential
and commercial loans to low-income and
minority people, and/or in low-income
areas. |
|
Compact
Development |
Compact
development refers to development that
uses less land than conventional
development.
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|
Complete Community |
Complete community
refers to community whose mix of housing
offers many types of homes affordable to
people with a wide range of income. |
|
Compliance |
The act of meeting
requirements and conditions specified in
statutes, rules and/or federal laws
regarding the CDBG Small Cities, HOME,
SHIP, or other state and federal housing
programs.
|
|
Comprehensive
Permitting |
In Massachusetts,
state legislation authorizes local
zoning boards to grant to an eligible
developer a single permit that
“overrides” local zoning and other
requirements and regulations that are
too restrictive or would prevent the
construction of affordable housing. The
“override” applies only to local
restrictions, not state requirements. A
developer whose comprehensive permit
application is denied, or approved with
conditions that make the project
“uneconomic,” may appeal the decision to
the state administrative housing appeals
body if the city’s affordable housing
stock does not meet certain criteria
established by the state legislation. |
|
Comprehensive
Plan |
A general
community plan that describes land use
patterns according to whether a given
district or parcel will be devoted to
residential, commercial, or industrial
use. Such a plan also includes
transportation, public facilities, and
sometimes social services or
redevelopment (urban renewal) plans.
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|
Concept Plan |
A drawing with
accompanying information showing the
basic elements of a proposed land
development plan or subdivision as used
for pre-application meetings and early
discussions, and classification of the
project within the approval process.
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|
Conditional Use
Permit |
A conditional use
permit (CUP) is granted by a
municipality to authorize a development
type or land use on a specific lot that
would not otherwise have been permitted
by the underlying zoning code. In many
cases, the permit is granted only upon
the fulfillment of certain conditions.
For example, the developer of a
multifamily project may receive
permission to build at a higher density
than ordinarily allowed in exchange for
the inclusion of a modest share of
affordable homes in the development. |
|
Condominium |
A form of
ownership in which individuals purchase
and own a unit of housing in a
multi-unit complex. The owner also
shares financial responsibility for
common areas, both land and building.
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Conservation
Easement |
A tool for
acquiring open space with less than
full-fee purchase, whereby a public
agency buys only certain specific rights
from the land owner. These may be
positive rights (providing the public
with the opportunity to hunt, fish,
hike, or ride over the land), or they
may be restrictive rights (limiting the
uses to which the land owner may devote
the land in the future.)
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|
Conservation
Subdivision |
Conservation
Subdivision is one form of land
regulation that permits flexibility of
design in order to promote
environmentally sensitive and efficient
uses of the land. With land subdivided
through a conservation subdivision
regulation, local government can
preserve unique or sensitive natural
resources such as groundwater,
floodplains, wetlands, streams, steep
slopes, woodlands and wildlife habitat.
Conservation subdivisions enable
clustering of houses and structures on
less environmentally sensitive soils
which will reduce the amount of
infrastructure, including paved surfaces
and utility easements, necessary for
residential development. |
|
Consolidated
Metropolitan Statistical Area |
A Metropolitan
Statistical Area with a population of
one million or more. The Office of
Management and Budget (OMB) defines
metropolitan areas for purposes of
collecting, tabulating, and publishing
federal data. Metropolitan area
definitions result from applying
published standards to Census Bureau
data.
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|
Consolidated Plan |
Developed by local
and state governments with the input
from citizens and community groups and
submitted to HUD, the consolidated plan
serves four functions: (1) it is a
planning document for each state and
community, built upon public
participation and input; (2) it is the
application for funds under HUD's
formula grant programs (CDBG, HOME, ESG,
and HOPWA); (3) it lays out local
priorities; and (4) it lays out a 3-5
year strategy the jurisdiction will
follow in implementing HUD programs. In
Rhode Island, larger cities each prepare
a consolidated plan, and RI Housing
prepares a consolidated plan for the
entire state.
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Constituent |
A person who
resides within the district of a
legislature.
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Construction Loan |
A short term loan
which enables a developer to pay for
land and construction costs,
contractor’s bills and other expenses
during the construction period. Also
called interim financing.
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|
Consumer Credit
Counseling Service |
Consumer Credit
Counseling Service (CCCS) is a
nonprofit, community service agency
whose services are open to all members
of the community. CCCS provides free,
confidential budget counseling,
community-wide education programs in
money management, debt management
programs for consumers who are
overextended and comprehensive housing
counseling.
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Context-Sensitive
Design |
New buildings can
be designed so that the scenic,
aesthetic, historic, and environmental
resources of a community are preserved.
Called "context sensitive design," this
approach minimizes the impact of new
development on a community. Examples
include incorporating the architectural
style of a community into the design of
a new building — or using local building
materials to better integrate the
building into the surrounding
environment.
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Continuum Of Care
Grant |
HUD's Continuum of
Care programs provide permanent and
transitional housing to homeless
persons. Continuum grants fund a wide
variety of programs- from street
outreach and assessment programs to
transitional and permanent housing for
homeless persons and families. They help
provide important services including job
training, health care, mental health
counseling, substance abuse treatment
and child care. Nearly $1.2 billion in
Continuum of care grants are awarded
competitively to local programs to meet
the need of their homeless clients. |
|
Contract For Deed |
A financing
arrangement for the sale of property
whereby land ownership remains with the
seller until the total purchase price is
paid.
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|
Conventional
Financing |
In the low-income
housing industry, a term often used to
refer to any loan made with non-subsidy
sources. Among private, single-family
lenders, a term to describe a loan that
is made with a minimum 20% down payment
and conventional underwriting criteria—a
maximum 80% loan-to-value ratio and
maximum 28/36 underwriting ratios. See
“loan-to-value ratio” and “underwriting
ratios.”
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|
Conventional Loan |
A mortgage loan
not insured by FHA or guaranteed by the
VA or by USDA-Rural Development.
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Cooperative |
A corporation
where the stockholders are entitled to
occupancy of real estate (i.e.
apartments) through proprietary leases
or other like arrangements.
|
|
Co-Operative
Housing |
A housing
development in which individual
residents own a share in the
co-operative. This share grants them
equal access to common areas, voting
rights, occupancy of an apartment or
townhouse as if they were owners, and
the right to vote for board members to
manage the co-operative. Each member has
one vote and members work together to
keep their housing well-managed and
affordable.
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|
Cooperative
Interest |
The cooperative
interest is the combination of the
cooperative ownership (share or
membership) and occupancy rights
(occupancy agreement or proprietary
lease). The two interests cannot be
divided.
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|
Cooperative
Principles |
The cooperative
principles are a set of seven principles
that cooperatives worldwide follow. They
are based upon principles developed by
the Rochdale Pioneers in England during
the1800s, generally considered to be the
founders of the modern cooperative
movement. The International Cooperative
Alliance revised the principles in 1995. |
|
Core Housing Need |
Households in core
housing need are those individuals who
currently reside in housing that is
either in need of major repair, does not
have enough bedrooms for the size and
makeup of the household, or costs 30
percent or more of their total income,
and who are unable to rent an
alternative housing unit that meets
these standards without paying 30
percent or more of their income.
|
|
Cost Burden |
A household paying
more than 30% of its gross income for
housing is "cost-burdened."
|
|
Cost Of Issuance |
The cost
associated with the issuance of a single
family mortgage revenue bond issue or a
multifamily revenue bond issue. Costs of
issuance typically include Bond Counsel
Fees, Financial Advisory Fees, Issuer
Counsel Fees, Trustee's Fees, and
Trustee's Counsel Fees.
|
|
Covenant |
In the context of
housing policy, a covenant is an
agreement that restricts the ways in
which a home may be rented and/or sold.
In the past, so-called "restrictive
covenants" were used to limit the
potential buyers of homes to members of
specified racial or religious groups.
Today, however, affordability covenants
are used to ensure that homes made
affordable through public subsidies
remain affordable to future renters or
homebuyers.
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Credit |
although the terms
'credit' and 'finance' are often used
interchangeably they denote related but
distinct concepts. Finance refers to the
manner in which an activity is funded.
Credit is the form of finance when
borrowed capital is used to fund an
activity.
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|
Credit And Debt
Profile |
A credit and debt
profile assesses the financial history
of an individual, business, jurisdiction
or other entity. Lenders often require a
credit and debt profile of their
borrowers to assess their credit
worthiness and establish loan terms and
interest rates for a home mortgage.
|
|
Credit
Underwriting |
A process used by
lenders (including government lenders)
to evaluate the feasibility of a rental
development, i.e., whether project
income will be sufficient to pay the
loan and operating expenses.
|
|
Critical Housing
Need |
Any household
paying more than 50% of its gross income
on housing or living in severely
dilapidated housing has a "critical
housing need."
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D |
TOP |
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Debt |
debt capital
represents money lent to a project. The
borrower has a legal obligation to repay
the principal amount of the loan,
usually with interest, within a specific
time and according to a pre-established
schedule. It is a complementary term to
"credit," meaning the right to borrow in
return for a promise to pay later.
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Debt Capital: |
Money loaned at an
agreed interest rate for a fixed term of
years: distinguished from equity
capital.
|
|
Debt Ratio |
In single-family
lending, the percentage of borrower’s
income that will be spent on all
installment debt after a home purchase,
refinancing, or home renovation
financing. The conventional ratio is
36% of income. Some community
reinvestment loan products and insured
loans allow a higher ratio.
|
|
Debt Service |
Principal and
interest payments on a loan usually paid
monthly.
|
|
Debt To Equity
Ratio |
The debt to equity
ratio is a financial ratio used to
determine whether a government agency,
business, household, or other entity can
safely borrow over long periods of time.
The ratio is calculated by dividing an
entity's outstanding debt by the amount
of equity it holds. A high debt to
equity ratio may indicate that an entity
is financing its growth with debt. For
government agencies, debt to equity
ratio is important because it will
determine whether it has a strong or
weak bond rating.
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|
Deed |
The document that
transfers ownership of a property. The
deed must contain an accurate
description of the property being
conveyed, be signed and witnessed
according to the laws of the State where
the property is located, and be
delivered to the purchaser at closing
day.
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|
Deed In Lieu Of
Foreclosure |
The transfer of
title of a mortgage property from the
owner to a mortgage lender to avoid
foreclosure and further collection
actions.
|
|
Deed Of Trust |
A loan secured by
a mortgage deed, meaning the property
owner has agreed to give the property to
the lender if monthly payments are not
made, so the property can be sold to pay
off the loan. First deed of trust loan
means the same thing.
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|
Deed Restrictions: |
Restrictions or
limitations on the use of property, as
noted in a deed. Deed restrictions are
one mechanism for maintaining the
long-term affordability of a home with a
significant public subsidy.
|
|
Deferred Payment
Loan |
Funds provided to
a borrower under terms that calls for
repayment to be delayed for a certain
length of time, until certain
circumstances change, or a certain
threshold is met. In housing programs,
deferred payment loans are often used as
a recapture mechanism. In home ownership
programs the loans often become due when
the assisted family sells the home.
Under rental programs the loans often
become due if the affordability
requirements are breached. In most
housing programs these loans have an
interest rate of zero percent; in some
communities interest does accrue.
|
|
Deferred Payment
Second Mortgage Loan |
A non-amortizing
loan, usually at 0% interest, on which
no repayments are due until sale or some
other point in the future. They are
usually made by a public or nonprofit
agency to a lower income homebuyer or a
developer of low-income housing.
Sometimes called a “deferred payment
loan,” a “DPL,” or a “soft second
mortgage.”
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|
Demand Site
Management |
DSM programs are
implemented by several utility companies
in Florida and across the country to
help commercial and residential utility
customers improve the energy-efficiency
of their homes and businesses. By
reducing some demand for energy, these
conservation programs help utilities
avoid the costly production of new power
plants. Florida’s private investor-owned
utility companies (Gulf, Florida Power,
Florida Power & Light, Tampa Electric)
and several municipal utilities are
required by regulation to offer DSM
programs to their customers. They
commonly offer educational materials,
rebates on efficient materials like
insulation, and load management
programs.
|
|
Demographic Data |
Information about
the characteristics of human
populations, including size, income,
age, wealth, race, ethnicity, gender,
housing conditions, etc. |
|
Demolition Fee |
A fee paid to a
municipality by a developer or
demolition contractor in order to obtain
a permit to demolish a structure. Some
older communities require demolition
fees to stem the loss of affordable
homes by (a) discouraging demolition of
older homes, which tend to be more
affordable than new construction; and
(b) providing a revenue source that can
be directed into a housing trust fund
and used for affordable homes.
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|
Density |
Density is a
standard measure of units per area
(typically reported in dwelling units
per acre or du/ac). High-density areas
have more homes per unit of land than
low-density areas. A typical suburban
development (lower density) may have a
housing density of 2 units per acre,
while a typical townhouse development
(higher density) may have a housing
density of 22 units per acre.
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|
Density Bonus |
Permission granted
by a municipality to build more or
larger units than otherwise allowed by
the existing zoning codes. Density
bonuses are sometimes included as an
"offset" to compensate developers for
revenue that may be lost due to a
requirement in an inclusionary zoning
ordinance that a share of newly
developed units be affordable to working
families. In other cases, density
bonuses are granted as an incentive to
encourage owners to voluntarily include
affordable units within new
developments. |
|
Department Of
Community Affairs (DCA) |
The Georgia DCA
operates a host of state and federal
grant programs; serves as the state's
lead agency in housing finance and
development; promulgates building codes
to be adopted by local governments;
provides comprehensive planning,
technical and research assistance to
local governments; and serves as the
lead agency for the state's solid waste
reduction efforts
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|
Department Of
Housing And Urban Development (HUD): |
A federal
government agency responsible for
national policy and programs that
address the nation's need for fair and
affordable housing for low- and
moderate-income people. HUD administers
several programs, including Community
Development Block Grants, Section 8
certificates and vouchers, subsidized
public housing, homeless assistance, and
fair housing education and
enforcement.
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Depreciation: |
A sum representing
presumed loss (from physical wear and
economic obsolescence) in the value of a
building or other real-estate
improvement and deducted annually from
net income to arrive at taxable income. |
|
Developer |
An entrepreneur
who is the leader of the development
team. The developer is the inspirational
leader of the team, providing the
overall vision for the project. The
developer also coordinates the purchase
of land, design, project planning,
financing, and construction of the
entire project.
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Development |
The construction,
reconstruction, conversion, structural
alteration, relocation, or enlargement
of any structure; any mining,
excavation, landfill or land
disturbance; or any change in use, or
alteration or extension of the use, of
land.
|
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Development Impact
Fees |
A fee or charge
imposed on developers to pay for a
jurisdiction's costs of providing
services to new development.
|
|
Development of
Regional Impact |
Developments of
Regional Impact (DRIs) are large-scale
developments that are likely to have
regional effects beyond the local
government jurisdiction in which they
are located. In Georgia, DCA has the
authority to establish procedures for
reviewing DRIs and to review the
projects in an effort to facilitate
cooperation between jurisdictions
effected by the projects. However,
local government autonomy is preserved
since the host government maintains the
authority to make the final decision on
whether a proposed development will or
will not go forward.
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|
Development
Process |
The process
through which developed projects are
conceived, initiated, analyzed,
designed, financed, built and managed.
|
|
Development Right |
The right granted
to a land owner or other authorized
party to improve a property. Such right
is usually expressed in terms of a use
and intensity allowed under existing
zoning regulation. For example; a
development right may specify the
maximum number of residential dwelling
units permitted per acre of land.
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Disability |
According to the
U.S. Department of Housing and Urban
Development, a person shall be
considered to have a disability if the
person is determined to have a physical,
mental, or emotional impairment that:
(1) is expected to be of long-continued
and indefinite duration, (2)
substantially impeded his or her ability
to live independently, and (3) is of
such a nature that the ability could be
improved by more suitable housing
conditions. A person shall also be
considered to have a disability or he or
she has a developmental disability as
defined in the Developmental
Disabilities Assistance and Bill of
Rights Act (42 U.S.C. 6001-6006). The
term also includes the surviving member
or members or any household described in
the first sentence of this paragraph who
were living in an assisted unit with the
deceased member of the household at the
time of his or her death.
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Document Recording
Fee |
The fee a
government charges for reporting a real
estate purchase or sale in the public
record. Document recording fees are one
source of funding for housing trust
funds.
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Down Payment
Assistance |
Grants or low
interest loans given to lower income
homebuyer’s help to fund down payment
and/or closing costs—usually in the
range of $2,000 to $5,000. Less
commonly, the term is used to refer to
any second mortgage financing in any
amount.
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Downpayment
Assistance Program |
A program that
assist potential homebuyers with cash to
put up in order to purchase a piece of
property; the down payment is generally
equal to the purchase price less the
amount of mortgage loans used to finance
the purchase.
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Downpayment. |
The amount of cash
a buyer is required to put up in order
to purchase a piece of property; it is
generally equal to the purchase price
less the amount of mortgage loans used
to finance the purchase.
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Downzoning |
An increase in the
amount of square footage or acreage of
land required in connection with
specified amounts of development: for
example: a change in the acreage
requirement for a single family home
from one acre to three acres. “Upzoning”
is often confused with “downzoning”, as
it is common to assume that the “up”
refers to the amount of allowable
density instead of the amount of
mandated land area.
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Duplex |
A house with two
units sharing a common wall. Also
semi-detached
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Dwelling Unit |
A structure or
portion of a structure providing
complete, independent living facilities
for one or more persons, including
permanent provisions for living,
sleeping, eating, cooking, and
sanitation, and containing a separate
means of ingress and egress.
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Dwelling,
Multifamily Attached |
A building
containing two or more dwelling units
for the use of individual households; an
apartment or condominium building is an
example of this dwelling unit type.
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Dwelling,
Single-Family Detached |
A dwelling, not
attached to any other dwelling, which is
designed for and occupied by not more
than one family and surrounded by open
space or yards.
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