Atlanta Regional Housing

This glossary is divided into three pages. This page contains terms underlined in the alphabet below.

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(0-9 A B C D) (E F G H I J K L) (M N O P Q R S T U V W X Y Z)

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Easement	The right of a person, government agency, or public utility company to use for a specific purpose public or private land owned by another.
Economic Development	A general term indicating projects to strengthen an area's economy and employment base.
Economy Of Scale	The economic principle that as the scale of production increases, the cost of producing each additional unit decreases, leading to a lower average cost per unit. This principle helps explain, for instance, some of the costs advantages of manufactured homes and larger builders.
Economic Development Administration (EDA)	An agency of the Department of Commerce that provides planning, technical assistance and financial resources to qualifying programs.
Efficiency Housing (Eco Housing)	also called eco-housing, green development, sustainable design, and environmentally-sound housing, efficiency housing strives to cause low adverse impact on the environment, and to use materials that provide a healthy living environment, maximizing indoor air quality and providing plenty of natural light
Elderly Household	A family in which the head of the household or a spouse is at least sixty-two (62) years of age.
Emergency Housing	Short-stay housing of 30 days or less. Includes emergency shelters that provide single or shared bedrooms or dorm-type sleeping arrangements, with varying levels of support to individuals.
Emergency Shelter	An emergency shelter is a facility that provides shelter to homeless families and/or homeless individuals on a limited short-term basis.
Emergency Shelter Grants (ESG)	A grant program administered by the U.S. Department of Housing and Urban Development (HUD) provided on a formula basis to large entitlement jurisdictions.
Eminent Domain	Right of a government agency to take private property for a public purpose. Fair compensation must be paid to the owner whose property is taken.
Employer Assisted Housing	Employer assisted housing is housing assistance provided by employers for their workers or the broader community. A growing number of employers are extending employer assisted housing benefits to their workers by providing grants or loans to assist with down payments (for homebuyers) or security deposits (for renters), offering homeownership education and counseling, and investing in the development of affordable homes in the community.
Empowerment Zones (EZS) And Enterprise Communities (ECS)	Specific geographical areas selected by the Departments of Housing and Urban Development or Agriculture to receive tax and other benefits intended to improve the economic viability of the area. No new areas are currently being designated for these programs.
Empty Nesters	Adults, usually couples, whose children have grown up and left home.
Encumbrance	A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it.
Enterprise Foundation	Helps locally-based nonprofit organizations working in community development by provide them with the specialized information, resources, and connections they need to revitalize their communities.
Enterprise Zone	Specific geographical areas selected by the Departments of Housing and Urban Development or Agriculture to receive tax and other benefits intended to improve the economic viability of the area. No new areas are currently being designated for these programs.
Entitlement City	A city, which based on its population, is entitled to receive funding directly from HUD. Examples of entitlement programs include CDBG, HOME and ESG.
Entitlement Community	An urban county or metropolitan city eligible to receive a community development block grant directly from HUD. In the affordable housing context, a city or county entitled to receive Community Development Block Grant funds directly from HUD—usually with a population exceeding 50,000
Environmental Impact Report	A study conducted by specialists and generally required by state or federal law to be completed before a project can be built. It evaluates the project’s effect on the environment and infrastructure.
Equal Credit Opportunity Act	is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant’s income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.
Equalized Assessed Value	The value of a property determined by the local Tax Assessor. The Tax Assessor utilizing estimates for construction cost may obtain estimates at the time of building permit. Final equalized assessed value shall be determined at time of project completion.
Equity	The market value of real property, less the amount of existing debt or liens.
Equity Capital:	Money invested by owners or others who share in profits or tax breaks.
Equity Investor	A person or company that invests money in a development. Equity investors demand a higher rate of return than the typical bank loan interest rate because their funds are not generally secured by collateral (property, buildings, etc.)
Escrow Account	As used in the housing context, an escrow account is a separate account into which the lender puts a portion of each monthly mortgage payment. An escrow account provides the funds needed for such recurring expenses as property taxes, homeowners insurance, mortgage insurance, etc. Requiring families to make monthly payments into an escrow account to cover these expenses is generally viewed as a desirable practice that helps families manage their housing costs by spreading the payments for these expenses throughout the year.
Escrow For Taxes And Insurance	an escrow or reserve account maintained by the lender to receive that portion of the monthly debt service payment which will cover 1/12th of the annual real estate taxes and homeowner's insurance. When the taxes and insurance come due each year, the lender pays the bill out of the escrow.
Exaction	Discretionary fees, dedications, or off-site improvements imposed as a condition of approval of a particular development project by the municipality or county. Like impact fees, exactions are meant to mitigate off-site impacts of a development.
Excess Income	An FHA/HUD term that refers to income paid by residents who, at certification or recertification, have income over the prescribed limits, thus requiring the payment of a monthly charge above the basic rate. This term is most commonly used in relation to a Section 236 development.
Exclusionary Zoning	Zoning which excludes certain uses. In the affordable housing context, the term is applied to indicate the practice of zoning which limits residential development to large lot single family housing and excludes multi-family or other affordable options.
Exemption From Impact Fees	The foregoing or dismissal of impact fees that would typically be associated with new developments. Many municipalities allow exemption of impact fees for those organizations that build, for instance, affordable housing.
Existing Homeowner	An owner-occupant of residential property who holds legal title to the property and who uses the property as his or her principal residence.
Expedited Permitting	The process of streamlining permitting and review processes to maximize efficiencies and allow new development to proceed in a timely manner. Click here to learn more about expedited permitting.
Expedited Review Process (Comprehensive Permitting)	A tool available in some jurisdictions, for example Massachusetts and Florida, which allows local governments to participate in state programs that streamline permit review processes with regard to certain development deemed desirable. For example, in MA, affordable housing projects.
Expediter	A person with specialized and detailed knowledge of planning and zoning rules and procedures that is hired by a developer to assist on getting land use entitlements from the city.
Extremely Low-Income Household	A four-person household with an income less than 30% of the local area median income.
Exurban	A non-rural residential community located outside a city, beyond the suburbs.
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Fair Housing Act	A federal law that prohibits discrimination on the basis of race, color, national origin, religion, sex, familial status, or disability. It applies to both home buying and renting.
Fair Housing Ordinance	A FHO is required of all localities participating in federal programs. It makes illegal any discrimination based on race, color, ancestry, religion, sex, national origin, familial status or handicap.
Fair Lending	The prohibition of lenders from practicing unlawful discrimination against anyone on the basis of race, color, religion, national origin, age, sex, marital status, family status, handicap, receipt of public assistance and good faith exercise of rights under the Consumer Protection Act. Fair lending is governed by four major federal regulators: the Equal Credit Opportunity (ECOA or Regulation B), Fair Housing Act, Home Mortgage Disclosure Act (HMDA or Regulation C), and Community Reinvestment Act (CRA or Regulation BB).
Fair Market Rent (FMR)	HUD's estimate of the actual market rent for a modest apartment in the conventional marketplace. Fair market rents include utility costs (except for telephones).
Fair Market Value	1) The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation. (2) The amount an appraiser decides a house is worth. The appraiser compares the house with houses like it that have sold recently in the same area. The physical condition of the house also affects its fair market value.
Fair Share	To promote an equitable distribution of affordable homes within a state or region, fair share requirements assign each municipality a target number of affordable units to produce. Progress towards this target may be enforced through imposition of a builder's remedy or other expedited appeals process that facilitates development of affordable homes in communities that haven't met their goal. New Jersey's fair share program, sometimes referred to as the Mount Laurel decisions, is one of the best-known fair-share programs.
Family	A household comprised of one or more individuals. (The National Affordable Housing Act (NAHA) definition required to be used in the CHAS rule - equivalent to Census definition of householder (head of household) and one or more other persons living in the same household who are related by birth, marriage or adoption. The term "household" is used in combination with the term "related" in the CHAS instructions, when compatibility with the Census definition of family (for reports and data available from the Census based upon that definition) is dictated.
Fannie Mae Federal National Mortgage Association	Federal National Mortgage Association (FNMA). Both Fannie Mae and Freddie Mac were chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to home buyers. Fannie Mae and Freddie Mac buy mortgages from lenders, packaging the mortgages into securities and selling them to investors. As Fannie Mae and Freddie Mac will only buy loans that meet their guidelines, they play an important role in setting what criteria are used to evaluate a mortgage application.
Farmers Home Administration (Amah)	A division of the U.S. Department of Agriculture that provides housing grants and loans to housing projects in small cities and rural areas, similar to programs of HUD in urban areas.
Feasibility Study:	A detailed investigation and analysis conducted to determine the financial, economic, technical, or other advisability of a proposed project.
Federal Emergency Management Agency (Femi)	is an agency of the United States Department of Homeland Security. The purpose of FEMA (begun by Presidential Order on April 1, 1979)[1][3] is to coordinate the response to a disaster which has occurred in the United States and which overwhelms the resources of local and state authorities.
Federal Environmental Assessments	A detailed investigation and analysis conducted to determine the financial, economic, technical, or other advisability of a proposed project.
Federal Home Loan Bank System	is a cooperative bank that offers low-cost financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities.
Federal Home Loan Mortgage Corporation	A commonly used name or the Federal Home Loan Mortgage Corporation, a publicly chartered corporation that buys residential mortgage loans from loan originators, typically local banks and thrift institutions.
Federal Housing Administration (Fahd)	Established in 1934 to advance homeownership opportunities for all Americans, the FHA assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults. This encourages lenders to make loans to borrowers, including low-income families, who might not qualify for conventional mortgages.
Federal Reserve Board	The members of the Board of the Federal Reserve share responsibility for supervising and regulating certain financial institutions and activities, for providing banking services to depository institutions and the federal government, and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.
Fee Simple Ownership	Outright ownership of real estate, as opposed to leasing, lease-purchase arrangements, and buying a home on land leased from a land trust.
Finance -	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.
Financial Advisor	An individual or group of individuals who are hired by the Issuer to represent their interests in structuring a single family mortgage revenue bond issue or a multifamily revenue bond issue.
First Mortgage Loan	For a home purchase or a real estate project, usually the largest loan and one that gives the lender the most security. In case of foreclosure and sale, the first mortgage lender gets the money before any other lender is paid off. Also called a “first deed of trust” loan in some areas of the country.
First-Time Home Buyer	A first-time homebuyer is an individual or family that has not owned or had ownership interest in any residence during the last three years preceding closing. An exception to this requirement exists only if the home to be purchased is located in a targeted area.
Fiscalization Of Land Use	The idea that local planning and zoning decisions are driven by the goal of maximizing the local tax revenue that local land can produce. In California the fiscalization of land use was fueled by the passage of Prop. 13 (1978). Fiscalization of land use encourages sprawl and high tax revenue producing retailers such as “big box stores” and auto malls.
Fixed-Rate Mortgage Loan	A mortgage loan for which the interest rate does not change over time.
Flip Tax	flip tax is a fee that is levied by the cooperative in return for waiving the co-ops right to purchase when a cooperative shareholder sells his or her share.
Floor Area Ratio (Far)	The gross floor area permitted on a site divided by the total net area of the site, expressed in decimals to one or two places. For example, on a site with 10,000 net sq. ft. of land area, a FAR of 1.0 would allow a maximum of 10,000 gross sq. ft. of building floor area to be built. On the same site, an FAR of 1.5 would allow 15,000 sq. ft. of floor area; an FAR of 2.0 would allow 20,000 sq. ft.; and an FAR of 0.5 would allow only 5,000 sq. ft.
Forbearance Agreement	An agreement in which a lender postpones foreclosure on a mortgage loan to allow the borrower time to catch up on overdue loan payments.
Foreclosure	The process by which a mortgaged property may be sold when a mortgage is in default.
Foreclosure Prevention	Assistance provided to help struggling homeowners avoid a foreclosure and possibly retain their home. Foreclosure prevention programs often include counseling and financial assistance. Click here to learn more.
Forgivable Loan	A loan that is forgiven if program requirements are met for a specified period of time. The loan may be forgiven incrementally over time – for example, 20 percent per year for five years – or all at once at the end of the specified time period.
Frontage, Lot	That portion of a lot abutting a street. A zoning ordinance shall specify how noncontiguous frontage will be considered with regard to minimum frontage requirements.
Front-End Money (Front Money):	Funds required to start a project and generally advanced by the developer or equity owner as a capital contribution to the project, also called "seed money."
Front-End Ratio.	(i.e., income ratio) A calculation used by the lender to determine if an applicant’s income is sufficient to afford the monthly payment. It is calculated by taking the monthly mortgage payment (principal, interest, taxes and insurance) and dividing it by the gross monthly income of the applicant. The acceptable ratio for affordable housing is between 30-35%. In other words, no more than 30-35% of the income should be set aside for the monthly mortgage payment.
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Gap Financing:	A loan required by a developer to bridge the gap i.e. to make up a deficiency between the amount of mortgage loan due on project completion and the expenses incurred during construction.
General Obligation Bond	A type of bond issued by a state or locality that is backed by the issuer's taxing power. Because general obligation, or GO, bonds are repaid through the general revenue – or through a specific tax levied for that purpose – they are an ideal resource for subsidizing public works projects such as affordable homes that are not expected to generate sufficient revenue to fully repay the debt. A vote of the electorate is often necessary to authorize general obligation bond issues.
General Operating Reserve (Gore)	HUD-related cooperatives are required to maintain a reserve fund at a level specified in the regulatory agreement for the purpose of providing funds in emergency or crisis situations. Many non-HUD related co-ops also maintain these reserves.
General Partner	partner in a general or limited partnership which handles day-to-day operations of the project and has the most liability for the project owned by the partnership.
Gentrification	A process in which a low-cost – and possibly deteriorating – neighborhood undergoes revitalization through reinvestment in its physical assets. Gentrification is often associated with an influx of higher-income residents, an increase in property values, and the displacement of at least some of the original lower-income residents, which can make it controversial.
Government-Sponsored Entity (GSE)	A federally chartered enterprise that performs specific credit functions and, generally, is privately owned. Examples include Freddie Mac, Fannie Mae and Federal Home Loan Banks.
Grandfathered:	Zoning use that, once allowed, may be continued even though other zoning is changed, e.g., a prior commercial use on a lot may be continued even after residential zoning has been instituted on surrounding property.
Granny Flat	Nickname for an Accessory Dwelling Unit, ADU. Because AUDs are often used by extended family members, such as elderly parents, ADUs are sometimes referred to as "in-law apartments" or "granny flats." See also Accessory Dwelling Unit.
Grant	Funds given for a specific purpose, which do not have to be repaid.
Grayfield	Vacant, obsolete commercial properties such as shopping centers, hotels or office buildings or multiple family residential buildings. From a development prospective, grayfield sites offer several advantages. They often include large tracts of land under single ownership, eliminating the need to assemble many small parcels. They're usually on major commercial arteries, providing good road access. They don't need the kind of environmental remediation that brownfield sites require. And they're especially well-suited to mixed-use development which includes both residential and retail units.
Green Building	"Green" building and sustainable design refer to the class of construction/design that involves energy-efficient practices, environmentally friendly materials, and practices that reduce negative impacts on the environment. Typical features of green building and sustainable design include energy conservation, water conservation, adaptive building reuse, and recycling of construction waste.
Greenfield	A greenfield development site is land that has not been previously developed and usually outside of the existing urban edge.
Gross Income	The total amount of money that a person or company receives, 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.
Gross Monthly Income (GM)	Household incomes as calculated before taxes or deduction are subtracted.
Ground Lease Or Rent	A lease of land alone, as distinguished from a lease of land with improvements on it, usually on along-term basis.
Group Home	A small, community-based development, usually under 10 beds/units, that provides affordable housing with supports to those with special needs including individuals with severe mental and physical disabilities, youth, and women with their children fleeing abuse.
Group Quarters	A facility which houses unrelated persons not living in households, for example, military barracks, college dormitories, nursing homes, and jails.
Growth Management	A process by which local governments attempt to minimize the negative effects of rapid development by controlling the timing, location, amount, and density of new commercial buildings, residences, and roads.
Growth Nodes	Growth nodes are designated areas in future land use plans for medium or high-density growth.
Guaranteed Loan	Loan in which a private lender is assured repayment by the Federal Government of part or all of the principal, interest or both, in the event of default by the borrower. Unlike an insured loan, no insurance fund exists and no insurance premiums are paid.
Guaranty	An agreement where one party pledges to perform a service or repay an obligation to another.
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Hard Costs	With respect to development, the cost of land acquisition and improvement.
Historic Preservation Overlay Zones	Distinct areas within the city with additional regulations aimed at protecting historic buildings and the historic character of the area. This title is most associated with Los Angeles, CA.
Historic Preservation Tax Incentives	A federal program that fosters private sector rehabilitation of historic buildings. Properties must be income-producing and must be rehabilitated according to standards set by the Secretary of the Interior.
Home Buyer Training	Workshops conducted for groups of prospective homebuyers. Participants receive training on the pros and cons of buying a home, credit issues, the home search, mortgage financing, special financing (if available), the loan closing, home maintenance, and other responsibilities of homeownership.
Home Mortgage Disclosure Act (HMDA)	The Home Mortgage Disclosure Act requires larger lending institutions making home mortgage loans to publicly disclose the location and disposition of home purchase, refinance and improvement loans. Institutions subject to HMDA must also disclose the gender, race, and income of loan applicants.
Home Program HOME Investment Partnership Program	A program administrated by the US Department of Housing and Urban Development which is designed exclusively to create affordable housing for low-income households. HOME provides formula grants to States and localities that communities use-often in partnership with local nonprofit groups-to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people.
Home Rule	The ability of county or municipal governments to govern themselves, free from state control, regarding certain subjects. In Georgia "Home Rule" is set out Amendment XIX of the State Constitution and authorizes municipalities to enact "clearly reasonable ordinances, resolutions, or regulations . . . for which no provision has been made by general law and which is not inconsistent with" the Constitution of Georgia.
Homeless	Persons and families who lack a fixed, regular, and adequate nighttime residence. Includes those staying in temporary or emergency shelters or who are accommodated with friends or others with the understanding that shelter is being provided as a last resort. The precise definition of "homelessness" and who is eligible for services varies from agency to agency, and program to program.
Homestead Exemption	The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted an exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The standard exemption is $2,000 off of the from the 40% assessed value of the homestead, but the value of the exemption can vary based on several factors including age, military service and some counties have increased the amounts of their homestead exemptions by local legislation above the amounts offered by the State.
Hope Vi (The Urban Revitalization Demonstration):	A series of HUD programs that provide grants to local governments, housing authorities, or nonprofit organizations to convert unused or HUD-owned rental properties to homeownership opportunities. Properties must be public housing or government foreclosed housing. The grant pays for some administration, but requires a local match. Applicants compete for funds in periodic requests for proposals.
Household	One or more persons living together in a single dwelling unit, with common access to, and common use of, all living and eating areas and all areas and facilities for the preparation and storage of food within the dwelling unit. The term "household unit" is synonymous with the term "dwelling unit" for determining the number of units allowed within any structure on any lot in a zoning district. An individual household shall consist of any one of the following: (i) A family, which may also include servants and employees living with the family; or (ii) A person or group of unrelated persons living together. The maximum number may be set by local ordinance, but this maximum shall not be less than three.
Housing Authority	Local agencies that manage public housing (housing completely built and operated by the government, no private investment-housing for the very poor).
Housing Choice Voucher	The largest federal rental housing assistance program, the Section 8 Housing Choice Voucher program helps eligible low-income families afford the costs of rental homes they locate on the private market. Under the program, an income-qualified household typically contributes about 30 percent of its income for housing, including utilities, and the government covers the balance of costs through a subsidy. Although it is commonly referred to as "Section 8," it is now officially called the Housing Choice Voucher Program.
Housing Choice Voucher Program	A federal (HUD) rent-subsidy program. It is one of the main sources of housing assistance for low-income households, authorized by the Housing and Community Development Act of 1974. Although it is commonly referred to as "Section 8," it is now officially called the Housing Choice Voucher Program. Under the program, an income-qualified household typically contributes 30 percent of its adjusted gross monthly income toward the "Fair Market Rent" of a unit (as set by HUD). The Section 8 program pays the rest via "housing assistance payments" (HAP) to landlords. For a landlord's guide to Section 8.
Housing Cooperative	Housing cooperatives are a form of homeownership where individuals own shares or memberships in a corporation that owns or controls the land and buildings that provide housing. The ownership of a share entitles one to occupy a unit within the cooperative.
Housing Counseling Agency	An organization whose work focuses in whole or in part on providing homeownership education and counseling. Click here to learn more about homeownership counseling.
Housing Development Corporation	A private (for-profit or nonprofit), single-family or multifamily housing corporation established to serve a specific geographic area (neighborhood, city, state, region). Develops housing, provides technical assistance, lends seed money, and directly sponsors housing developments. Generally, community residents, local business people and government officials have representation on its board of directors.
Housing Land Trust	In markets with prohibitively high land costs, community housing land trusts are a way to make homes affordable. These nonprofit trusts permanently hold land under homes and lease its use, through a long-term (usually 99-year) renewable lease, which gives the residents and their descendants the right to use the land for as long as they wish to live there. When homeowners on land trust property decide to move out of their homes, they can sell the structure. However, the land lease typically requires that the home be sold either back to the trust or to another lower income household, and for an affordable price.
Housing Payment Ratio	In single-family lending, the percentage of a borrower’s income that will be spent on the housing payment after a home purchase, refinancing, or home renovation refinancing. This includes payments of loan principal, interest, real estate taxes, and insurance (called PITI).
Housing Provider	An organization or organization that manages and/or owns a housing development.
Housing Trust Fund	A dedicated fund established by a state or locality to provide a stable source of revenue reserved solely for affordable homes. Because housing trust fund revenue is locally-generated, it is not encumbered by the restrictions associated with federal resources and thus may be used more flexibly to fulfill locally-determined housing goals.
Housing Unit	The place of permanent or customary abode of a person or family. A housing unit has, at least, cooking facilities, a bathroom, and a place to sleep.
Housing Wage	the amount a full time worker must earn to afford a two-bedroom rental at the fair market rent while spending no more than 30 percent of his or her salary.
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Impact Fee	Impact fees are imposed to charge the owners of newly developed properties for the "impact" the new development will have on the community. Fees can be used for such things as transportation improvements, new parks, and expansion of schools. Impact fees are not used to maintain existing facilities, but instead are used to create new facilities in proportion to the number of new developments in the area.
Impervious Surface	Impervious surfaces are mainly constructed surfaces - rooftops, sidewalks, roads, and parking lots - covered by impenetrable materials such as asphalt, concrete, brick, and stone. These materials seal surfaces, repel water and prevent precipitation and meltwater from infiltrating soils.
Incentive Zoning	Zoning provisions that encourage but do not require developers to provide certain amenities or qualities in their projects in return for identified benefits, such as increased density or expedited processing.
Inclusionary Zoning	Usually practiced in urban areas, is planning tool that aims to ensure the provision of housing to all income brackets. Inclusionary zoning ordinances often require any new housing construction to include a set percentage of affordable housing units. The positive aspects of Inclusionary zoning include the production of affordable housing at little cost to local government, the creation of income-integrated communities, and the lessening of sprawl. Negative aspects of inclusionary zoning may include shifting the cost of providing affordable housing, segmenting the upwardly mobile poor, and inducing growth.
Income	The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.
Income Eligibility Limit	The highest income level at which a household qualifies for participation in a subsidy program. In most housing programs, income limits are expressed as a percentage of the area median income, as determined by HUD.
Income Limits:	Family income limits established by law for admission into low-and moderate-income housing projects, or to qualify for rent supplement assistance. Based on family size and geographic location.
Income Statement (Profit And Loss)	Summary of revenues, costs and expenses for a business over a period of time.
Income Targeting	A policy designed to prioritize families with incomes below a specified level for a certain percentage of newly available assistance. Under federal law, for example, 40 percent of newly available public housing units must be provided to families with incomes below 30 percent of the area median income (AMI). The balance of units may be rented to families with incomes as high as 80 percent of AMI – the income eligibility limit. Local communities may target assistance more deeply than required by federal law.
Income-Eligible	Individuals or households with income levels that qualify for affordable housing.
Individual Developments Accounts (IDAs):	Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first home, paying for post-secondary education, or starting a small business. IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
Infill Development	Development that occurs on vacant or abandoned lots, in spaces between buildings, or through the redevelopment of existing lots in an urban area, rather than on previously undeveloped land outside of developed area boundaries.
Infill Housing	New homes or apartments built on smaller tracts of land, often in older neighborhoods, urban renewal areas or inner cities.
Infrastructure Costs	The cost of providing the various systems and facilities needed to support the operation of a community (e.g., sewer and water systems, electric systems, communication lines, roads). Some municipalities charge impact fees to developers or purchasers of new homes to help pay for the costs associated with the initial servicing of these homes.
Infrastructure:	Facilities and services needed to sustain residential, commercial, industrial, institutional, and other activities. Roads, schools, power plants, communications, water supply systems, sewage disposal systems, and so on are infrastructure elements.
In-Lieu Fee	A cash payment some municipalities allow developers to pay instead of including affordable units within a particular development, as required under an inclusionary zoning policy. In-lieu fees are often deposited into a housing trust fund, where they are used to fund other affordable housing initiatives.
Insurable Title	A clear title is a signal that a property can be purchased without worrying about old liens or owners coming back to assert claims to the property. This status is also referred to as an 'insurable title," since the property owner can get title insurance to protect against losses if there was an error in checking the title history; and as a "marketable title," since having a clear title facilitates marketing and selling a property.
Insured Loan:	Loan in which a private lender is assured repayment by the Federal Government of part or all of the principal or interest, or both, and for which the borrower pays insurance premiums.
Interest	percentage charged over the life of a loan for the use of the money to purchase property. Both the principal and interest usually are paid in monthly installments throughout the life of the loan.
Interest Rate	The annual percentage of the principal amount payable for the use of borrowed money.
Investor	An organization, corporation, individual or other entity that acquires an ownership position in a project, thus assuming risk of loss in exchange for anticipated returns.
Issuer	A government instrumentality which is authorized to sell bonds to investors and to obligate themselves or enter into Indentures for the repayment of bonds.
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Joint Use	Multi-purpose public facilities or facilities that share buildings or grounds. For example, a playground or ball field can be used as a school yard during school hours and as a public park after school and on weekends.
Joint Venture:	An agreement between two or more parties to invest in a business or property.
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Land Assembly	Consolidation of separate adjacent parcels under one ownership in order to facilitate larger-scale developments.
Land Bank	Setting aside or purchasing land for use or resale at a later date. "Banked lands" have been used for development of low- and moderate-income housing, expansion of parks, and development of industrial and commercial centers. Federal rail-banking law allows railroads to bank unused rail corridors for future rail use while allowing interim use as trails.
Land Lease	A lease in which the land is rented to the home owner.
Land Loan	A loan for the purchase of property, which is held pending zoning or financial approval.
Land Trust	A trust created to effectuate a real estate ownership arrangement in which the trustee holds legal and equitable title to the property subject to the provisions of a trust agreement setting out the rights of the beneficiaries whose interests in the trust are declared to be personal property.
Land Use Plan	Policy for the use of land that is intended to serve the general welfare.
Landlocked	Surrounded by adjacent land with no means of access.
Land-Only Cooperative	In a land-only cooperative, only the land beneath the building(s) is owned on a cooperative basis. The individual homes are owned subject to lease on the land. Mobile home park cooperatives or manufactured housing park cooperatives are almost always land-only cooperatives. Other than mobile home park or campground cooperatives, land-only cooperatives are quite rare.
Layered Financing	Financing for an affordable housing project that includes several subsidy sources (for example, HOME, CDBG, and Tax Credits).
Lead-Safe Housing:	a new standard for cleaning up lead-contaminated housing that recognizes that lead paint that is intact is not hazardous to children while lead paint that is deteriorating can cause a child to become lead poisoned. Under this standard, education about lead hazards and safe clean-up, are seen as critical to preventing children from becoming lead poisoned. Lead-safe clean-up is much less costly, much more practical, and more child-protective than "lead-free" (also called abatement) clean-up.
Lease	A contract between landlords and tenants for a possession of space for a specified amount of rent for a specified period of time.
Leasehold Cooperative	The cooperative corporation owns the building(s), but leases the land. Leasehold cooperatives are found in urban renewal areas, tribal lands, Hawaii, land fill waterfronts, and similar areas.
Lender	Banks and other financial institutions that make loans.
Lessee	The person renting or leasing a property. Also referred to as a tenant.
Lessor	A person who rents or leases a property to another. Also referred to as a landlord.
Leverage	In low-income housing, this means using one source of funds in a project to encourage investment by another source. As in “our funding was leveraged five times in that project.”
Liabilities	A general term encompassing all types of debts and obligations.
Lien	A document recorded in public records that represents a debt owed whose payment is secured by the property as collateral. Examples of liens include: a recorded mortgage deed, a lien for unpaid taxes, and a mechanic’s lien representing construction work on a property that was not paid for.
Lifelong Community	Lifelong community refer to a community that respects the needs of children and seniors by making it possible to walk, cycle or ride transit to important place like schools, grocery stores, pharmacies, and parks.
Limited Equity Cooperative	In this shared equity homeownership arrangement, households buy a "share" in the cooperative and in return receive the right to occupy one unit and share in decision-making for the development. Share prices are set by a formula specifically designed to keep membership affordable for future purchasers.
Limited Equity Home Ownership	Ownership housing in which resale values are restricted in order to remain the long term affordability of the units. A technique often used for housing developed with housing assistance in order to reduce development costs. This type of ownership can be a cooperative, a condominium or fee simple ownership.
Limited Partnership:	A partnership consisting of one or more general partners and limited partners. The general partner manages the business, while the limited partner(s) contribute(s) cash. The limited partner's liability is limited to the amount he or she has invested.
Linkage Fee	Linkage fees are adopted by local governments to ensure that the additional housing needs generated through economic development and new job creation are met. In communities with linkage fee requirements, developers of non-residential buildings pay a fee, often based on project type (manufacturing, commercial, retail, etc.) and square footage, which is generally deposited in a housing trust fund and used to support affordable housing initiatives.
Linkage Ordinance	A regulation that mandates linkage fee requirements.
Livable Wage	A wage sufficient to provide minimally satisfactory living conditions. Also called minimum wage.
Loan	Loans are often referred to as debt financing and must be repaid according to a fixed payment schedule, generally with interest. Use of a deferred payment loan is common in affordable housing. In a 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.
Loan Guarantees	A pledge by a third party that, in case of default by the borrower, promises to repay all or a portion of the borrowed amount. State and local governments and non-profit intermediaries are often sources of loan guarantees, with the Federal Housing Administration (FHA) being one of the most well known.
Loan-To-Value Ratio	The ratio between the proposed loan amount and the appraised value of a property that money is being borrowed for. For instance, if a proposed loan equals 85% of appraised value, the loan-to-value ratio is 85%. For community reinvestment programs, lenders will sometimes lend up to 95% or 97% of value, typically only if mortgage insurance is provided. The maximum ratio for conventional loans is 80%.
Local Historic District	A district created and controlled by a city or county government that serves to ensure that the overall character of the area will be preserved. Historic district significance can be ascribed to a collection of buildings, structures, sites, objects and spaces that possess integrity of location, design, setting, materials, workmanship feeling and association.
Local Comprehensive Plan	A document required by state law in Georgia in order to remain eligible for certain state funding. Local Comprehensive Plans A comprehensive plan meeting these planning requirements must include three components: (1) a Community Assessment, (2) a Community Participation Program, and (3) a Community Agenda, as described below.
Local Government	A county; an incorporated municipality; a special district; any other legally constituted political subdivision of the State.
Lofts	An architectural term for dwellings with open floor plans, high ceilings, and minimal finishes (as opposed to traditional floor plans that have partitioned rooms). Many adaptive reuse buildings are converted into lofts because of light and air circulation considerations (there are usually windows on only one side of the relatively deep units).
Lot Coverage	The portion of a parcel of land which is occupied by buildings.
Low- And Moderate-Income	Low- to moderate-income working families are defined as those households earning at least the full-time minimum wage (nationally $10,712) up to 120 percent of the local area median income.
Low Income Housing Tax Credit (LIHTC)	Is a Federal program based on Section 42 of the Internal Revenue Code. It was enacted to provide the private market with an incentive to invest in affordable rental housing. Federal housing tax credits are awarded to developers of qualified projects. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents.
Low-Income Household	As widely defined by governmental and nonprofit organizations, a household with an income at or below 80% of area median income. See “area median income.”
Low-Income Rental Housing:	housing that requires subsidies for production or for occupants or both to make it affordable to low- and very low-income households.