Affordable

• 3560-8


  The 3560-8 is the RD certification
• HB-2-3560


  Rural Development Handbook for management agents (borrowers).
• 4350.3


  This term refers to the HUD Handbook 4350.3: Occupancy Requirements of Subsidized Multifamily Housing Programs
• 8823 Guide


  IRS guide that serves as a handbook for the Tax Credit program with example and helpful tips on certain situations.
• Adult


  An individual who is 18 years of age or older or a minor under the age of 18 who has been emancipated to act on his/her own behalf, including the ability to execute a contract or lease.
• AMGI


  Area Median Gross Income
• AR


  Annual Recertification
• As-Paid Locality


  A state, county or city whose public assistance program specifies an amount for shelter and utilities the family will receive, and adjusts the amount based upon the family's actual payment for shelter and utilities.
• Assistance Payment


  The amount HUD pays the owner for a unit occupied by a Section 8, RAP, Rent Supplement, or PAC tenant. It includes HUD's share of the contract rent and any utility reimbursement due the tenant. It is the gross rent for the unit minus the Total Tenant Payment (TTP). The assistance payment for an occupied PRAC unit is the operating rent minus the TTP.
• Assisted Rent


  Any rent less than the market rent. Includes Section 236 rents that are greater than the basic rent.
• Assistance Animals


  Assistance animals are animals that are used to assist, support, or provide service to persons with disabilities.
• Basic Rent


  The minimum rent all tenants in a Section 236 project must pay. It is HUD approved and represents the amount of rent the owner needs to receive in order to operate the property with the mortgage interest rate reduced to as low as 1%.
• BMIR


  Below Market Interest Rate
• Contract Rent


  The rent HUD or the Contract Administrator has approved for each unit type covered under an assistance contract. The rent may be paid by the tenant, HUD, or both. Refer to the project's rental schedule (form HUD-92458) or Rental Assistance contract for exact amounts.
• CFDA


  Catalog of Federal Domestic Assistance (CFDA). A CFDA number is a five-digit number assigned in the awarding document to most grants and cooperative agreements funded by the Federal government.
• Dependent


  A member of the family other than the head, spouse, or co-head, who is under 18 years of age or is a person with disabilities or a full-time student. For the purposes of this Handbook, a foster child, a foster adult, or a live-in aide may never be a dependent regardless of age or disability.
• Desk Audit


  When 1 or 2 HUD Representatives will come and do a site visit and a desk review at a property to evaluate the program, the resident satisfaction and accounting (reports and back up receipts)
• EIV


  Enterprise Income Verification: HUD's computer system that must be used by owners as third party verification of employment and income during mandatory recertifications of family composition and income and to reduce administrative and subsidy payment errors.
• Extremely Low-Income Family


  A family whose annual income does not exceed 30% of the median income for the area, as determined by HUD, with adjustments for smaller and larger families, except that HUD may establish income ceilings higher or lower than 30% of the median income for the area if HUD finds that such variations are necessary because of unusually high or low family incomes.
• FHIP


  Fair Housing Initiatives Program (FHEO Program)
• Gross Rent


  The gross rent for a unit equals the contract rent plus the utility allowance, if the property has a utility allowance. For Section 202 PRAC and Section 811 PRAC, the gross rent is referred to as the operating rent.
• HAP


  Housing Assistance Payment: The payment made by HUD or the Contract Administrator to the owner of an assisted unit as provided in the contract. Where the unit is leased to an eligible family, the payment is the difference between the contract rent and the tenant rent. An additional payment is made to the family when the utility allowance is greater than the total tenant payment. A housing assistance payment, known as a "vacancy payment," may be made to the owner when an assisted unit is vacant, in accordance with the terms of the contract.
• Hardship Exemption


  An exemption from the $25 minimum rent an owner must provide for any household unable to pay the Section 8 minimum rent due to a long-term financial hardship as defined in the regulation.
• Head of Household


  The adult member of the family who is the head of the household for purposes of determining income eligibility and rent.
• HUD 50059


  The HUD 50059 is the HUD Certification
• HUD


  U.S. Department of Housing and Urban Development
• Income Limit


  HUD establishes income limits that are used to determine whether housing applicants qualify for admission to HUD-subsidized properties. These income limits are based on HUD estimates for area median family income with certain statutorily permissible adjustments. Different programs use different income limits.
• Income-Targeting


  A statutory requirement that at least 40% of new admissions to a Section 8 property in each fiscal year be households with incomes at or below 30% of the area median income. The law ensures that a significant portion of federal housing assistance goes to families with the greatest need.
• LIHTC


  Low Income Housing Tax Credit Program
• Low-Income Family


  A family whose annual income does not exceed 80 percent of the area median income, as determined by HUD, with adjustments for smaller and larger families.
• MAHRA


  Multifamily Assisted Housing Reform and Affordability Act
• Management Agent


  An entity that has day-to-day frontline responsibilities for a HUD-insured and/or assisted multifamily housing property.
• Market Area


  The geographic area from which a project owner could reasonably expect to draw applicants, based on the services and amenities offered by the development and the needs of the community.
• MCI


  Major Capital Improvement
• Minimum Rent


  The lowest total tenant payment permitted for tenants receiving Section 8 assistance. The minimum rent is $25 and is used when 30% of adjusted monthly income and 10% of gross monthly income and the welfare rent (where applicable) are all below $25. The minimum rent covers the tenant's contribution for rent and utilities.
• Mixed Family


  A family whose members include those with citizenship or eligible immigration status and those without citizenship or eligible immigration status.
• MOR


  Management and Occupancy Review (HUD)
• MTSP


  Multi-family Tax Subsidy Projects (in relation to HUD income limits)
• Operating Rent (PRAC)


  The operating rent (gross rent) is the rent approved by HUD to cover the operating expenses at a PRAC project.
• PHA


  Public Housing Agency: Any State, county, municipality, or other governmental entity or public body (or agency or instrumentality thereof) which is authorized to engage in or assist in the development or operation of public housing. PHAs include Performance-based Contract Administrators (PBCAs) and State Housing Finance Agencies (HFAs).