| ACCESSIBLE HOUSING |
Housing
that has features that are helpful to a person's ability to perform
activities of daily living. |
| AFFORDABLE HOUSING |
Housing
is considered 'affordable' if the cost of rent and utilities is no more
than 30% of the household's income. |
| AMENITIES |
Attractive
improvements or features to a property. |
| AREA MEDIAN INCOME (AMI) |
The
middle range of income of all families in a county or city used to
calculate eligibility for certain affordable housing programs. One-half
of the area's incomes are above the MFI and one-half are below. (This
is not the same as the average family income). Also referred to as
Family Median Income (FMI). |
| AUTHORIZED AGENT |
A
person who is appointed by another to act on his/her behalf. |
| BUILDING CODES |
Ordinances
that specify minimum standards for building construction for the
protection of public health and safety. |
| CERTIFIED CHECK |
A check that the bank
verifies that sufficient funds exist in the account to cover the check.
Those funds are then set aside in the bank's internal account until the
check is cashed or returned by the payee to ensure that it cannot
"bounce".
|
| COMMON AREA |
Areas
of property that will be shared, such as a lobby or laundry room. |
| COMPLEX |
A
group of buildings or units. |
| CREDIT REPORT |
A
report produced by a credit bureau detailing an individual's credit
history and used to determine an applicant's ability to make rental and
utility payments. |
| CREDIT HISTORY |
A
summary of an individual's past financial records. |
| CREDIT RATING |
An
evaluation of the financial trustworthiness of a company or person,
especially with regard to paying debts. |
| CREDITOR |
A
person to whom money or goods is owed. |
| DEBT |
The
amount that a person is obligated to pay. |
| DELINQUENCY |
An
over debt, such as rent that is not paid on time. |
| DEPOSIT |
Money
that is given to hold a unit until a written contract is signed. |
| EFFICIENCY APARTMENT |
A
unit that consists of one room for living, eating and sleeping and a
separate bathroom. Also referred to as a Studio Apartment. |
| EVICTION |
Legal
procedure to remove a tenant from a rental property for a breach of the
lease contract. |
| FAIR CREDIT REPORTING ACT |
A
federal law that gives people the right to see and correct their credit
records at credit reporting bureaus. |
| FAIR HOUSING |
Federal
law that makes it illegal to discriminate against a person trying to
rent or buy a home based on race, color, national origin, religion,
sex, family status or disability. |
| FAIR MARKET RENT (FMR) |
A
real estate term used to describe the amount of money that property
could rent for, if it were open for leasing at the moment. HUD
publishes an annual listing of FMRs for various unit sizes. |
| FIXTURES |
An
article that is permanently attached to a building. |
| FLOOR PLAN |
A
scale drawing of the layout of rooms, halls, etc., of a building or a
unit within a building. |
| FRAUD |
Intentional
deception. |
| GARNISHMENT |
A
legal order for a portion of a debtor's pay, property or assets to be
withheld to satisfy a debt. |
| GROSS INCOME |
The
amount of pay one receives before taxes or deductions are subtracted. |
| HOUSING INSPECTION |
The
process of determining if a unit meets local and state housing codes
and is safe for habitation. |
| HOUSING AND URBAN
DEVELOPMENT (HUD) |
A
cabinet agency of the federal government established to provide
affordable housing and to oversee housing, economic and community
development. |
| HOUSING QUALITY STANDARDS
INSPECTION (HGS) |
The
inspection required under the Section 8 Program to ensure that housing
leased with federal funds is in decent and safe condition. |
| LANDLORD |
The
owner of manager of real estate that is rented or leased to another
person. |
| LATE CHARGE / LATE FEE |
An
additional charge that a person is required to pay as a penalty for not
paying rent or other debt on time. |
| LEASE |
A
contract between a landlord and tenant giving use or occupation of
property during a specified time for specified payment. (Also called a
Rental Agreement.) |
| LESSEE |
Renter;
tenant. |
| LESSOR |
Landlord;
property owner or manager. |
| LOW INCOME HOUSING |
Housing
targeted for households with income that is below 80% of the Area
Median Income (AMI). |
| LOW INCOME HOUSING TAX
CREDITS (LIHTC) |
A
federal tax code that assists individuals and groups in financing
low-income rental housing. As with any subsidy program, specific rules
and eligibility requirements pertain to units funded with LIHTC. |
| MARKET RATE |
A
rent level that is set without any subsidy or assistance from a public
program. |
| MASTER LEASING |
A
legal contract in which a third party (other than the actual tenant)
enters into a lease agreement and is responsible for tenant selection
and rental payments. |
| MEDIAN FAMILY INCOME (MFI) |
The
middle range of income of all families in a county or city used to
calculate eligibility for certain affordable housing programs. One-half
of the area's incomes are above the MFI and one-half are below. (This
is not the same as the average family income). Also referred to as Area
Median Income (AMI). |
| MONTH-TO-MONTH RENTAL |
An
agreement that allows the tenant to rent the property for one month at
a time. Month-to-month rental is assumed in the absence of an active
lease that indicates a specified time frame. |
| NET INCOME |
The
amount of pay one receives after taxes or deductions are subtracted.
Sometimes called "Take Home Pay". |
| NORMAL WEAR AND TEAR |
Anticipated
weakening or breaking down of the property that takes place through
normal and intended use, absent neglect or abuse. |
| PROJECT BASED SUBSIDY |
A
rental subsidy that is attached to a building or unit and stays with
the unit after a tenant moves out. |
| PROPERTY MANAGEMENT |
The
operation of property as a business. Property Managers are generally
responsible for the daily maintenance and financial management of the
site, as well as the final selection of tenants. |
| PUBLIC HOUSING |
Financed
with state and federal funds and operated by Public Housing Authorities
to provide decent and safe rental housing for eligible low income
families, the elderly and persons with disabilities. |
| PUBLIC HOUSING AUTHORITY
(PHA) |
Responsible
for the management and operation of its local public housing program,
but may also operate other types of programs, such as Section 8. |
| RENT |
The
predetermined amount of money that a tenant is to pay to a property
owner/manager in exchange for the right to occupy a residence. |
| RENTAL ASSISTANCE |
A
subsidy, such as Section 8, that helps a tenant pay for housing
expenses. |
| RENTAL AGREEMENT |
A
contract between a landlord and tenant giving use or occupation of
property during a specified time for specified payment. (Also called a
Lease.) |
| SECTION 8 HOUSING CHOICE
VOUCHER PROGRAM |
A
tenant-based rental assistance program that provides flexibility to
secure housing in a private market. |
| SECURITY DEPOSIT |
Money
that is paid to the landlord by the tenant at the beginning of the
contractual relationship to cover costs that arise when the property
is vacated, such as repairing damages beyond normal wear and tear and
past due rent. If no costs are accrued, the security deposited is
returned upon successful completion of the lease/rental agreement. |
| STUDIO APARTMENT |
A
unit that consists of one room for living, eating and sleeping and a
separate bathroom. Also referred to as an Efficiency Apartment. |
| SUBLEASE |
A
secondary lease agreement in which the original lessee rents the unit
to another person. |
| SUBSIDIZED UNIT |
Any
unit that receives financial assistance to offer reduced housing costs
to low-income tenants. |
| SUBSIDY |
Monetary
assistance granted by the government to address an issue of public
interest. |
| SUBSTANDARD HOUSING |
Housing
that does not meet local, state or federal housing code guidelines and
that poses a threat to the health and safety of those living in the
unit. |
| SUPPORTIVE SERVICES |
Assistance
that is available to residents to help them maintain residential
stability and/or achieve improvements in health, wellness, independent
living skills, income, employment, socialization and quality of life. |
| TENANT |
The
person who enters into a lease agreement and is legally responsible for
fulfilling the terms of the lease. This person is usually the occupant
of the unit. |
| TENANT-BASED RENTAL
ASSISTANCE |
A
rent subsidy that is granted to the tenant and remains with the tenant
if he/she decides to relocate within the district. |
| TERMS |
The
conditions and arrangements outlined in a contract. |
| TRANSITIONAL HOUSING |
Temporary
housing designed to provide the support needed for participants to
move toward permanent housing. |
| VERY LOW INCOME |
Household
income that is below 50% of the Area Median Income (AMI). |
| WAITING LIST |
A
compilation of applicants who have applied for housing but must wait
for a unit to become available. Often, waiting lists are organized by
both the date of the application and priority. |
