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Glossary of Terms and Acronyms
- AHP
- Affordable Housing Program. Competitive monies for multifamily housing projects consisting of low-income units, through Federal Home Loan Bank members. WHEDA is not an FHLB member for AHP purposes.
- AHTC
- Affordable Housing Tax Credit Program (Formerly LIHC: Low-Income Housing
Tax Credit)
- CBRF
- Community Based Residential Facility
- CDBG
- Community Development Block Grant. A HUD program to develop viable urban communities, principally for persons of low and moderate income, by providing a decent and suitable living environment, and expanding economic opportunities.
- CHDOs
- Community Housing Development Organizations. A private nonprofit, community-based, service organization that has, or intends to obtain, staff with the capacity to develop affordable housing for the community it serves.
- CMI
- County Median Income. Income limits are set based on HUD's estimate of
median family income, adjusted for family size and area of the state.
These income limits determine the eligibility of applicants for HUD's
assisted housing programs.
- FHA
- Federal Housing Administration
- FHLB
- Federal Home Loan Bank
- FHLMC
- Federal Home Loan Mortgage Corporation (Freddie Mac)
- FMR
- Fair Market Rent
- FNMA
- Federal National Mortgage Association (Fannie Mae)
- HAP
- Housing Assistance Payments. HUD pays the assistance
to the owner of an assisted unit on behalf of an eligible family. The
payment is the difference between the contract rent and the tenant rent.
- HDS
- Housing and Development Software. WHEDA’s system for processing Section 8 housing assistance payments (HAP).
- Home Funds
- Federal funds for housing. Administered in Wisconsin by the Bureau of Housing and participating jurisdictions.
- Home Investment Partnership Program
- A HUD program for housing rehabilitation, tenant-based rental assistance,
assistance to Homebuyers, acquisition of housing and new construction
of housing.
- HUD
- U.S. Department of Housing and Urban Development
- IRP
- Interest Reduction Payment. The federal write-down of the interest payments due on Section 236 loans, typically reducing the effective interest rate to 1%.
- IRP Decoupling or IRP Strip
- A transaction whereby the actual Section 236 loan is repaid, but the stream of IRP funds that would have been used to write down the interest payments if the loan had remained in place are separated from the original debt and used to support a new loan on the property.
- LOLA
- LIHTC (Low Income Housing Tax Credit) On-Line Application. WHEDA’s on-line system used by developers to submit tax credit applications.
- NAHASDA
- Native American Housing and Self Determination Act. Federal tribal block grants which can be used to create affordable multifamily housing.
- NMTC
- New Markets Tax Credits. The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities.
- QAP
- Qualified Allocation Plan for allocation of tax credits in Wisconsin.
- QCT
- Qualified Census Tracts - Developments in these locations are eligible
for 130% credit.
- RCAC
- Residential Care Apartment Complex. RCACs are independent apartment units in which the following services are provided: 1) room and board, and 2) up to 28 hours per week of supportive care, personal care, and nursing services
- RD
- Rural Development (fka Rural Housing Development) Makes a variety of loans and grants to housing developers for the construction and renovation of multi-family housing facilities in rural areas.
- REAC
- Real Estate Assessment Center - Centralizes all HUD housing.
- REAC Inspections
- Inspections done to ensure decent and safe housing.
- RHD
- Rental Housing Development
- RCRS
- Rental Compliance Reporting System. WHEDA’s on-line system used by owner/agent to submit unit status reports for tax credit properties.
- RPM
- Rental Property Management System. WHEDA’s internal system for monitoring tax credit properties.
- Section 202
- A federal program that makes capital grants to qualified Not-For-Profit developers to provide for supportive affordable rental housing for the elderly. Before 1990, the Section 202 program made direct loans, rather than grants.
- Section 236
- A mortgage insurance program, active from 1968 through 1975, under which HUD also provides interest reduction subsidy payments (IRP) in a fixed amount equal to the difference between the debt service actually being paid and the debt service that would have been required if the mortgage bore interest at 1%
- Section 8 Housing
- Developments that provide decent and safe rental housing for eligible
low-income families, the elderly, and persons with disabilities.
- Section 8 Moderate Rehabilitation Assistance
- A HUD program whose purpose is to provide rental assistance for Homeless
individuals in rehabilitated housing.
- Stewart B. McKinney Homeless Assistance Act
- A program to ensure that Homeless children and youth have access to the
education and other services that such children and youth need to ensure
that they have an opportunity to meet the state student performance standards
to which all students are held.
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