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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.
Affordable Housing: As
defined by the United States Department of
Housing and Urban Development, any housing
accommodation for which a tenant household
pays 30% or less of its income for shelter.
CDBG (Community Development
Block Grant Program): Title 1 of the Housing
and Community Development Act of 1974 replaced
eight former categorical grant and loan programs
with a system of unified block grants, under
which communities of over 50,000 people are
entitled to receive funding directly from
HUD, while other communities may apply for
discretionary funding. Its purpose is to encourage
more broadly conceived community development
projects and expand housing opportunities
for low- and moderate-income persons. A program
under which Federal dollars are distributed
to local jurisdictions to support commercial,
industrial, infrastructure and housing development.
CDC (Community Development
Corporation): Non-profit groups accountable
to local residents that engage in a wide range
of physical, economic and human development
activities. CDCs rebuild their communities
through housing, commercial, job development
and other activities. A CDC’s mission is normally
focused on serving the local needs of low-
or moderate-income households. Resident control
usually takes the form of board representation.
CHDO (Community Housing
Development Corporation): A private, non-profit
development corporation that that meets a
series of qualifications prescribed in the
HOME regulations and has been designated by
the local Participating Jurisditcion (city,
county or state) to receive a set-aside of
HOME program funds (see HOME below). 1/3 of
the CHDO’s board must represent low-income
households. A participating jurisdiction must
award at least 15 percent of its annual HOME
allocation to CHDOs. CHDOs may own, develop,
or sponsor HOME-financed housing.
CLT (Community Land Trust):
A non-profit organization which acquires and
holds land for the benefit of the community.
CLTs provide secure and affordable access
to land and potential housing for community
residents.
Consolidated Plan: A
plan of up to five years in length that describes
a community’s needs, resources, priorities,
and proposed activities to be undertaken with
certain HUD funding, including funding under
the HOME Program. The Consolidated Plan is
must include opportunities for resident input
and is updated annually.
Density Bonus: An increase
in the site density of a development in exchange
for affordable or special needs housing, or
amenities.
FMR (Fair Market Rent):
Fair Market Rent is an amount determined by
the U.S. Dept. of Housing and Urban Development
(HUD) to be the cost of modest, non-luxury
rental units in a specific market area. Generally,
an "affordable" rent is considered
to be below the Fair Market Rent.
HOME – Home Investment Partnership
Program: Program, operated by HUD, is
a federal housing block grant program that
allows states and local governments the flexibility
to fund a wide range of low-income housing
activities, including moderate and substantial
rehabilitation, new construction, tenant-based
rental assistance and other housing-related
activities.
Household: One or more
persons occupying a housing unit.
Housing Choice Vouchers
(Section 8): Section 8 is a federal housing
program providing rental assistance to eligible
families and elderly residents that allows
them to rent units in the private rental market.
The most common Section 8 assistance is the
voucher program. The program is tenant-based
and the assistance stays with the family-where
ever they choose to live as long as the landlord
agrees to participate in the program
Housing Trust Fund:
A dedicated revenue source for the creation
of affordable housing opportunities including
development and/or rental support.
HUD (United States Department
of Housing and Urban Development): A federal
agency established by the Housing and Urban
Development Act of 1965, the purpose of which
is the implementation and administration of
government housing and urban development programs.
Inclusionary Zoning: The
establishment of zoning regulations which
create incentives or requirements for affordable
housing development. This can include set-aside
requirements or density bonuses for developers.
Leveraging: Using a
small amount of funds to attract other funds,
including loans, grants and equity investments.
The premise of leveraging is to use public
dollars in conjunction with private dollars
to increase the number of affordable housing
units that can be produced.
Low Income: A household
or family whose annual (gross) income does
not exceed 80 percent of the median income
for the area (adjusted for family size).
Low Income Housing Tax Credit:
Tax incentive created in the Tax Reform Act
of 1986 that is designed to attract equity
capital for investment in rent restricted
affordable housing. The program encourages
the production of affordable housing by offering
its owners tax credits for a ten year period
based on the cost of development and the number
of low income units produced.
Moderate Income: A household
or family whose annual (gross) income is between
80 and 120 percent of the median income for
the area (adjusted for family size).
Participating Jurisdiction:
The term given to any State or local government
that HUD has designated to administer a HOME
Program. HUD designation as a PJ occurs if
a State or local government meets the funding
thresholds, notifies HUD that it intends to
participate in the program, and obtains approval
by HUD of a Consolidated Plan.
Project Based Section 8:
A project-based subsidy is one in which the
Federal government promises to pay the property
owner part of the rent for each unit that
is designated for assistance and occupied
by a low-income tenant. This Section 8 subsidy
remains with the unit instead of traveling
with the tenant (see Housing Choice Voucher).
Teardown Fees: Fees
which are charged by a city to owners who
tear down existing homes with the intent of
using the property for profit. To date, not
implemented in Evanston.
TIF (Tax Increment Financing):
This tool is used by municipalities to
capture future increases in property tax revenue
and make these dollars available as a development
incentive, subsidy or investment.
Very Low Income: A household
or family whose annual (gross) income does
not exceed 50 percent of the median income
for the area (adjusted for family size).
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