Determines the eligibility of applicants for HUD’s assisted housing programs. The major active assisted housing programs are the Public Housing program, the Section 8 Housing Assistance Payments program, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities.

An interim certification is a certification that is conducted between the annual recertification to account for changes in household circumstances that could affect the tenant rent and the assistance payment.

Irrevocable Trust is a trust that cannot be amended or revoked without the permission of the beneficiary. After the establishment of such a trust, the grantor no longer has access to the asset contained within the trust.

A written agreement between an owner and a family for the leasing of a decent, safe, and sanitary dwelling unit to the family.

The period of time for which a lease agreement is written.

“A person who resides with one or more elderly persons, near-elderly
persons, or persons with disabilities, and who:
1. Is determined to be essential to the care and well-being of the
persons;
2. Is not obligated for the support of the persons; and
3. Would not be living in the unit except to provide the necessary
supportive services.”

In accordance with this definition, a live-in aide is not a member of the assisted family and is not entitled to the HCV as the remaining member of the tenant family.

A tax incentive intended to increase the availability of low-income housing. The program provides an income tax credit to owners of newly constructed or substantially rehabilitated low-income rental housing projects.

Any private organization that is organized under state or local laws; has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; and has a long-term record of service in providing or financing quality affordable housing for low-income families through relationships with public entities.

Revocable Trust is a trust where provisions can be amended or revoked at any time by the grantor. Any income earned is distributed to the grantor, and only after the grantor’s death does the asset transfer to the beneficiary or beneficiaries.

A savings account is an interest-bearing account held at a bank or other financial institution where the account holder can make deposits of funds that are not needed right away.

A payment required by an owner to be held during the term of the lease (or the time period the tenant occupies the unit) to offset damages incurred due to the actions of the tenant. Such damages may include physical damage to the property, theft of property, and failure to pay back rent. Forfeiture of the deposit does not absolve the tenant of further financial liability.

A single-unit family residence, detached or attached to other housing structures.