State Housing Finance Agencies (HFAs)

State Housing Finance Agencies (HFAs) are state-chartered authorities established to help meet the affordable housing needs of the residents of their states. Although they vary widely in characteristics such as their relationship to state government, most HFAs are independent entities that operate under the direction of a board of directors appointed by each state’s governor. They administer a wide range of affordable housing and community development programs.

Using Housing Bonds, the Housing Credit, HOME, and other federal and state resources, HFAs have crafted hundreds of housing programs, including home ownership, rental, and all types of special needs housing. Many agencies also administer other federal housing programs, including Section 8 and homeless assistance.

Cost-of-Living Adjustment (COLA)

A cost-of-living adjustment (COLA) is an increase made to Social Security and Supplemental Security Income (SSI) to counteract the effects of rising prices in the economy—called inflation.

COLAs are typically equal to the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for a specific period. The Consumer Price Index (CPI) represents the average prices of a basket of goods and is used to measure inflation.

Fixed Income

Fixed Income is periodic payments at reasonably predictable levels from one or more of the following sources:

  • Social Security, Supplemental Security Income, Supplemental
    Disability Insurance
  • Federal, state, local, or private pension plans
  • Annuities or other retirement benefit programs
  • Insurance policies
  • Disability or death benefits
  • Other similar types of periodic receipts
  • Any other source of income subject to
    adjustment by a verifiable COLA or
    current rate of interest

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.

Annual Recertification

Annual Recertification describes the program requirements and procedures for performing the yearly verification and recertification of family composition and income. Owners must verify family composition and income in order to recalculate the tenant’s Total Tenant Payment (TTP) and tenant rent and the assistance payment provided by HUD.

Total Tenant Payment (TTP)

The total tenant payment (TTP) represents the minimum amount a family must contribute toward rent and utilities regardless of the unit selected. The TTP is calculated using a statutory formula and individual income information. To calculate TTP, annual adjusted income and annual (gross) income must be converted to monthly adjusted income and monthly gross income by dividing the annual figures by 12 months. The TTP is the greater of:

  • 30 percent of monthly adjusted income;
  • 10 percent of monthly gross income;
  • The welfare rent (in as-paid states only); or
  • The PHA minimum rent

interim certification

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.

Adjusted income

Adjusted income is used to determine a household’s rent and the amount of rental subsidy the household will receive.

Programs that include Adjusted Income:

  • HOME requires the determination of adjusted income for rent determination purposes when a HOME assisted household goes over the 80% limit at recertification.
  • RD uses adjusted income for purposes of determining income eligibility as well as tenant rent.
  • HUD uses adjusted income to determine tenant rent.

Programs that do not include Adjusted Income:

Required Minimum Distribution (RMD)

Required Minimum Distribution (RMD) is a stipulation that requires the asset holder,
at the age of 72 (age 70 1⁄2 if the individual is 70 1⁄2 before January 1, 2020; 73 if the
individual reaches age 72 after December 31, 2022) to take a minimum distribution
from their account each year. The amount of the RMD depends on the account
balance.

“Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking
RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your
first RMD is April 1, 2025, for 2024. Notice 2023-23PDF permits financial institutions
to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.”

pension

A pension plan is an employee benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides retirement income or defers income until termination of covered employment or beyond. There are a number of types of retirement plans, including the 401(k) plan and the traditional pension plan, known as a defined benefit plan.

Keogh Account

A Keogh Account is a tax deferred retirement savings plan for people who are self-employed. The account is very similar to a Traditional Individual Retirement Account (IRA). The main difference between a Keogh and an IRA is the contribution limit.

401(k) Plan

A 401(k) is a qualified profit-sharing plan that allows employees to contribute a percentage of their wages to an account within the plan. Funds can usually be withdrawn under the following conditions:

  • At the employee’s retirement, death, disability, or separation from service with the employer;
  • When the employee turns age 59 1⁄2; or
  • The employee experiences a hardship as defined under the plan.

Generally, early withdrawal from the 401(k) prior to the age of 59 1⁄2 is subject to a 10% penalty unless the individual meets an exception defined under their 401(k) plan.

An Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) is a type of savings account that is used by individuals to plan for their retirement later in life. There are two types of IRAs: Traditional IRA and Roth IRA. The biggest difference between a Traditional IRA and a Roth IRA is that Required Minimum Distributions (RMDs) do not apply to Roth IRAs. Generally, early withdrawal from an IRA prior to the age of 59 1⁄2 is subject to a 10% penalty unless the individual meets an exception defined under the plan.

Special Needs Trust

Special Needs Trust is a trust created by family members for a person with disabilities. Generally, assets within the trust are not accessible to the beneficiary.

Irrevocable Trust

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.

Revocable Trust

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.

Baby Bonds

Government funded baby bonds are a policy initiative where the government creates savings accounts for newborns and contributes money to those accounts. While there is currently no national baby bond program, many states and cities have such a program.

Achieving a Better Life Experience accounts (ABLE)

Achieving a Better Life Experience accounts, also known as ABLE accounts, are specialized savings accounts created to support individuals with disabilities and their families. These accounts provide a way to save and invest funds for disability-related expenses while maintaining eligibility for certain means-tested government benefits. To be eligible for an ABLE account, an individual must have developed a disability before the age of 26. This disability must meet the criteria defined by the Social Security Administration.

Coverdell Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) is a specialized financial account designed to help families save for their children’s educational expenses. Similar to a traditional savings account, a Coverdell account allows parents or guardians to contribute money on behalf of a designated beneficiary, typically a child or grandchild. These contributions are made on an after-tax basis, meaning they are not tax-deductible.

Debit Card

A Direct Express Debit Card is a payment option for benefit recipients who do not have a bank or credit union. The balance on the Direct Express Debit Card is considered an asset and must be verified, consistent with existing savings account verification requirements.

Savings Account

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.

Checking Account

A checking account is a deposit account held by a financial institution that will allow account holders the opportunity to make deposits and withdrawals.

Actual Asset Income

Actual Asset Income is the actual income from the asset, generally is calculated by multiplying the market value by the interest rate.

Cash Value

Cash Value is the market value of the asset less the cost to turn the asset into cash. Also referred to as the “net asset value”.

Market Value

Market Value is the value of the asset on the open market.

Imputed Asset Income

The income from assets based on the Cash Value of all of the household assets multiplied by the current HUD passbook rate.

Earned Income

Earned income means income or earnings from wages, tips, salaries, Military pay
other employee compensation, and net income from self-employment.
Earned income does not include any pension or annuity, transfer
payments (meaning payments made or income received in which no
goods or services are being paid for, such as welfare, social security,
and governmental subsidies for certain benefits), or any cash or in-kind
benefits.

Supplemental Security Income (SSI)

Supplemental Security Income (SSI) provides monthly payments to people with disabilities and older adults who have little or no income or resources.

Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)

The Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.

Supplemental Nutrition Assistance Program (SNAP)

Supplemental Nutrition Assistance Program (SNAP) provides food benefits to low-income families to supplement their grocery budget so they can afford the nutritious food essential to health and well-being.

Medicaid

Authorized in 1965, becoming Title XIX of the Social Security Act. Medicaid is a state–federal partnership jointly funded by the states and federal government and administered by the states according to federal requirements to assist states in providing medical care to eligible people. Within broad federal guidelines, each state establishes its own eligibility standards; determines the type, amount, duration, and scope of services; sets the rate of payment for services; and administers its own program.

Medicaid is the largest program providing medical and health-related services to low-income people. Medicaid was originally available only to people receiving cash assistance, but over time, Congress has expanded eligibility for children and selected adult groups. The Patient Protection Affordable Care Act (ACA) (P.L. 111–148) and the Health Care and Education Reconciliation Act of 2010 (HCERA) (P.L. 111–152) initiated significant changes to Medicaid. Subsequent references to ACA in Health, United States include changes enacted by ACA or HCERA.

States are mandated by federal law to cover certain population groups but are granted flexibility in covering other groups (42 USC 1396 et seq). In the standard benefit package, states must cover mandatory benefits (for example, physician services) but may choose to cover optional benefits (for example, tuberculosis-related services). States set individual eligibility criteria within federal minimum standards. Before ACA, many states expanded Medicaid coverage above the federal minimums, and many states have chosen to continue this additional coverage.

Broadly, there are four major eligibility groups covered by most states: Children, Adults with Disabilities, Aged Adults, and Nondisabled Adults. Detailed discussion of each group follows.

Foster adult

A member of the household who is 18 years of age or older
and meets the definition of a foster adult under State law. In general, a foster
adult is a person who is 18 years of age or older, is unable to live
independently due to a debilitating physical or mental condition and is placed
with the family by an authorized placement agency or by judgment, decree,
or other order of any court of competent jurisdiction.

Foster child

A member of the household who meets the definition of a foster child
under State law. In general, a foster child is placed with the family by an authorized
placement agency (e.g., public child welfare agency) or by judgment, decree, or
other order of any court of competent jurisdiction.

live-in aide

“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.

Rural Development

Rural development is the process of improving the quality of life and economic well-being of people living in rural areas, often relatively isolated and sparsely populated areas. Rural development has traditionally centered on the exploitation of land-intensive natural resources such as agriculture and forestry.

HOTMA

The Housing Opportunity Through Modernization Act of 2016 (HOTMA) was enacted on July 29, 2016. Title I of HOTMA contains 14 sections that affect the public housing and Section 8 rental assistance programs. This page serves as a clearinghouse for resources related to the implementation of Housing Opportunity Through Modernization Act of 2016 (HOTMA) provisions that affect programs administered by PIH.

Assistance animal

An assistance animal is an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or that provides emotional support that alleviates one or more identified effects of a person’s disability. An assistance animal is not a pet.

30% rule

A rule that states that you shouldn’t pay more than 30% of your monthly income for your rent.

Low-Income Home Energy Assistance Program (LIHEAP)

A program that helps keep families safe and healthy through initiatives that assist families with energy costs. LIHEAP provides federally funded assistance to reduce the costs associated with home energy bills, energy crises, weatherization, and minor energy-related home repairs.

LIHEAP can help you stay warm in the winter and cool in the summer through programs that reduce the risk of health and safety problems that arise from unsafe heating and cooling situations and practices.

Temporary Assistance for Needy Families (TANF)

A program provides states and territories with flexibility in operating programs designed to help low-income families with children achieve economic self-sufficiency. States use TANF to fund monthly cash assistance payments to low-income families with children, as well as a wide range of services.

The Housing and Economic Recovery Act of 2008 (HERA)

HERA, enacted into law on July 30, 2008, made comprehensive and significant reforms to several HUD programs, including HUD’s Public Housing, Section 8 Tenant-Based Voucher, and Project-Based Voucher programs.

Enterprise Income Verification system (EIV)

Is a certification exam that covers everything you need to know about the HUD Enterprise Income Verification system including its purpose, how it developed, how to sign up, how to maintain access, which reports are required, how to interpret reports, how to resolve any discrepancies and how to ensure the security of the data.

The EIVS is appropriate for all managers, assistant managers, compliance staff and any other persons involved with the tenant certification process.

Certified Occupancy Specialist (COS)

Certified Occupancy Specialist (COS) is a comprehensive study of HUD’s Office of Multifamily Housing guidelines and regulations set forth in HUD Handbook 4350.3 REV-1 and subsequent notices, including rent calculation, eligibility, verification, recertification, tenant screening, and Fair Housing.

The Housing Credit Certified Professional (HCCP)

The Housing Credit Certified Professional (HCCP) credential is a specialized designation for professionals working in the affordable housing industry through the Low-Income Housing Tax Credit (LIHTC) program.

Successful HCCPs understand the regulatory and compliance issues and details involved with the LIHTC program, which supports safe, decent and affordable rental housing for so many American families. Property owners, developers, asset managers, state housing agencies and others turn to HCCP designees when they need a professional with a thorough understanding of the complex net of LIHTC guidelines, regulations and compliance requirements.

1986 Tax Reform Act

The Tax Reform Act of 1986 was signed into legislation by President Ronald Regan. It was meant to simplify the tax code and stimulate the economy. The law lowered the maximum rate on ordinary income (earned income) from 50% to 28% while raising it on long-term capital gains (unearned income) from 11% to 15%.

Housing Act of 1949

The Housing Act of 1949 is a significant piece of federal legislation in the United States that aimed to address the country’s housing challenges and improve the living conditions of its citizens. It was signed into law by President Harry S. Truman on July 15, 1949.

The main objectives of the Housing Act of 1949 were as follows:

1. Housing Quality Improvement: The act sought to improve the quality of housing by providing financial assistance for slum clearance, urban renewal, and the rehabilitation of existing housing units.

2. Housing Availability: It aimed to increase the availability of safe and decent housing for low-income families by promoting the construction of new housing units and the expansion of affordable rental housing options.

3. Urban Planning: The act encouraged the development of comprehensive urban planning and zoning regulations to ensure orderly and efficient urban growth.

4. Slum Clearance and Redevelopment: It provided resources for the clearance of blighted areas and the redevelopment of such regions to revitalize communities and eliminate unsafe living conditions.

5. Public Housing: The act supported the creation of public housing projects to offer affordable housing to those in need, especially low-income families.

6. Loans and Loan Guarantees: It authorized the provision of loans and loan guarantees for various housing-related purposes to stimulate private investment in housing development.

The Housing Act of 1949 laid the foundation for several federal housing programs that have been instrumental in shaping the American housing landscape over the years. It represented a significant step towards addressing housing inequality and ensuring adequate housing for all citizens, especially those with low incomes. The act has undergone subsequent amendments and revisions to adapt to changing housing needs and socioeconomic conditions in the United States.

Section 538

USDA Section 538 is a provision within the Housing Act of 1949 that establishes a loan guarantee program to facilitate the development of affordable rental housing in rural areas in the United States. Under this program, the U.S. Department of Agriculture (USDA) provides loan guarantees to approved lenders, including private financial institutions and state housing finance agencies.

The purpose of Section 538 is to encourage lenders to offer loans to developers or sponsors of affordable rental housing projects in rural communities by reducing the lender’s risk. The loan guarantees act as a form of insurance for lenders, promising to repay a portion of the loan if the borrower defaults.

By offering these loan guarantees, USDA aims to increase the availability of safe and affordable rental housing for low-income individuals and families in rural areas, helping to address the housing needs of these communities.

Section 515

Section 515 is a specific provision within the Housing Act of 1949, a federal law in the United States. It establishes the Rural Rental Housing Program, which aims to provide affordable rental housing options for low-income individuals and families in rural areas.

Under Section 515, the U.S. Department of Agriculture (USDA) offers subsidized loans to eligible entities, including nonprofit organizations, private companies, and public agencies. These loans are used to finance the construction, acquisition, or rehabilitation of multi-family rental properties in rural communities with populations of 35,000 or less.

The main objective of the program is to increase the availability of safe and decent rental housing for individuals and families with very low to moderate incomes. The properties developed or rehabilitated under Section 515 must maintain their affordability for at least 30 years and are subject to income restrictions to ensure they serve the target population.

The rental rates in these properties are set at an affordable level, typically requiring eligible tenants to pay no more than 30% of their income for housing costs. By providing financial assistance and incentives to develop and maintain affordable rental housing, Section 515 has been instrumental in addressing the housing needs of rural communities and improving the living conditions of low-income residents in these areas.

Eligible Basis

Eligible basis is a component of the qualified basis of an LIHTC project. It is generally equal to the adjusted basis of the building, excluding land but including amenities and common areas.

Qualified Basis

Qualified basis is the base that is multiplied by the credit percentage to determine the annual credit. The qualified basis equals the applicable fraction times the eligible basis.

Olympia Management

Olympia Management, Inc. exists to meet the needs of the affordable housing community by providing top-quality living conditions, excellent management, compassionate interaction with tenants, and consistent security.

Civil Rights Act of 1964

The Civil Rights Act of 1964 was a landmark piece of legislation in the United States that aimed to end racial segregation and discrimination based on race, color, religion, sex, or national origin. Enacted on July 2, 1964, the law was a significant milestone in the American civil rights movement. It outlawed racial segregation in public places and facilities, such as schools, restaurants, hotels, and theaters, as well as in employment practices. The act also established the Equal Employment Opportunity Commission (EEOC) to enforce the prohibition of employment discrimination. Additionally, it withheld federal funding from programs and entities that practiced racial segregation. The Civil Rights Act of 1964 marked a crucial step forward in advancing civil rights and equal opportunities for all citizens, regardless of their background, and has since become a cornerstone of the ongoing struggle for equality and justice in the United States.

Martin Luther King Jr

Martin Luther King Jr. was a prominent American civil rights leader and an iconic figure in the fight for racial equality and social justice. Born on January 15, 1929, in Atlanta, Georgia, he became a Baptist minister and emerged as the face of the American civil rights movement during the 1950s and 1960s. King was known for his commitment to nonviolent protest and his unwavering dedication to achieving civil rights for African Americans. He played a pivotal role in organizing and leading numerous peaceful protests, including the Montgomery Bus Boycott and the March on Washington, where he delivered his famous “I Have a Dream” speech. His efforts led to significant advances in civil rights legislation, including the Civil Rights Act of 1964 and the Voting Rights Act of 1965. Tragically, Martin Luther King Jr. was assassinated on April 4, 1968, in Memphis, Tennessee, but his legacy endures as a symbol of hope, justice, and the pursuit of equality for all. His impact on the course of American history continues to inspire and influence movements for social change around the world.

Verification

Documentation gathered to verify eligibility factors.

VAWA

The Violence Against Women Act.

Very low-income

HUD-published “VLI” limits that are 50% of the area median income.

Vacant unit

A unit that was previously occupied by a household. Often contrasted with an
empty unit, which is a unit in a new project that has never been occupied.
Vacant Unit Rule
When a unit is vacant, an owner can continue to claim tax credits as long as
marketing efforts are continuously made to fill the unit and it is ready for
occupancy in a reasonable time.

Unearned income

Unearned Income is income received that is not in the form of wages, tips, or other compensation for work
performed.
4. Income from Assets
5. Social Security, Pensions, etc.
6. Welfare Assistance
7. Periodic Allowances (Cash & Non-Cash Contributions, Child Support, etc.)
8. Unemployment Compensation
9. Student Financial Assistance

Transient use

When a household and owner/agent intend to reside in a unit for less than 6
months they are “transient” and not eligible for an LIHTC unit. A lease of at
least 6 months demonstrates nontransience.

Third-party verification

Documents prepared by a third party. Examples include verification of
employment and pay stubs. Also referred to as source documents in the
HOME regulation.

Tenant/unit file

The application for occupancy and supporting verification paperwork
establishing household eligibility for an affordable housing unit.

Tenant-paid rent

The amount that the tenant pays in rent monthly. An estimate of any utilities
paid and fees that are nonoptional are added to tenant-paid rent to
determine gross rent for an LIHTC unit, and any subsidy is added to determine
gross HOME rent (with an exception for Low HOME units).

Tenant

A legal resident of a rental property.

TCAP

The Tax Credit Assistance Program, a temporary program funded under the
American Recovery and Reinvestment Act of 2009. Designed to supplement
tax credit equity from investors. TCAP funds were HOME funds redesignated
for LIHTC purposes during the Great Recession.

Tax credits

A reduction in tax liability. Benefits an owner of a property claims under the
low-income housing tax credit program.

Syndicator

An entity that identifies investors and developers and facilities pairing these
in a limited partnership. The syndicator is often thought of as the investor, but
it actually represents the investors and manages the relationship between the
investors and the general partner.

Subsidy

Money paid by a government agency to assist a household or property.
Depending on the context, this can be in the form of rental assistance or
financing assistance to a property.

Sub-metering

Utility sub-metering is a system that allows a property owner to bill tenants
for individual measured utility usage. The approach makes use of individual
meters for units. Utilities paid to an owner are permissible to include in a
utility allowance for a property, even though paid to the owner and not a
utility company directly.

Student financial assistance

Financial assistance includes any assistance in excess of tuition that a student
receives: (1) Under the Higher Education Act of 1965. This includes Pell Grants,
Federal Supplement Educational Opportunity Grants, Academic Achievement
Incentive Scholarships, State Assistance under the Leveraging Educational
Assistance Partnership Program, the Robert G. Byrd Honors Scholarship
Program, and Federal Work Study programs. (2) Assistance from private
sources. Non-governmental sources of assistance, including assistance that
may be provided to a student from a parent(s), guardian, or other family
member and other persons not residing in the unit. (3) From an institution of
higher education requires reference to a particular institution and the
institution’s listing of financial assistance. HUD has interpreted the term
“financial assistance” to not include loan proceeds for the purpose of
determining income. Therefore, Perkins loans, Stafford loans, and Plus loans
under the Higher Education Act of 1965 are not considered as student
financial assistance.

Student

A person attending an institute of education.

Source document verification

How HOME regulations describe documents prepared by a third party used to
verify factors related to household eligibility. Examples include verification of
employment and pay stubs. Also generally referred to as third-party
verification.

Set-aside

When a unit is assigned a specific income or rent limitation.

Service animal

Under the Americans with Disabilities Act (ADA), a service animal is a dog that
provides disability-related physical assistance to a person. This relates to animals that can be brought into public accommodations and not what animals a person can keep in their rental home, where the Fair Housing Act applies.

Section 811

Project Rental Assistance (PRA) through the HUD Section 811 program.

Section 8

Housing funded under Section 8 of the Housing Act of 1937. Section 8 funds
project-based rental assistance (PBRA) and Housing Choice Vouchers.

Rent limit

The highest rent that can be charged to LIHTC or HOME households. These
are provided by unit size. Each program has a specific formula to calculate
these limits.

Recertification

Reevaluation of a household’s status for a housing program.

Reasonable modification

An adjustment to a unit or property’s common areas to accommodate a
disability. If reasonable, allowing such modifications is required under Fair
Housing law.

Reasonable accommodation

An adjustment to an owner/agent’s policies or procedures to accommodate a
disability. If reasonable, making such accommodation is required under Fair
Housing law.

Qualified unit

A unit that 1) houses a program-eligible household, 2) has programappropriate
rents, and 3) is decent, safe, and sanitary.

Permanent supportive housing (PSH)

A HUD program that provides permanent housing in which housing assistance
such as long-term leasing or rental assistance, and supportive services are
provided to assist households with at least one member (adult or child) with
a disability in achieving housing stability.

Protected class

Personal characteristics for which it is illegal to treat people differently under
the Fair Housing Act. Starting in 1968 these included race, religion, color, and
national origin. In 1974 sex was included. In 1988 disability and familial status
were added.

Project

All of the buildings included in a group at a housing development for
compliance purposes, as indicated on each building’s form 8609 line 8b. The
default is that each building is a separate project unless the owner elects a
multiple-building project.

PJ

Abbreviation for the HOME Participating Jurisdiction.

PHA

Public housing authority. A local Agency that may manage public housing and Housing Choice Vouchers.

Placed-in-service date

The date a building is ready for its intended purpose. For new construction,
this is generally when a building receives its certificate of occupancy for the
first unit in a building. For acquisition, this is when an occupied building is
acquired by purchase for IRC section 179 depreciation purposes. The placed
in service date for a rehab is determined by accountants based on an
expenditure test and other factors.

Over-income unit

For a project that is not 100% LIHTC, a household is over-income when its
income exceeds 140% of the current income limit at annual recertification.
For HOME, a household that exceeds the applicable low or high HOME limit
for a unit is over-income.

Optional fee

A fee that a tenant may choose to pay but is not required to. There must also
be a reasonable alternative to the fee for it to be optional.

Occupancy standards

The number of people allowed to occupy each unit size. These are set by the
owners, taking into consideration Fair Housing and housing program
guidelines.

NSP

Neighborhood stabilization program.

MSA

Metropolitan statistical area.

Model unit

A unit reserved for marketing purposes to be viewed by applicants to
demonstrate what furnished units may look like.

Metropolitan Statistical Area

An election for the LIHTC program that determines a minimum commitment
to the tax credit program (a percentage of total units in the project) and the
income limits federally applicable to the project. The minimum set-aside is
irrevocably elected on IRS Form 8609 for each building in a project. Options
are 20-50, 40-60, and the Average Income Test.

Louisiana

Home to more than 4.6 million people, Louisiana sits in the heart of the Deep South along the rich Gulf coastal plain. First explored by the Spanish, then claimed by the French before President Thomas Jefferson bought it for the U.S. as part of the 1803 “Louisiana Purchase,” Louisiana today maintains a distinct French Creole culture not found anywhere else in the Union. In fact, Louisiana is the only state in the union that subdivides into “parishes” rather than counties – a throwback to the rich Roman Catholic influence of the Spanish and French who first settled here.

Louisiana enjoys a mild, subtropical climate fueled by the warm waters of the Gulf of Mexico, featuring lush forestlands to the north and the fertile Mississippi Delta to the south. A major provider of seafood for the U.S., Louisiana produces about 90 percent of the nation’s crawfish. Agriculture and oil are also major economic anchors for the state. The largest population centers lie along the Gulf Coast near the mouth of the Mississippi River – namely, Baton Rouge, its state capital (pop. 220,000) and New Orleans, its largest city (pop. 400,000). New Orleans in particular serves as a major hub for tourism, hosting millions of visitors a year to the French Quarter to experience New Orleans jazz and the noted Mardi Gras celebration. Meanwhile, in the northwest corner of the state near the Texas border, the city of Shreveport has become home in recent years to a thriving film scene.

Kentucky

Home to the Mammoth Caves, KFC, bluegrass music, and the Kentucky Derby. Birthplace of Johnny Depp, Jennifer Lawrence, Bill Monroe, Abraham Lincoln, and bourbon whisky. These are just a few of the things that make up the rich heritage of Kentucky. Marked by the rolling hills and forested lands of the western Appalachian Mountains, this state is known for its rich farmland and incredible natural beauty – not to mention 95 percent of the world’s bourbon and some of the finest thoroughbred horses found anywhere on the planet.

Kentucky’s capital city, Frankfort, is relatively small, home to only about 27,000 people. While most of the state is rural, the two largest cities in the state are Lexington (pop. 323,000) and Louisville (pop. 767,000).

Tennessee

Located in the nation’s heartland, the State of Tennessee is a land as rich and diverse as the people who live there. In fact, Tennessee residents think of their state as divided into three Grand Divisions – “three Tennessees,” if you will – each with its own land features and culture.

The eastern third of the state, East Tennessee, is dominated by the Blue Ridge Mountains, Great Smoky Mountains, and Cumberland Plateau, a land rich both in natural beauty and Appalachian culture with population centers that include Knoxville, Chattanooga, and the famed Tri-Cities area, the historic birthplace of Country Music.

Middle Tennessee, the state’s midsection, is a land of rolling hills and fertile soil – the agricultural center of the state. It’s also home to Nashville, the state capital and the famed Country Music Capital of the World. With a combined metro population of almost 2 million, Nashville is also the state’s largest city.

West Tennessee, the western third of the state, is loosely considered the region between the Tennessee River to the east and the Mississippi River along the western border. This flat, fertile bottom land is part of the massive Gulf plain and serves as another bed of agriculture for the state. On the western end, along the banks of the Mississippi, lies Memphis, the state’s second largest city. Also known for its music scene, Memphis is the historic birthplace of Rock & Roll (Sun Records), as well as the home of Elvis Presley, B.B. King, and the world-famous Beale Street, home of the blues.

Georgia

Over the past few decades, the State of Georgia has gone from being primarily an agricultural region to being an international crossroads and one of the most influential regions of the Southeast. Now serving as the headquarters for at least 17 Fortune 500 companies, the economy of Georgia is the 28th largest in the world. More than half of the state’s 10 million people live in and around Atlanta, the state’s capital and largest city, a major center for commerce, industry, healthcare, and technology, and even film – not to mention being home to what has become the world’s busiest airport.

Of course, there’s much more to living in Georgia than business and commerce. Still a major agricultural center, the “Peach State” is the nation’s largest producer of pecans, peanuts, and of course, peaches. Georgia also boasts more than 100 miles of coastline with pristine beaches. Along the coast, the port city of Savannah, one of the few places in Georgia not burned by General Sherman during the Civil War, is also today one of the state’s most popular tourist destinations, loved as much for its championship golf and its downtown “open container” policy as for its lovely beaches. And the north Georgia mountains provide ample opportunities for camping, boating, fishing, hiking, climbing, and just communing with nature.

Whether you love the hustle, bustle, and culture of city living, the quiet of the countryside, the relaxed vibe of coastal living, or the natural beauty of the mountains, Georgia truly offers something for everyone.

Mississippi

The birthplace of root beer, Elvis Presley, and the blues, Mississippi is coveted for its mild climate, sandy Gulf beaches, Southern hospitality, and rich soil. Indeed, the state’s economy has been rooted in agriculture since it was first settled, thanks in part to its deep, fertile soil and extended growing season. Cotton and soybeans are among the predominant crops raised here, but Mississippi is also home to more tree farms than any other state in the U.S., and more than 60 percent of all farm-raised catfish are produced in Mississippi. Jackson is both the state capital and largest city in Mississippi, with a metro population of over a half-million. The other major population center of Mississippi is along the Gulf Coast, with the Gulfport-Biloxi area serving as home to nearly 400,000 people.

Olympia Property Management is proud to provide affordable senior housing at Calhoun Manor in Calhoun City, a quiet community of 1800 people in the heart of North Mississippi about two hours from Jackson. Calhoun City is a quiet rural community surrounded by lakes and woodlands, offering a lovely small-town feel with numerous community events year-round.

South Carolina

Known for its mild climate, low cost of living, tasty barbecue, shag dancing, sandy beaches, and championship golf, South Carolina is not only one of the largest tourist attractions along the eastern seaboard, but it’s also a great place to live. Between the scenic barrier islands and salt marshes of the coastal plain to the fast-growing urban centers of Upper Piedmont, to the scenic Blue Ridge Mountains, there’s something here for everyone to enjoy.

In the center of the state lies Columbia, the state capital and second-largest city, known as the center for healthcare, commerce, and military. Much of the tourism centers around the coastline, with destinations like Myrtle Beach and Charleston (the state’s largest city) seeing huge numbers of visitors each year. However, the Upstate region in the northwest corner of the state has seen a huge population surge over the past years, to the point that the Greenville metropolitan area now contains the largest combined population in the state – about 1.5 million people.

Alabama

From the rolling mountains of the north to the pristine Mobile Bay and the Gulf of Mexico, Alabama is a state with natural beauty all its own. Since it was first settled, Alabama has largely been a rural, agricultural state due to its mild

growing season – and agriculture is still a major part of its economy. However, Alabama has also emerged as one of the nation’s major producers of cast iron and steel, and it’s also home to one of the country’s main aerospace technology hubs in Huntsville. (Alabama workers built the first rocket to put a man on the moon.)

While Montgomery serves as the state capital, the largest city is Birmingham, with a combined metro population of more than 1 million people, also serving as a major hub for industry, business, and finance for the region. At the southern tip of the state along Mobile Bay, the city of Mobile is a significant port city, industrial center, and shipyard, as well as serving as a major tourist destination. It’s also one of the oldest cities in Alabama, having first been settled by French explorers in 1702 – along with having the longest-running annual Mardi Gras celebration in the United States.

Alabama is known across the country for its Southern hospitality and relaxed lifestyle, as well as its love for college football. With major universities that include Auburn University, Jacksonville State University, and the University of Alabama, residents of the state have many great teams to root for – and a few friendly rivalries, as well!

Gross Rent

Does not include any amounts received from a rental assistance program, any utility allowance, or any fee paid to the apartment complex by any governmental assistance program.

Full-Time Student

A person who is attending school or vocational training on a full-time basis.

Housing Assistance Payment (HAP)

A 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.

Guest

Is a temporary visitor of the tenant’s and should not be confused with an unauthorized occupant. Additionally, a guest in not a party to the lease agreement.

Housing Choice Vouchers

A program that the federal government has for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.

Head of Household

The Adult member of the family who is the head of the household for the purposes of determining income eligibility and rent.

Section 8

The housing assistance payments program that implements Section 8 of the United States Housing Act of 1937.

Income Based

Income based means that the amount a tenant will pay is based on their income. Taken into consideration is family size, special needs expenses, etc.

USDA Office of Rural Development (RD)

is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America

Waiting List

A formal record of applicants for housing assistance and/or assisted housing units that identifies the applicant’s name, date and time of application, selection preferences claimed, income category, and the need for an accessible unit.

Very Low-Income

Households whose incomes do not exceed 50 percent of the median area income for the area, as determined by HUD, with adjustments for smaller and larger families and for areas with unusually high or low incomes or where needed because of facility, college, or other training facility; prevailing levels of construction costs; or fair market rents.

U.S. Department of Housing and Urban Development (HUD)

Established in 1965, HUD’s mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships — particularly with faith-based and community organizations — that leverage resources and improve HUD’s ability to be effective on the community level.

Tenant-Based Rental Assistance (TBRA)

HUD assists low- and very low-income families in obtaining decent, safe, and sanitary housing in private accommodations by making up the difference between what they can afford and the approved rent for an adequate housing unit.

Security Deposit

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.

Non-Profit Housing Organization

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.

Low-Income Housing Tax Credit (LIHTC)

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.

Lease Term

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

Lease

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

Income Limit

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.

Housing Opportunities for Persons with Aids (HOPWA)

Provides housing assistance and supportive services to low-income people with HIV/AIDS and their families. HOPWA funds may also be used for health care and mental health services, chemical dependency treatment, nutritional services, case management, assistance with daily living, and other supportive services.

Household

All the people who occupy a housing unit. A household includes the related family members and all the unrelated people, if any, such as lodgers, foster children, wards, or employees who share the housing unit. A person living alone in a housing unit, or a group of unrelated people sharing a housing unit such as partners or roomers, is also counted as a household.

Homeless

An individual who lacks a fixed, regular, and adequate nighttime residence; as well an individual who has a primary nighttime residence that is a supervised publicly or privately operated shelter designed to provide temporary living accommodations, an institution that provides a temporary residence for individuals intended to be institutionalized; or a public or private place not designed for, or ordinarily used as, a regular sleeping accommodation for human beings.

HOME (Home Investment Partnerships Program)

Provides formula grants to states and localities that communities use — often in partnership with local nonprofit groups — to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership, or to provide direct rental assistance to low-income people.

Gross Annual Income

The total income, before taxes and other deductions, received by all members of the tenant’s household. There shall be included in this total income all wages, social security payments, retirement benefits, military and veteran’s disability payments, unemployment benefits, welfare benefits, interest and dividend payments and such other income items as the Secretary considers appropriate.

Foster Children

Children that are in the legal guardianship or custody of a State, county, or private adoption or foster care agency, yet are cared for by foster parents in their own homes, under some kind of short-term or long-term foster care arrangement with the custodial agency. These children will generally remain in foster care until they are reunited with their parents, or until their parents voluntarily consent to their adoption by another family, or until the court involuntarily terminates or severs the parental right of their biological parents, so that they can become available to be adopted by another family. Therefore, the parental rights of the parents of these children may or may not have been terminated or severed, and the children may or may not be legally available for adoption.

Fair Market Rent (FMR)

Primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment contracts in the Moderate Rehabilitation Single Room Occupancy program, and to serve as a rent ceiling in the HOME rental assistance program.

Fair Housing Act

1968 act (amended in 1974 and 1988) providing the HUD Secretary with fair housing enforcement and investigation responsibilities. A law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability.

Eviction

The dispossession of the tenant from the leased unit as a result of the termination of tenancy, including a termination prior to the end of a lease term.

Elderly Person Household

A household composed of one or more persons at least one of whom is 62 years of age or more at the time of initial occupancy.

Domestic Violence

Includes felony or misdemeanor crimes of violence committed by a current or former spouse of the victim, by a person with whom the victim shares a child in common, by a person who is cohabitating with or has cohabitated with the victim as a spouse, by a person similarly situated to a spouse of the victim under the domestic or family violence laws of the jurisdiction receiving grant monies, or by any other person against an adult or youth victim who is protected from that person’s acts under the domestic or family violence laws of the jurisdiction.

Annual Income

All amounts, monetary or not, which:

  1. Go to, or on behalf of, the family head or spouse [or co-head] (even if temporarily absent) or to any other family member; or
  2. Are anticipated to be received from a source outside the family during the 12-month period following admission or annual reexamination effective date; and
  3. Which are not specifically excluded [by regulation]. Annual income also means amounts derived (during the 12-month period) from assets to which any member of the family has access. [24 CFR 5.609]

The HOME Program allows the use of three income definitions for the purpose of determining applicant eligibility:

Annual income as defined in the Code of Federal Regulations (24 CFR 5.609); Annual income as reported under the Census Long Form for the most recent decennial census; or Adjusted gross income as defined for purposes of reporting under Internal

Affordable Housing

In general, housing for which the occupant(s) is/are paying no more than 30 percent of his or her income for gross housing costs, including utilities. Please note that some jurisdictions may define affordable housing based on other, locally determined criteria, and that this definition is intended solely as an approximate guideline or general rule of thumb.

Amenities

Are desirable or useful features on/in a property or unit. Please Note: All the Amenities that are featured at a property is listed at the bottom of the individual property’s page under the “Amenities” section of the page under either “Unit” or “Property”.

Utilities Included With Rent

All utilities that are included in the rent for the unit are marked accordingly at the bottom of the individual property’s page under the “Details” section of the page. Please Note: All the utilities that are included in rent is listed at the bottom of the individual property’s page under the “Details” section of the page.

Pets

All Olympia Management properties have a no pet policy. Please Note: It is important for you as the renter to contact the property manager regarding restrictions on pets.

Senior Housing

A property that is reserved for people who are seniors. Please Note: the definition of “senior” may vary. As always, it is important to talk with the property manager and visit the property prior to making a decision to rent.

Subsidized Rent

If this property owner accepts rent from tenants who receive financial assistance in the form of rent subsidies from nonprofit organizations.

Tax Credit Property

A Tax Credit Property is a rental property that has some units available for less than Fair Market Rent rates. If you are eligible, you may receive reduced rent. Please contact the property manager for details.

Section 8 Property

The Section 8 housing program is a Federal Housing and Urban Development (HUD) assistance program that helps families to rent in many different neighborhoods that they may not have been able to afford otherwise. Participant families include elderly persons, disabled persons and working families who do not earn enough to keep pace with rising rental costs.

Security Deposit

Olympia Management requires a security deposit fee before a tenant is allowed to move in. Please Note: The Security Deposit amount is listed at the bottom of the individual property’s page under the “Details” section of the page.

Application Fee

Olympia Management will charge a fee when a prospective tenant applies. This fee is used to pay for the fees associated with credit and criminal history checks. Please Note: The Security Deposit amount is listed at the bottom of the individual property’s page under the “Details” section of the page.

Median Income Based Rent

A combination of both Income Restricted and Income Based Sliding Scale; the property has specific restrictions to rent to tenants whose income is no more than a specific percentage of HUD’s Median Family Income [MFI] values for the region. This feature can list a range of incomes and their corresponding monthly rent values. For example, if the tenant makes between 30% and 40% of the MFI, then they might have to pay $316 per month. But if they make between 40% and 50%, then they would have to pay $360 per month.

Income Based Sliding Scale

A rental or for-sale property may use a sliding scale to determine the actual price for a particular tenant. Olympia Management will list the absolute minimum and absolute maximum prices as the sliding scale low and high values. Tenant’s incomes are the primary factor for deciding the actual price within the set range if the listing is specifically flagged “Income Based.”

Income Restricted

There is a maximum upper limit that the prospective tenant’s income cannot exceed for them to be eligible for this property. Prospective tenants’ incomes must be within the defined range to qualify for this housing. Landlords using this option will define the income restrictions. Taken into consideration is family size, special needs expenses, etc.

Rental Amount

Is the monthly amount collected by the Property Manager. This may be a flat rate or it may be a sliding scale based on income. Please Note: The minimum and maximum amount is listed at the top of the individual property’s page under the name of the property.

Rent Type

Olympia Management has three rental types—Market, Income Restricted, and Income Based. Please Note: Is listed at the bottom of the individual property’s page at under the “Details” section of the page.

Property Type

Olympia has multiple types of rental housing—from single-family and multi-family units. Additionally, there are housing options designed specifically seniors and those with income restrictions.

School District

Is a special-purpose district which serves to operate local public primary and secondary schools

Credit Check

All Olympia Management managed properties also require a credit history check on prospective tenants.

Criminal Check

All Olympia Management managed properties run a criminal history check on prospective tenants. Criminal records are public information.

Lease Length

The minimum amount of time that the tenant must agree to the lease is 12 consecutive months.