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.

Lease Term

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

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

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 Revenue Service (IRS) Form 1040 series for individual federal annual income tax purposes.

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.

Smoking

All properties built after the year 2015 will be a non-smoking facility.

Pets

All Olympia Management properties have a no pet policy. Please Note: It is important for you as the renter to contact the landlord 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.