Assets that will be converted to cash within the year
What are current assets?
100
Borrower's pledge of specific property to a lender, to secure repayment of a loan.
What is collateral?
100
Template sent to Lending before submitting an RPA
What is the Project Intake Form?
200
Act that encourages financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods
What is the Community Reinvestment Act of 1977?
200
Mike Sviridoff
Who was LISC's first president?
200
These are called "shareholder's equity" in a for-profit company.
What are net assets?
200
This ratio expresses the amount of mortgage liens as a percentage of the total appraised value of real property.
What is LTV?
200
Loan amount that requires national Credit Committee Review.
What is $100,001?
300
It was created under the Tax Reform Act of 1986 that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans.
What is the Low Income Housing Tax Credit?
300
This LISC affiliate raises money from investors and identifies low incoming housing projects in which to invest that capital.
What is NEF?
300
These ratios assess an organization's ability to meet its financial obligations in the short term.
What are liquidity ratios?
300
Contracted authority to build on a site, through ownership, long-term lease or the purchase of an option to buy the land at an agreed price within a specified period.
What is site control?
300
Name of the entity that approves loans of $1,000,001 and above.
What is Program Review and Evaluation Committee?
400
This provides tax credit incentives to investors for equity investments in certified Community Development Entities, which invest in low-income communities
What is the NMTC program?
400
•Expanding Investment in Housing and Other Real Estate
•Increasing Family Income and Wealth
•Stimulating Economic Development
•Improving Access to Quality Education
•Supporting Healthy Environments and Lifestyles
What are the five program goals of Sustainable Communities?
400
Standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.
What is GAAP?
400
Short-term loan to finance the costs of project development that occur before construction begins: land costs, architect, engineering and attorney fees, permit fees, site preparation, etc.
What is a predevelopment loan?
400
Loan amount that requires approval by LISC's National Board.
What is $3,000,000?
500
This program, created in 1974, shifted the decision- making about local community development projects away from the federal government and gave it to the cities.
What is CDBG?
500
South Bronx, Boston and Chicago
In which three cities did LISC initially work?
500
The practice of recognizing income when it is actually earned.
What is accrual accounting?
500
The period of time within the term of the loan during which disbursements may be made.
What is the origination period?
500
Range of credit risk ratings applied to LISC loan.