Acronyms
HOTMA
What is Housing Opportunity through Modernization Act?
Oversees Closing for RAD Conversions
What is the Office of Recapitalization?
A letter that seeks immediate payment of the borrower’s obligations
What is a demand letter, default letter, or default notice?
This closing agreement states the loan will not be extended until after lease-up.
What is a forward commitment?
This process happens annually to ensure continued eligibility of tenants
What is tenant recertification?
LOCCS
What is Line of Credit Control System?
Investigates Resident Complaints
What is the Office of Fair Housing?
Contract that outlines the rights, responsibilities, and obligations of general and limited partners
What is a limited partnership agreement?
Transferable credits are sold at a discount of $1/credit.
What is equity pricing?
This policy mandates that a certain percentage of units be reserved for low-income tenants.
What is the minimum set-aside requirement?
What is Multifamily Accelerated Process?
Conduct Audits/Evaluations/Investigations
What is the Office of Inspector General?
A contractual right granting someone the option to buy before others
What is right of first refusal?
IRS document that certifies the owner is eligible to claim low-income housing tax credits.
What is an 8609?
This policy mandates that a specific number of units be accessible to individuals with disabilities.
What is the accessibility requirement?
REO
What is Real Estate Owned?
Assess HUD’s Housing Portfolio
What is the Real Estate Assessment Center (REAC)?
The property owner gives up land use rights in exchange for the promise of future tax credits and other affordability restrictions
What is land use restrictive agreement (LURA)?
Allows a unit to serve a resident with 80% AMI
What is income averaging?
This document is used by owners to report compliance annually to the IRS.
What is Form 8823?
RFP
What is Request for Proposal?
Oversee CDBG Funds
What is Community Planning and Development?
Tenants own the building but not the land it is built on. After the lease expires the improvements belong to the landlord.
What is a ground lease?
The delivery of credits is less than projected
What is a downward adjuster?
This consequence arises if a property fails to maintain its affordability requirements.
What is the recapture of tax credits?