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Affordable Housing
Housing that is intended to be affordable to those who earn less than a certain income.
Many residents of affordable housing are professionals such as teachers, office workers, and others who may not earn enough to afford rents in the area they work in.
There are several ways affordable housing is created and maintained. It may be subsidized by the government, or developers might be required to provide a certain number of affordable units in exchange for being given approval by a city to build housing there.
Cost-burdened
Renters who pay more than 30 percent of their income for housing are said to be cost-burdened.
Renters who pay more than 50 percent of their income for housing are said to be severely cost-burdened.
Local Government Assessment Tool
A computer assessment tool originally designed to help city governments provide adequate affordable housing and decrease racial segregation.
It was developed to help communities meet their obligations under the 2015 Affirmatively Furthering Fair Housing (AFFH) rule by helping them discover clusters of poverty and segregation.
Click here to see how the tool works.
Referenced by...HUD takes back door to suspend anti-segregation program (2018-May-18)
Mortgage
A loan used to buy property such as a house. It typically is paid back over many years (for example, a 30-year mortgage used to buy a house).
Mortgage Insurance Premium (MIP)
An insurance premium on mortgages backed by Federal Housing Administration (FHA) insurance. The premium is paid by the homeowner.
Referenced by...Trump reverses savings on mortgage premiums (2017-Jan-20)
FHA insurance price cut will save homeowners hundreds (2017-Jan-09)
Public Housing
Housing in which the property is owned by a government agency.
Referenced by...HUD seeks to raise rents for low-income and disabled renters (2018-May-09)
Section 8
Federal program that provides low-income families with vouchers they can use to pay for a portion of rent.
The program was created in a 1974 amendment to Section 8 of the 1937 Housing Act.
HUD seeks to raise rents for low-income and disabled renters (2018-May-09)