GLOSSARY OF TERMS
Choose one of the categories below to narrow your choiceHousing
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.
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...
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...
Housing in which the property is owned by a government agency.Referenced by...
Section 8Referenced by...