Affordable Housing Assistance Key Terms
Discover the terms and acronyms surrounding the housing assistance marketAffordable housing assistance key terms are applicable to people in many fields. From those who are looking for houses to those in the business of helping families in need of assistance, knowing the terms will in navigating the field of housing assistance. Housing assistance key terms also affect landlords, realtors, bankers, creditors, contractors, inspectors and anyone affected by the real estate market. Knowing how to properly and legally handle low income families starts with having a base understanding of the terminology and phrases.
Private Mortgage Insurance (PMI)
Fair Housing ActThe Fair Housing Act is a federal law prohibiting property owners from denying housing, refusing to rent, sell or negotiate, or offer different terms and considerations because of any discriminatory practices. This means that you cannot discriminate or be discriminated against based on race, religion, handicap, sex, national origin or familial status.
US Department of Housing and Urban Development.
AmortizationAmortization is the chart or plan used to pay off a financial obligation using periodic installment payments over a set period of time.
Community Reinvestment Act (CRA)The Community Reinvestment Act (CRA) was a federal law enacted by Congress in 1977 that says that banks and savings institutions have an affirmative obligation to serve the public. In particular, this includes meeting the needs of low- and moderate-income neighborhood residents.
Federal Financial Institutions Examination Council.
Deferred payment loanDeferred payment loans are loans of which the borrower has put off repayment for a certain length of time. In housing programs, this type of loan is often used when an assisted family sells the home.
King County Housing & Community Development Program about a deferred payment loan.
Section 8Section 8 refers to federal subsidy housing funds for low-income families to help them supplement what they cannot afford on their own.
The City of New York.
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