Sec. 7(0)................. Sec. 8............. Sec. 9............ Sec. 14........... Sec. 17............... Sec. 101................. Sec. 104. Sec. 105.......... Sec. 106........................ Sec. 107................. Sec. 108................. Sec. 119. Sec. 201.......... Sec. 202................. Sec. 203......... Sec. 207....... Sec. 213...... Sec. 221........ Sec. 221(d)(3). Sec. 231.......... Sec. 235................ Sec. 236........... Department of Housing and Urban Develop- United States Housing Act of 1937 (low- United States Housing Act of 1937 (CIAP). Housing and Urban Development Act of 1965 (rent supplement). Housing and Community Development Act of 1974 (CDBG applications and review). Housing and Community Development Act of 1974 (CDBG eligible activities). Housing and Community Development Act of 1974 (CDBG allocation and distribution of funds). Housing and Community Development Act of 1974 (CD discretionary fund). Housing and Community Development Act of 1974 (CD loan guarantees). Housing and Community Development Act Housing and Community Development Housing and Community National Housing Act (multifamily mort- Housing and Community Development Act of 1974 (allocation of funds for assisted housing). National Housing Act (cooperative housing mortgage insurance). National Housing Act (multifamily mortgage insurance). ........ National Housing Act (BMIR rental housing mortgage insurance). National Housing Act (mortgage insurance for elderly and handicapped rental housing). National Housing Act (home mortgage interest reduction payments). National Housing Act (rental and cooperative housing interest reduction payments). Sec. 302(b)(2)................. Federal National Federal National Mortgage Association Charter Act (FNMA authority to deal in conventional mortgages). Sec. 305(a)(2).................. Federal Home Loan Mortgage Corporation Act (FHLMC authority to deal in conventional mortgages). Sec. 312........... Housing Act of 1964 (rehabilitation loans). Housing Act of 1949 (rural housing loans and loan guarantees). Housing Act of 1949 (rural housing authorization amounts). Housing Act of 1949 (elderly and handicapped rural housing). Housing Act of 1949 (rural housing loan interest credits and RAP). Housing Act of 1949 (housing preservation grants). Housing and Community Development Act of 1974 (CDBG and UDAG). Housing Act of 1949 (urban renewal). National Housing Act (FHA property improvement loan insurance). National Housing Act (FHA mortgage insurance). Housing Act of 1949 (rural housing). TERMS Adjustable mortgage loan-See "adjustable rate mortgage". Adjustable rate mortgage-A mortgage covering a loan the interest rate of which may vary periodically over the term of the loan, generally according to an established index. Also referred to as an adjustable mortgage loan. Amortization-Gradual reduction of the principal of a loan, together with the payment of interest, according to a schedule of periodic payments so that the principal is fully paid by the end of the term of the loan. Annual contributions contract-A contract under which HUD makes payments to a public housing agency equal to the amount of principal and interest owed by the PHA under obligations issued by it for the development, operation, or modernization of a public housing project. Annual housing survey-An annual study by HUD and the Bureau of the Census regarding housing units, homeowners, and renters. Appropriation-Constitutionally required legislation that grants Federal agencies the authority to make payments out of the Treasury for general or particular purposes. There are three general categories of appropriations legislation: general, supplemental, and continuing. Areawide housing opportunity plan-A program to reduce the geographical concentration of lower income families by expanding housing opportunities throughout a wide area. Assistance payments-Federal payments, made directly or through public housing agencies, to owners or prospective owners of rental housing to pay part of the rent of lower income tenants. See "interest-reduction payments". Assumable mortgage-Mortgage in which the existing debt may be taken over by a third party without approval of the lender. Authorization-Legislation granting authority for the congressional consideration of appropriations for general or particular purposes. Although unauthorized appropriations may be subject to points of order, they are legally valid if enacted. Balloon mortgage-Mortgage under which the loan matures before the principal is fully repaid. Below-market interest rate-HUD-insured mortgages financing homes for lower income families and displaced families bearing interest rates lower than the market rate, with the Federal Government bearing the cost of the difference in rates by purchase of the mortgages. See section 221(d)(3) of the National Housing Act. Block grants-Grants by HUD on a noncategorical formula basis to assist community development and rehabilitation, including slum and blight elimination, conservation of housing, increased public services, improved use of land, and preservation of property. See title I of the Housing and Community Development Act of 1974. Borrowing authority-Authority to incur indebtedness for which the Federal Government is liable, which authority is granted in advance of the provision of appropriations to repay such debts. Borrowing authority may take the form of authority to borrow from the Treasury or authority to borrow from the public by means of the sale of Federal agency obligations. Borrowing authority is not an appropriation since it provides a Federal agency only with the authority to incur a debt, and not the authority to make payments from the Treasury under the debt. Subsequent appropriations are required to liquidate the borrowing authority. Budget authority-Legal authority to enter into obligations that will result in immediate or future outlays of Federal funds. Appropriations (unless liquidating borrowing authority or contract authority), contract authority, and borrowing authority are the three primary types of budget authority. Coinsurance-HUD insurance of a mortgage, advance, or loan with the lender assuming a percentage of the loss on the insured obligation. See section 244 of the National Housing Act. Commitment-An agreement to make or purchase a mortgage loan at a future date, or an agreement to insure a mortgage at a future date, if prescribed conditions are met by the mortgagee. Under HUD mortgage insurance, a traditional administration distinction exists between a special type of commitment known as a "conditional commitment" and other commitments known as "firm commitments". Under the former, a commitment is made to insure a mortgage (on a specific property for a definite loan amount) to be given by a future purchaser of the property involved if such a purchaser meets certain eligibility requirements. The term "standby commitment" is commonly used in the secondary market for residential mortgages to describe a commitment to purchase a mortgage loan or loans with specific terms, both parties understanding that the purchase is not likely to be completed unless particular circumstances make that advantageous to the seller of the mortgage. These commitments are typically used to enable the borrower to obtain construction financing at a lower cost on the assumption that permanent financing of the project will be available on more favorable terms than under the commitment when the project is completed and generating income. Community development block grants-Block grants for community development made to States, urban counties, and metropolitan cities under section 106 of the Housing and Community Development Act of 1974. Comprehensive improvement assistance-Assistance provided for the modernization of public housing projects under section 14 of the United States Housing Act of 1937. Concurrent resolution on the budget-Concurrent resolution of the Congress establishing minimum revenues and maximum outlays for the congressional budget for the Federal Government. Conditional commitment-See "commitment". Condominiums-Multifamily housing projects with individual units owned by occupants, who also own an undivided interest in the common areas and facilities of the project. Contract authority-Authority to enter into contracts obligating the Federal Government to make payments in the future, which authority is granted in advance of the provision of appropriations to make such payments. Contract authority is not an appropriation since it provides a Federal agency only with the authority to incur an obligation, and not the authority to make payments from the Treasury under the obligation. Subsequent appropriations are required to liquidate the contract authority. Conventional mortgage-A mortgage covering a loan that is not insured by the HUD or guaranteed by the FmHA or VA. Cooperatives-Multifamily housing projects owned by cooperative corporations with the stockholders of the corporations having the right to occupancy of the units. Cost certification-A limitation, under HUD mortgage insurance for multifamily housing, on the amount of a mortgage eligible for insurance, which limitation is determined after completion of the project on the basis of the builder's certification as to the actual dollar amount of his costs for specific items of construction and prescribed related expenditures. Under this requirement, the insured mortgage is limited to a fixed percentage of that certified amount. Deep subsidy program-Program of rental assistance payments under section 236(f) (2) of the National Housing Act. Default-Failure to meet the terms of a mortgage or other loan agreement. Generally, a delinquency of more than 30 days under a mortgage is considered a default. Delinquency-Failure to make any timely payment due under a mortgage or other loan agreement. Direct endorsement-HUD program of delegated private mortgage processing of FHA loan applications under the single family mortgage insurance programs. Discount point-An amount that may be payable to a lender by a borrower or seller in addition to principal and interest, equal to 1 percent of the principal amount of the loan. Discretionary fund-Funds set aside for discretionary grants by HUD under section 107 of the Housing and Community Development Act of 1974. Due-on-sale clause-A clause that may be included in a mortgage to authorize the mortgagee to require full repayment of the loan upon any transfer of the property. Economic mix-Occupancy of rental housing by families of varying economic levels, including very low-income families, which is to be promoted by housing assistance payments. See section 8 of the United States Housing Act of 1937. Elderly and handicapped housing-Generally refers to housing for elderly and handicapped persons developed by nonprofit sponsors with assistance provided by HUD under section 202 of the Housing Act of 1959. Entitlement community-An urban county or metropolitan city eligible to receive a community development block grant directly from HUD. Environmental impact statements-Statements required to be made under section 102(2)(C) of the National Environmental Policy Act of 1969 by Federal agencies in their recommendations or reports on proposals for legislation and other major Federal actions significantly affecting the quality of the human environment, as to the environmental impact of the proposed action; any adverse environmental effects that cannot be avoided should the proposal be implemented; relationship between local short-term use of man's environment and the maintenance and enhancement of long-term productivity; and any irreversible or irretrievable commitments of resources that would be involved in the proposed action should it be implemented. Applicants for block grants can assume responsibility for this statement under the community development program. See section 104(f) of the Housing and Community Development Act of 1974. Estimated value-The basis of one of the limits on the amount of a mortgage that can be insured by HUD. For example, under certain programs the mortgage may not exceed 90 percent of the estimated value of the property when completed. Fair market rent-An amount determined by HUD to be the cost of modest rental units in a particular market area. Federal Home Loan Mortgage Corporation-A federally established and sponsored corporation, under the supervision of the Federal Home Loan Bank Board, that provides a secondary market primarily for conventional mortgages. Federal Housing Administration-Part of HUD that has responsibility for carrying out the mortgage insurance programs of the National Housing Act. Federal National Mortgage Association-A federally established and sponsored private corporation, under the general supervision of HUD, that provides a secondary market for mortgages. |