Shared appreciation mortgage-Mortgage under which the borrower receives financial assistance in purchasing a property and agrees in return to give the lender a portion of the future increase in the value of the property. Shared housing-Generally refers to arrangements under which elderly and handicapped persons share the facilities of a dwelling with others in order to meet their housing needs and reduce the costs of housing. See section 8(p) of the United States Housing Act of 1937. Single-family housing-Generally a structure containing dwelling units for 1 to 4 families. Single room occupancy housing-Residential properties in which some or all dwelling units do not contain bathroom or kitchen facilities. See section 8(n) of the United States Housing Act of 1937. Small city-A city that does not qualify as a metropolitan city for purposes of receiving a community development block grant under section 106 of the Housing and Community Development Act of 1974. Standby commitment-See "commitment". Substantial rehabilitation-Improvements of a property from substandard to safe and sanitary conditions. It can vary from gutting and reconstruction to accumulated deferred maintenance. It may also involve conversion of nonresidential property to residential use. Supplemental loans-HUD-insured loans under section 241 of the National Housing Act for improvements or additions to multifamily_housing, nursing homes, group practice facilities, or hospitals. Tandem plan purchases-The purchase by GNMA of certain housing mortgages at higher prices than would be paid by FNMA, FHLMC or other mortgage purchasers, with subsequent resale by GNMA at the best price obtainable, or as back-up of GNMA's mortgage-backed securities. The term derives from the original practice of FNMA purchasing from GNMA "in tandem" with the GNMA purchase. Temporary mortgage assistance payments-Mortgage assistance payments authorized to be made under section 230(a) of the National Housing Act to a mortgagor of a single-family residence who defaults on the mortgage due to circumstances beyond the mortgagor's control. Constitutes an alternative to acquisition of the mortgage by HUD under section 230(b) of the National Housing Act. Tenant contribution-The monthly amount of rent required to be paid by a tenant receiving rental assistance under a Federal housing program. Currently is 30 percent of monthly adjusted family income. See section 3(a) of the United States Housing Act of 1937. Total development costs-The sum of all HUD-approved costs for planning, administration, site acquisition, relocation, demolition, construction and equipment, interest and carrying charges, on-site streets and utilities, nondwelling facilities, a contingency allowance, insurance premiums, off-site facilities, any initial operating deficit, and all other costs necessary to develop the project. Troubled housing-Rental or cooperative housing project receiving assistance from HUD under section 201 of the Housing and Community Development Amendments of 1978 to restore financial soundness, improve management, and maintain the low and moderate income character of the project. Turnkey housing-Housing initially financed and built by private sponsors and purchased upon completion by public housing agencies for use by lower income families under the public housing program. Unit of general local government-A general purpose political subdivision of a State, such as a county, city, township, town, or village. Urban county-For purposes of the CDBG and UDAG programs, generally refers to a county in a metropolitan area that has a combined population of not less than 200,000. Urban development action grant-A grant made to an urban county, city, or unincorporated portion of an urban county under section 119 of the Housing and Community Development Act of 1974. Urban homesteading-Program of HUD transfers of unoccupied residences under section 810 of the Housing and Community Development Act of 1974 to individuals or families without any substantial consideration where the individuals or families agree to occupy the residences not less than 5 years and to make repairs and improvements required to meet health and safety standards within certain time limits. Under a demonstration multifamily homesteading program, HUD transfers properties to local governments for conversion or rehabilitation to use primarily as housing for lower income families. Urban renewal-Elimination and prevention of the development or spread of slums and blight, including slum clearance and redevelopment, or rehabilitation and conservation, assisted by HUD advances, loans, and grants under title I of the Housing Act of 1949. Program is being terminated under the provisions of title I of the Housing and Community Development Act of 1974. Usury laws-Laws limiting the maximum rate of interest that may be charged on a loan. Vacancy rate-In reference to dwelling units, the percentage of the total dwelling units in an area that are vacant and available for residence. Variable interest rate-A means by which a lender is permitted to adjust the interest rate on a loan to reflect changes in the prime rate-usually within a prescribed range and with advanced notice. Very low-income family-Generally, a family whose income does not exceed 50 percent of the median family income of the area involved. Voucher demonstration-Demonstration program of rental assistance under section 8(0) of the United States Housing Act of 1937. Assistance payments are provided for an eligible family based on the difference between the payment standard established by the Secretary for the area involved and 30 percent of the family's monthly adjusted income. The tenant contribution is the difference between the rent negotiated by the family and the amount of the monthly assistance payment. CONVERSION TABLES Following are tables converting Public Laws citations to United States Code Citations. The tables have been prepared for the National Housing Act, Title I of the Housing and Community Development Act of 1974 (Community Development Block Grants and Urban Development Action Grants), the United States Housing Act of 1937, and title V of the Housing Act of 1949 (Rural Housing). 36-210 0-84-54 |