Glossary

American Institute of Architects: an organization with a long history of involvement in design of facilites and housing for homeless people

FREE self-help group for family members, significant others, friends and others affected by someone else's substance abuse. Participants learn from each others' experiences in dealing effectively with others' substance abuse.

The total annual mortgage cost stated as a percentage of the loan amount

A mortgage that permits the lender to periodically adjust the interest rate when the index changes.

Housing that is modified to meet the needs of individuals with disabilities or special needs.

Grooming and hygiene activities that must be done on a daily basis. They include toileting, housework, bathing, and dressing. Some supportive care facilities will ask about ADL's as a way to see if someone is eligible to stay with them or not.

Interest produced by a household's savings and checking accounts, dividends from stocks and bonds, rents and royalties received from real property, and income from other capital investments.

A mortgage with an interest rate that changes periodically, according to an index that is selected when the mortgage is issued. The initial interest rate is lower than that for fixed-rate mortgages, but monthly payments can go up or down when the rate is adjusted.

Adjusted income is ""annual (gross) income"" reduced by deductions (or allowances) for dependents, elderly households, medical expenses, disability assistance expenses, and child care. (The HOME Program allows the use of three definitions of ""annual income."") Adjusted income is used only under the certain circumstances described in the ""Calculating Income Eligibility"" module.

The period of time between changes in the interest rate for an adjustable-rate mortgage. Typical adjustment intervals are one year, three and five years.

A term used by many lenders to describe their ""First Time Home Buyers' Programs"" or mortgage products that have maximum income limits. Many of these programs have more flexible underwriting guideline and/or require smaller downpayments.

Under current federal housing guidelines, housing is considered affordable for a low-income household when monthly housing costs do not exceed 30% of monthly household income.

A written agreement by which a buyer agrees to buy and a seller agrees to sell a particular property under the terms and conditions stated therein.

(A&D) is the abbreviation for Alcohol and other drugs.

FREE support group for people who want to achieve and maintain sobriety, abstinence from mind-altering drugs---and learn to live their lives more fully without alcohol/drugs. 12-Step programs had their beginning in this nationwide movement that has helped millions of people.

$480 deduction for each family member who is not the head of household or spouse, and who is under 18 years of age (17 years or less), a full-time student aged 18 or older, or handicapped or disabled.

Amount of handicapped assistance expenses for care attendants or auxiliary apparatus exceeding 3% of annual income. Care/apparatus must be necessary in order for an adult family member to work (allowance cannot exceed amount earned).

Amount of total medical expenses exceeding 3% of annual income. Allowance only for elderly households.

Farmers Home Administration, an agency of the U.S. Department of Agriculture that insures home loans in rural communities.

The ability to walk freely & independently, not bedridden or hospitalized

Features of a property- pool, clubhouse, tennis courts, and the like- that make it more attractive to the buyer (or renter).

Organization with long history of involvement in design of facilities, housing for homeless people.

A law passed by Congress in 1980, which establishes a clear and comprehensive prohibition of discrimination on the basis of disability.

Total income of a household from all sources, including assets, for the 12 month period.

Software that scans the computer for viruses and gets rid of them. They run in the background and automatically check for viruses.

Intensive mental health services delivered in a community setting, usually by a treatment team.

A permanent rule established by an organization, corporation, etc., to govern its internal affairs.

The cash value of net family assets disposed of for less than fair market value during the two-year period preceding certification or recertification.

The amount Housing and Urban Development (HUD) pays an owner each month for a unit occupied under Section 8, RAP or Rent Supplement programs. The amount is equal to gross rent less the total tenant payment.

A special combination of housing, personalized supportive services and health care designed to meet the needs of those who need help with activities of daily living.

A synopsis of the history of a title, indicating changes in ownership and including liens, mortgages, charges, encumbrances, encroachments, or any other matter that might affect the title.

A stipulation in a mortgage agreement that allows the lender to demand full payment of a loan immediately if any scheduled payment is not made by a given date.

the means of approaching a property

A measure of land equaling 43,560 square feet or 208.71 feet on each side. A builder's acre is generally 200-by-200 feet.

In real estate contracts, a page added to the sales contract. It should be initialed by all the parties concerned.

A period of time over which a calculated mortgage payment will fully repay a set loan amount at a specified interest rate.

Procedure employed by a disinterested individual professional to estimate the value of a piece of property.

A term used in a contract to mean that the buyer is buying what s/he sees as s/he sees it. There is no representation as to quality and no promise to make repairs.

An evaluation of property by an agency of the government for taxation purposes.

An evaluation, usually performed by a physician, of a person's mental, emotional, and social capabilites.

A charge levied on a property by a taxing authority to pay for improvements such as sidewalks, streets, and sewers.

Buyer taking over seller's old mortgage at the interest rate and terms of that original mortgage.