Glossary




lease/purchase optionAlso called a lease-option. A contra...
leverageThe effective use of money to buy pro...
lienA legal claim to a property that must...
Life Skills TrainingThis training provides critical life ...
LinkThe hyperlink that directs the user t...
liquidityThe speed at which an investment can ...
loanA sum of borrowed money (principal) t...
loft buildingStructure that was built for storage,...
Log offThis is a command that allows the use...
low ballingThe practice employed by some builder...
Low Income Housing Tax Credit (LIHTC)The federal government created the Ll...
Low Income Housing Tax Credit Program (LIHTCR)A federal program, created by the 198...
LTVThe amount of a loan compared to the ...

Also called a lease-option. A contract that allows the tenant to purchase a leased property according to terms established in the lease or a separate agreement.

The effective use of money to buy property by using the smallest amount of one's own capital that is permitted and borrowing as much as possible in order to obtain the maximum percentage of return on the original investment.

A legal claim to a property that must be paid when the property is sold.

This training provides critical life management skills that may never have been learned or have been lost during the course of mental illness, substance abuse, and homelessness. They are targeted to assist the individual to function independently in the community. Component life skills training includes the budgeting of resources and money management, household management, conflict management, shopping for food and needed items, nutrition, the use of public transportation, and parent training.

The hyperlink that directs the user to other pages of possible interests.

The speed at which an investment can be converted to cash. For example, there is little liquidity in a house, but shares of stock can ordinarily be sold quickly for cash.

A sum of borrowed money (principal) that is generally repaid with interest.

Structure that was built for storage, manufacturing, or some other commercial use but is now used for housing.

This is a command that allows the user to close the window s/he is working on without turning the computer off.

The practice employed by some builders of underestimating maintenance and carrying charges in a new condominium or cooperative project to make the development more attractive to buyers. The builder absorbs extra costs, but when the community is completed and control is passed to the residents, they are hit with more realistic higher monthly maintenance fees. The term also means, an unrealistically low first bid to purchase a piece of property.

The federal government created the LlHTC program in 1986 in order to create incentives for investment in low-income housing development by giving federal tax credits to investors in affordable low-income housing. Private investors (such as banks, corporations) buy the tax credits from the affordable housing developer. The affordable housing developer then uses these proceeds called equity (usually in combination with other financing) to construct or rehabilitate affordable housing. Investors receive a federal tax credit over a 10-year term.

A federal program, created by the 1986 Tax Reform Act, that encourages the development of low-income housing by giving qualified owners or investors ineleigible low-income rental housing a credit on their federal income tax. In general, state housing finance agencies are responsible for administering the federal LIHTC program at the state level.

The amount of a loan compared to the value of a property expressed as a percentage.