Any building other than a residential or government building, including any building constructed for industrial, retail, business, or public purposes.

As used in the HOME program, commitment means one of three things. The Participating Jurisdiction (PJ) has:
    1.  Executed a legally binding agreement with a state recipient, subrecipient, or contractor to use a specific amount of HOME funds to produce affordable housing or provide tenant-based rental assistance;
    2.  Executed a written agreement reserving a specific amount of funds for a Community Housing Development Organization; or
    3.  Met requirements to commit to a specific local project as defined below.

For tenant-based rental assistance, commitment means that a rental assistance contract between the PJ (or other entity) and the tenant or owner has been executed. HUD recognizes a commitment when the project is set up in the Integrated Disbursement and Information System.

Created under the Housing and Community Development Act of 1974, this program provides grant funds to local and state governments to develop viable urban communities by providing decent housing with a suitable living environment and expanding economic opportunities to assist low- and moderate-income residents. CDBG replaced several categorical grant programs, such as the Model Cities program, the Urban Renewal program, and the Housing Rehabilitation Loan and Grant program.

HUD’s Office of Community Planning and Development seeks to develop viable communities by promoting integrated approaches that provide decent housing, a suitable living environment, and expand economic opportunities for low- and moderate-income persons. The primary means toward this end is the development of partnerships among all levels of government and the private sector, including for-profit and nonprofit organizations.

A form of ownership in which the separate owners of the individual units jointly own the development’s common areas and facilities.

A mortgage loan in compliance with the underwriting criteria of “Fannie Mae” and “Freddie Mac”.

Freddie Mac Website
Fannie Mae Website

An area that has a census population of one million or more, has component parts that qualify as primary metropolitan statistical areas (PMSAs) based on official standards, and local opinion favors the designation. CMSAs consist of whole counties except for the New England states, where they consist of county subdivisions (primarily cities and towns).

A document written by a state or local government describing the housing needs of the low- and moderate-income residents, outlining strategies to meet these needs, and listing all resources available to implement the strategies. This document is required in order to receive HUD Community Planning and Development funds.

A short-term loan where the proceeds are used to finance the actual construction of a dwelling. The loan is typically made in partial disbursements called “draws” as construction progresses.

A loan where the proceeds are used to finance the actual construction of a dwelling. The loan is typically made in partial disbursements called “draws” as construction progresses.

The recording of a document or an instrument in the public records in the county where a property is located that is designed to give adequate notice to everyone.

Something that requires completion of a certain act or the happening of a particular event. Example: financing “contingency” in a real estate contract.

A method of selling and financing property whereby the buyer obtains possession but the seller retains the legal title.

A private mortgage loan neither government insured (FHA) nor government guaranteed (VA).

Veterans Affair Home Loan Website
Federal Housing Athority Website

The transfer of the title to land from one person or class of persons to anther.

Housing in which each member shares in the ownership of the whole project with the exclusive right to occupy a specific unit and to participate in project operations through the purchase of stock.

Refers collectively to metropolitan and micropolitan statistical areas.

A legally enforceable promise or restriction in a mortgage or deed.

A report of an individual’s credit history prepared by a credit bureau and used by the lender in determining a loan applicant’s credit worthiness.

A numerical measurement that reflects the ability of a borrower to manage credit.

HUD USER provides researchers with access to original electronic data sets generated by PD&R-sponsored data collection efforts, including the American Housing Survey, HUD median family income limits, as well as microdata from research initiatives on topics such as housing discrimination, the HUD-insured multifamily housing stock, and the public housing population.

The periodic payment of principal and interest as specified in a promissory note.

The Decennial Census, undertaken by the U.S. Census Bureau, occurs every 10 years, in years ending in zero, to count the population and housing units for the entire United States. Its primary purpose is to provide the population counts that determine how seats in the U.S. House of Representatives are apportioned.

A written document that transfers an ownership interest in real property from a seller (grantor) to a buyer (grantee).

An instrument used in some states in place of a mortgage. The borrower conveys legal title to a trustee who holds the title as collateral for the benefit of a lender and subsequently re-conveys the title to the borrower upon payment of the debt.