Glossary

AHP - the Affordable
Housing Program, a
project of the Federal
Home Loan Banks,
creates grants and
loans for development
of affordable housing to
low and moderate
income residents.

AMI - area median
income

APR - The "annual
percentage rate," as
often disclosed in a
Schumer Box on a
credit card statement
or the Truth in Lending
statement on a
mortgage loan.

CDBG - community
development block
grant

CDC - community
development
corporation

CHDO - A community
housing development
organization.
Pronounced
"cho-dough."

CRA- The Community
Reinvestment Act, a
1977 law that
guaranteed the right of
communities to capital
and required banks to
serve the "convenience
and needs" of the
communities where
they do business.

Davis Bacon - a law
that requires that
employees on public
projects be paid at
least at prevailing wage
rates.

RESPA -- Real Estate
Settlement Procedures
Act. Requires lenders
to provide borrowers
under Federal loan or
mortgage insurance
programs to receive
specific loan
transaction
information.

SBA - Small Business
Administration

Section 8 - a federal
rent subsidy program.

SRI - socially
responsible investor.
This describes
investors who seek to
accommodate social
goals with financial
returns in their
investment decision
making.

SRO - Single Room
Occupancy housing.
This is generally
located in big cities.

TA - technical
assistance.

TILA - Truth in Lending
Act, passed in 1968,
protects consumers
through full disclosure
of loan terms.

WISH - Workforce
Initiative Subsidy for
Home Ownership
provides matching
funds for workers to
buy homes.

LIHTC - Low income
housing tax credits
provide equity for
nonprofits to construct
housing, both for rental
and purchase, to
targeted populations.

LMI - low or moderate
income, usually defined
as people with an
annual income that is
less than 80 percent of
the median income for
an MSA.

MSA - metropolitan
statistical area

NCHFA - The North
Carolina Housing
Finance Agency.

PRI - program-related
investment. This is a
special class of
investments made by
operating foundations.
These foundations
provide funds to serve
as equity for nonprofit
investment endeavors.
The foundations must
demonstrate that they
have received a below
market rate of return.

QAP - Qualified Action
Plan describes the
selection criteria for an
affordable housing
plan.

RAC - Refund
Anticipation Check. A
check used to pay a
Refund Anticipation
Loan.

RAL - Refund
Anticipation Loan. A
short-term advance on
an expected return
from a tax refund.

EITC - earned income
tax credit, a federal
poverty alleviation
program that gives
refundable tax credits
to low-income filers
based on their amount
of earned income and
the size of their family.

FFIEC - the Federal
Financial Institutions
Examination Council.

FMR - Fair Market
Rents

HMDA - The Home
Mortgage Disclosure
Act, a law that requires
lenders to release
specific data on their
mortgage lending to
the government and to
the public. It often
refers to the database
published by the FFIEC.

IDA - An Individual
Development Account
provides incentives to
individuals to save
money. Some provide
a match for money
saved by participants.
Many are designed to
help savers achieve a
specific goal, such as a
down payment for a
home, a college
education, or a car.

IDEA - Individual
Development and
Empowerment
Programs, another
product of the Federal
Home Loan Banks.
IDEA grants allow
savers to accrete
money for down
payments and can
provide matching funds
as incentives.