| (69) HTC Property--See HTC Development.
(70) Initial Affordability Period--The Compliance Period
or such longer period as shall have been elected by the Owner as the
minimum period for which Units in the Development shall be retained
for low-income tenants and rent restricted, as set forth in the LURA.
(71) Integrated Disbursement and Information System
(IDIS)--The electronic grants management information system established
by HUD to be used for tracking and reporting HOME and NHTF funding
and progress, and which may be used for other sources of funds as
established by HUD.
(72) Land Use Restriction Agreement (LURA)--An agreement,
regardless of its title, between the Department and the Development
Owner which is a binding covenant upon the Development Owner and successors
in interest, that, when recorded, encumbers the Development with respect
to the requirements of the programs for which it receives funds. (§2306.6702)
(73) Low-Income Unit (also referred to as a Rent Restricted
Unit)--A Unit that is intended to be restricted for occupancy by an
income eligible household, as defined by the Department utilizing
its published income limits.
(74) Managing General Partner--A general partner of
a partnership (or, as provided for in the definition of General Partner
in this subsection, its functional equivalent) that is vested with
the authority to take actions that are binding on behalf of the partnership
and the other partners. The term Managing General Partner can also
refer to a manager or managing member of a limited liability company
where so designated to bind the limited liability company and its
members under its Agreement or any other person that has such powers
in fact, regardless of their organizational title.
(75) Market Analysis--Sometimes referred to as "Market
Study." An evaluation of the economic conditions of supply, demand,
and rental rates conducted in accordance with §11.303 of this
chapter (relating to Market Analysis Rules and Guidelines) as it relates
to a specific Development.
(76) Market Analyst--A real estate appraiser or other
professional satisfying the qualifications in §11.303(c) of this
chapter, and familiar with the subject property's market area who
prepares a Market Analysis.
(77) Market Rent--The achievable rent at the subject
Property for a Unit without rent and income restrictions determined
by the Market Analyst or Underwriter after adjustments are made to
actual rents on Comparable Units to account for differences in net
rentable square footage, functionality, overall condition, location
(with respect to the subject Property based on proximity to primary
employment centers, amenities, services, and travel patterns), age,
Unit amenities, utility structure, and Common Area amenities. The
achievable rent conclusion must also consider the proportion of market
Units to total Units proposed in the subject Property.
(78) Market Study--See Market Analysis.
(79) Material Deficiency--Any deficiency in a pre-application
or an Application or other documentation that exceeds the scope of
an Administrative Deficiency. Inability to provide documentation that
existed prior to submission of an Application to substantiate claimed
points or meet threshold requirements may be considered material and
may result in denial of the requested points or a termination in the
case of threshold items. It is possible that multiple deficiencies
that could individually be characterized as Administrative Deficiencies,
when taken as a whole, would create a need for substantial re-review
of the Application and as such would be characterized as constituting
a Material Deficiency.
(80) Multifamily Programs Procedures Manual--The manual
produced and amended from time to time by the Department which reiterates
and implements the rules and provides guidance for the filing of multifamily
related documents. The Manual is not a rule and is provided only as
good faith guidance and assistance.
(81) National Standards for the Physical Inspection
of Real Estate (NSPIRE)-- As developed by the Real Estate Assessment
Center of HUD.
(82) Net Operating Income (NOI)--The income remaining
after all operating expenses, including replacement reserves and taxes
have been paid, as provided for in §11.302(d)(3) of this chapter
(relating to Operating Feasibility).
(83) Net Program Rent--Calculated as Gross Program
Rent less Utility Allowance.
(84) Net Rentable Area (NRA)--The Unit space that is
available exclusively to the tenant and is heated and cooled by a
mechanical HVAC system. NRA is measured to the outside of the studs
of a Unit or to the middle of walls in common with other Units. If
the construction does not use studs, NRA is measured to the outside
of the material to which the drywall is affixed. Remote Storage of
no more than 25 square feet per Unit may be included in NRA. For Developments
using Multifamily Direct Loan funds the Remote Storage may only be
included in NRA if the storage area shares a wall with the residential
living space. NRA does not include common hallways, stairwells, elevator
shafts, janitor closets, electrical closets, balconies, porches, patios,
or other areas not actually available to the tenants for their furnishings,
nor does NRA include the enclosing walls of such areas.
(85) Non-HTC Development--Sometimes referred to as
Non-HTC Property. Any Development not utilizing Housing Tax Credits
or Exchange funds.
(86) Notice of Funding Availability (NOFA)--A notice
issued by the Department that announces funding availability, usually
on a competitive basis, for multifamily rental programs requiring
Application submission from potential Applicants.
(87) Office of Rural Affairs--An office established
within the Texas Department of Agriculture; formerly the Texas Department
of Rural Affairs.
(88) Off-Site Construction--Improvements up to the
Development Site such as the cost of roads, water, sewer, and other
utilities to provide access to and service the Site.
(89) One Year Period (1YP)--The period commencing on
the date on which the Department and the Owner agree to the Qualified
Contract price in writing and continuing for 12 calendar months.
(90) Owner--See Development Owner.
(91) Person--Without limitation, any natural person,
corporation, partnership, limited partnership, joint venture, limited
liability company, trust, estate, association, cooperative, government,
political subdivision, agency or instrumentality, or other organization
or entity of any nature whatsoever, and shall include any group of
Persons acting in concert toward a common goal, including the individual
members of the group.
(92) Person or Persons with Disabilities--With respect
to an individual, means that such person has:
(A) A physical or mental impairment that substantially
limits one or more major life activities of such individual;
(B) A record of such an impairment; or
(C) Is regarded as having such an impairment, to include
persons with severe mental illness and persons with substance abuse
disorders.
(93) Physical Needs Assessment--See Scope and Cost
Review.
(94) Place--An area defined as such by the United States
Census Bureau which, in general, includes an incorporated city, town,
or village, as well as unincorporated areas known as Census Designated
Places. Any part of a Census Designated Place that, at the time of
Application, is within the boundaries of an incorporated city, town,
or village will be considered as part of the incorporated area. Areas
that are annexed by a city, town, or village through limited-purpose
annexation are considered to be part of the incorporated area of that
city, town, or village for purposes of this chapter. The Department
may provide a list of Places for reference.
(95) Post Award Activities Manual--The manual produced
and amended from time to time by the Department which explains the
post award requirements and provides guidance for the filing of such
documentation.
(96) Potential Demand--The number of income-eligible,
age-, size-, and tenure-appropriate target households in the designated
market area at the proposed placement in service date.
(97) Preservation--Activities that extend the Affordability
Period for rent-restricted Developments that are at risk of losing
low-income use restrictions or subsidies.
(98) Primary Market--Sometimes referred to as "Primary
Market Area." The area defined by the Market Analyst as described
in §11.303 of this chapter (relating to Market Analysis Rules
and Guidelines) from which a proposed or existing Development is most
likely to draw the majority of its prospective tenants or homebuyers.
(99) Primary Market Area (PMA)--See Primary Market.
(100) Principal--Persons that will be capable of exercising
Control pursuant to §11.1(d) of this chapter (relating to the
definition of Control) over a partnership, corporation, limited liability
company, trust, or any other private entity.
Cont'd... |
