Affordable housing refers to various public- and private-sector initiatives aimed at helping low- and moderate-income individuals and families purchase homes. These programs often feature lower down payments, eased loan-qualifying rules, and below-market interest rates.
Basic rent refers to the minimum rent that a tenant must pay under a HUD-subsidized housing program such as Section 236. This rental rate is often influenced by the tenant's income level and family size.
Builders and Sponsors Profit and Risk Allowance (BSPRA) is an amount above the cost of apartments that is allowed to be included in the project cost for purposes of determining the loan amount in certain government-sponsored programs.
A Housing Finance Agency (HFA) is a governmental organization, typically state or local, designed to provide affordable housing assistance through various means, including the issuance of tax-free bonds and funding low-interest mortgages.
