Glossary

The following is made available solely as a reference document and is not intended to encourage or sanction the use of any specific acronyms or abbreviations.

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221(d)(3)
Section 8 Additional Assistance public housing property owned by AHFC: Etolin Heights in Wrangell (also known as MA03)
501(c)(3)
A nonprofit corporation organized under this section of the IRS Code
A and E or A/E
architects and engineers
A/P
accounts payable (also see below)
AAC
Alaska Administrative Code
AACS
Alaska Children's Services
AAHA
Association of Alaska Housing Authorities: An association encompassing Alaska's 14 Indian (Regional) Housing Authorities and AHFC (pronounced ah-hah)
AALA
Alaska Association of Legal Assistants
AAP
Affirmative Action Program/Plan
AARP
American Association of Retired Persons (pronounced as individual letters)
ABE
Alaskan Building Equity: Mortgage loan structured with an annual 5 percent increase in monthly payments in years four through nine with increases applied to principal reduction, resulting in final payment in 16 to 19 years
ABSN
Alaska Building Science Network: organization that provides weatherization and energy-efficient construction training and education
ACAT
Alaska Center for Appropriate Technology
ACC
Annual Contributions Contract: A contract with HUD for an IHA/PHA to receive subsidies to operate low-income housing
Access to natural gas
Defined as one which has natural gas already to the site or for which natural gas is available at a cost that does not exceed 5 percent of the appraised value of the property
ACCTG
Accounting: The division of the Finance Department that handles accounts payable and other financial transactions of AHFC
ACDC
Alaska Community Development Corporation
ACEP
Alaska Center for Energy and Power
ACHP
Alaska Craftsman Home Program: An organization that provides construction training and education
ACLU
Alaska Civil Liberties Union
Acquisition cost
(Refers to the Tax-Exempt Program) Acquisition cost is the cost the borrower pays to acquire a completed residential unit. It includes the purchase price of the residence and all improvements the borrower plans to make
ACVB
Anchorage Convention and Visitors Bureau
ADA
Americans with Disabilities Act
Add-on Options
Loan options that borrowers may combine with single-family loan programs. Add-on options summary page
AEA
Alaska Energy Authority
AEERLP
Alaska Energy Efficiency Revolving Loan Program
AEL
Allowable Expense Level: HUD's approved limits for budgeting purposes
AFA
Aleutian Housing Authority (based in Anchorage): One of Alaska's 14 Indian (Regional) Housing Authorities
AFDC
Aid to Families with Dependent Children ("Welfare"): A food and medical subsidy program through DHSS
AFIC
Anchorage Family Investment Center (see FIC)
AFN
Alaska Federation of Natives
AG
Attorney General
AGC
Associated General Contractors of America
AHELP
Affordable Housing Enhanced Loan Program: An umbrella of special AHFC programs, such as the Community Participation Second Mortgage (currently operated by Cook Inlet Housing Authority) and the inactive Homeownership Guaranteed Loan Program (5% Program) (pronounced A-help)
AHMI
Alaska Housing Market Indicators: A publication of AHFC's Planning and Program Development Department published quarterly through 1994 and biannually beginning in 1995 (usually referred to as "the Indicators")
AHP
Alaska Home Properties, now known as the Servicing area of AHFC's Mortgage Department
AHRIC
Alaska Human Resources Investment Council
AIA
American Institute of Architects
AIDEA
Alaska Industrial Development and Export Authority: A public corporation under the Department of Commerce and Economic Development that provides financing for commercial construction projects (pronounced aid-a)
AIF
Alaska Insurance Fund: AHFC's self-insured mortgage insurance
AIRRES
Alaska Independent Radio, Reading and Education Services: A radio station for the visually and physically impaired (pronounced air-ease)
AkPIRG
Alaska Public Interest Research Group (pronounced ak-perg)
AkWarm
An energy software program developed by AHFC to evaluate the energy performance of homes (pronounced ak-warm)
ALACS
Actual Loan Collection System
ALS
Alaska Legal Services
AMBA
Alaska Mortgage Bankers Association (pronounced amb-uh)
AMHTA
Alaska Mental Health Trust Authority
AMT
Alternative Minimum Tax
ANCHOR
Automated National Client Homeless Recording System
ANCSA
Alaska Native Claims Settlement Act (pronounced ank-sa)
ANHS
Alaska Native Health Service (also see below)
ANHS
Anchorage Neighborhood Housing Services: A nonprofit corporation that provides housing services and neighborhood renovation within Anchorage (also see above)
ANILCA
Alaska National Interest Lands Conservation Act (pronounced an-il-ka)
ANSI
American National Standards Institute
ANTHC
Alaska Native Tribal Health Consortium
APA
Alaska Power Association
API
Alaska Psychiatric Institute (now known as Alaska Psychiatric Hospital)
APOC
Alaska Public Offices Commission: a five-member body that administers the state's campaign and lobbyist disclosure laws
APR
annual percentage rate
APU
Alaska Pacific University
APUC
Alaska Public Utilities Commission
ARCA
Association of Retarded Citizens of Anchorage (pronounced arc-a)
ARIS
Alaska Retrofit Information System
ARM
Adjustable Rate Mortgage (pronounced arm)
ARRA
American Reinvestment and Recovery Act
ASCR
Arctic Slope Native Association
ASD
Anchorage School District
ASEP
Alaska State Energy Partnership
ASETS
Alaska Specialized Education and Training Services (pronounced as-ets).
ASHA
Alaska State Housing Authority: now known as AHFC's Public Housing Division (pronounced ash-uh)
ASHRAE
American Society of Heating, Refrigerating and Air Conditioning Engineers
Assumption
Assuming the terms and conditions of an existing AHFC loan without obtaining new financing
ATMC
Alaska Tourism Marketing Council
Authorized inspector
An individual licensed under AS 08.18 and 12 AAC 22 to perform inspections on existing homes, new homes or both. Search for home inspector
AVA
Alaska Visitors Association
AVC
Association of Village Council Presidents
AVCP
Association of Village Council Presidents Regional Housing Authority (based in Bethel): One of Alaska's 14 Indian (regional) Housing Authorities
AVEC
Alaska Village Electric Cooperative
AVTEC
Alaska Vocational and Technical College
AWAIC
Abused Women's Aid in Crisis, Inc. (pronounced a-wake): An Anchorage shelter for battered women and children
AWARE
Aiding Women from Abuse and Rape Emergencies (pronounced a-ware): A Juneau women's shelter and counseling service
AWHA
Association of Washington Housing Authorities
AWIB
Alaska Department of Labor Workforce and Investment Board
BA
Betterments and Additions: Betterments increase the value or aesthetics of the property (i.e. replacing old boilers with new energy-efficient boilers, improvements to community space). Additions refer to purchases of equipment
BAS
Building Automation System
BBB
Better Business Bureau
BBHA
Bristol Bay Housing Authority (based in Dillingham): One of Alaska's 14 Indian (Regional) Housing Authorities
BBNC
Bristol Bay Native Corporation
BEAT
Business Energy Assistance Team (pronounced beat)
BEES
Building Energy Efficiency Standard (pronounced bees): A rating to show that a home meets the state's minimum energy requirements. After June 30, 2013 a newly constructed home must have a minimum of a 5 Star energy rating and required ventilation levels to meet BEES
BHP
Budget/Housing Policy Committee: A committee consisting of three members of AHFC's Board of Directors along with the Board Chair as ex-officio member
BIA
Bureau of Indian Affairs
BIHA
Baranof Island Housing Authority (based in Sitka): One of Alaska's 14 Indian (Regional) Housing Authorities
birdhouse
Equal Housing Opportunity Symbol
BLM
Bureau of Land Management
BML
Building Material Loan
BMS
Building Monitoring System
BOMA
Building Owners and Managers Association
BR, br or bdrm
bedroom
BSNC
Bering Straits Native Association
BSRHA
Bering Straits Regional Housing Authority (based in Nome): One of Alaska's 14 Indian (Regional) Housing Authorities
BTC
Building Technology Certificate: A certificate of compliance with an AHFC approved Building Technology Program: e.g. Alaska Craftsman Home Program
BTU
British Thermal Unit
CAC
Chugach Native Association
CC
Contract Compliance
CCF
Centum (100) Cubic Feet
CCHRC
Cold Climate Housing Research Center
CD
Construction Department: The department of AHFC's PHD which oversees new construction and renovation of existing public housing properties
CDBG
Community Development Block Grants: Federally funded grants which pass through the state and/or municipality
CDC
Community Development Corporation: Usually a tax-exempt corporation established through community organization to operate programs to revitalize a community
CEA
Certified Energy Auditor
CEEP
Community Energy Efficiency Program
CFL
Compact Fluorescent Lamp/Light
CFM
Cubic feet per Minute
CFR
Code of Federal Regulations: Government publication setting forth regulations for federal programs (HUD regulations are located in CFR Title 24)
CGP
Comprehensive Grant Program: A HUD grant program for modernization of public housing properties in PHAs with more than 250 units (AHFC operates its modernization program under this grant)
CHAS
Comprehensive Housing Affordability Strategy(now known as the Consolidated Housing and Community Development Plan HCD Plan): A five-year strategic plan developed for the first time in 1992 as a requirement for continued HUD funding. AHFC is designated as the lead agency to prepare and update the plan for the entire state of Alaska, excluding the Municipality of Anchorage which prepares its own plan
CHDO
Community Housing Development Organization (pronounced choe-doe)
CIAP
Comprehensive Improvement Assistance Program (pronounced see-op): A HUD grant program for modernization of public housing properties in PHAs with fewer than 250 units
CIHA
Cook Inlet Housing Authority (based in Anchorage): One of Alaska's 14 Indian (Regional) Housing Authorities
CINA
Cook Inlet Native Association
CIP
Capital Improvement Program: Budgeted expenditures of funds for capital improvements
CIRI
Cook Inlet Region Inc.(pronounced sir-ee): One of 13 regional corporations created under the Alaska Native Claims Settlement Act
CLPHA
Council of Large Public Housing Authorities (pronounced klaf-fa): AHFC's PHD is a member of this national organization of housing authorities which manage more than 500 housing units
COMPAC
Community Partnership Against Crime Program (pronounced com-pack)
Condo, Condominium
The purchaser receives title to a particular unit and a proportionate interest in certain common areas. A condominium generally defines each unit as a separately owned space to the interior surfaces of the perimeter walls, floors and ceilings. Title to the common areas is in terms of percentages and refers to the entire project less the separately owned units
Congregate Housing
Congregate housing is a broad term used to describe a number of housing arrangements which are distinguished by a common goal and at least two common themes. The goal is to promote residents' independence and avoid premature or inappropriate institutionalization. One common theme of congregate housing is some shared as well as some private space. The shelter may take a number of forms, such as specially constructed apartments, rehabilitation of existing homes, hotels or even several separate residences in close proximity in a neighborhood. The second common aspect of congregate housing is the provision of services integrated into the living arrangement. The purpose of services is to provide support with activities of daily living so that residents can continue living independently even when increasing frailty reduces physical strength, endurance or confidence to manage on one's own.
Conventional loan
Mortgage loan financing obtained without federal insurance or guaranty
CPA
Certified Public Accountant
CPI
Consumer Price Index: A report published monthly by the Department of Labor as an inflation indicator
CPM
Certified Property Manager
CPU
Central Processing Unit: The microprocessor chip that does the majority of the information processing within your computer. Some people also refer to a computer's "main box" containing the microprocessor chip, related electronics, disk drives, etc. as the CPU
CRA
Community Reinvestment Act: Law requiring banks and other lending institutions to take affirmative action to meet the credit needs of low- and moderate-income neighborhoods
CRBHA
Copper River Basin Regional Housing Authority (based in Copper Center): One of Alaska's 14 Indian (Regional) Housing Authorities
Credit Qualified
Borrowers whose credit history, income and debt ratios meet AHFC guidelines in addition to insurer or guarantor requirements
CRGBC
Cascadia Region Green Building Council
CSC
Consolidated Supply Contract: Contracts arranged by regional HUD offices for housing authorities to obtain advantageous prices for common-use items (e.g., ranges, refrigerators, paint)
CSS
Catholic Social Services: A nonprofit agency which operates numerous programs, including St. Francis House, Brother Francis Shelter and Bean's Cafe.
CVAE
Copper Valley Electric Association
CVDA
Copper Valley Development Authority
DAV
Disabled American Veteran
Davis-Bacon Act
A regulation that requires all laborers and mechanics employed in certain federally funded construction projects to be paid prevailing wage rates. Little Davis-Bacon refers to specified wages on certain State of Alaska projects
DCCED
Alaska Department of Commerce, Community and Economic Development
DCRA
Alaska Department of Community and Regional Affairs
DEC
Alaska Department of Environmental Conservation
Deed of trust
Legal document the borrower signs at loan closing giving the lender a security interest in the mortgaged property
Deed-to-builder
A borrower who owns a lot and contracts with a builder to construct a home on the lot. The borrower transfers the property title to the builder within a certain number of days upon receiving AHFC loan commitment
Delinquent Loan
Loans more than 31 days past payment due dates, up to and including loans in foreclosure. Loans are included in delinquency statistics until title has passed to AHFC
DFYS
Division of Family and Youth Services: A division of Alaska's Department of Health and Social Services
DHHS
Department of Health and Human Services: A division of the Municipality of Anchorage
DHSS
Alaska Department of Health and Social Services: The department which operates the divisions of Public Assistance and Mental Health
Direct Construction Loan
A means through which the Mortgage Department's Rural Housing Division provides interim financing for new construction, renovation and rehabilitation of homes during the construction period. The loan covers the costs of the materials, freight and any contracted labor based on the construction estimate. After the construction is completed, the interim construction loan is converted to long-term financing and is serviced by a participating lender
Direct Loan
A direct loan is originated by the Mortgage Department's Rural Housing Division after the borrower has been refused a loan by a financial institution(s) because the property does not meet certain guidelines. A direct loan is then serviced by a participating lending institution
DMHDD
Division of Mental Health and Developmental Disabilities, a division of the Department of Health and Social Services
DMV
Alaska Department of Motor Vehicles
DNR
Alaska Department of Natural Resources
DOE
U.S. Department of Energy
DOL
Alaska Department of Labor
DOR
Alaska Department of Revenue: AHFC is a division of this department
DOT, DOTPF
Department of Transportation and Public Facilities (pronounced as letters d-o-t , or dot-puff)
DU, du
dwelling unit
DUI
driving under the influence of drugs or alcohol
Duplex
A single structure designed with two separate housing units
EE
Energy Efficiency
EEEP
Energy Efficiency Education Program
EEIRR
Energy Efficiency Interest Rate Reduction Program
EEM
Energy Efficiency Measure
EEM
Energy Efficient Mortgage: An AHFC loan program that allows homebuyers to add the cost of upgrading their homes to their mortgages or allows higher loan-to-value ratios when purchasing an energy-efficient home
EEO
Equal Employment Opportunity
EEOC
Equal Employment Opportunity Commission
EHAG
Emergency Housing Assistance Grant (pronounced e-hag): An AHFC grant program to nonprofit organizations and local governments, which provides assistance for the homeless or those at risk of becoming homeless
EHOP
Equal Housing Opportunity Plan (pronounced e-hop)
EM
Extraordinary Maintenance: Items budgeted in AHFC's HUD budget for neglected or nonroutine maintenance to AHFC-Owned public housing properties (i.e. replacing a roof or painting an entire complex)
EPA
Environmental Protection Agency
Escrow Loan
A direct loan originated and serviced by AHFC
Escrow Receivable
Escrow collection account set up to receive funds from a judgment due to a judicial foreclosure or confession of judgment
EWX
Enhanced Weatherization
Family
The definition of "family" and family size is considered when calculating gross income on income-restricted loan programs or add-on options. Family includes the borrower and the borrower's spouse, brothers, sisters, parents and children over the age of 21 and non-related individuals over 18 who occupy the residence on a permanent basis.
Fannie Mae
Formerly known as Federal National Mortgage Association (FNMA)
FAQ
frequently asked questions
FDIC
Federal Deposit Insurance Corporation: AHFC's Planning and Program Development Department serves as the clearinghouse for the FDIC's Affordable Housing Program in Alaska
FED
Forcible Entry and Detainer (pronounced as individual letters f-e-d): civil court action to obtain an eviction
Federally insured or guaranteed loans
FHA, VA, HUD or RD financed loans
FEMA
Federal Emergency Management Agency (pronounced fee-ma)
FFIC
Fairbanks Family Investment Center (see FIC)
FFY
federal fiscal year
FHA
Federal Housing Administration under HUD. FHA provides mortgage insurance for qualified homebuyers
FHEO
fair housing and equal opportunity
FHLMC
Federal Home Loan Mortgage Corporation (usually known as Freddie Mac)
FHLMC-DVA
VA loans transferred from the Division of Veterans Affairs of the State of Alaska to AHFC which have been converted to FHLMC participation certificates with AHFC at risk for loan losses
FHLMCSPCL
FHLMC-Guaranteed conventional loans with FHLMC at risk for loan losses
FIC
Family Investment Center: AHFC's PHD offices in major urban areas of the state, which handle intake, inspections, property management, rent collections and resident services. FICs are located in Anchorage (AHFC), Fairbanks (FFIC) and Juneau (JFIC) (formerly known as Client Service Centers)
FICA
Federal Insurance Contributions Act (pronounced fike-a): Social Security taxes
FIN
Finance Department of AHFC: handles bond issues and investments
First-time homebuyer
An individual who has not owned a principal residence in the last three years
fixed
traditional fixed-rate mortgage
FmHA
Is now known as Rural Development (RD) under U.S. Department of Agriculture/Rural Economic and Community Development/Rural Housing Services (formerly Farmers Home Administration)
FMR
Fair Market Rent: The maximum rent allowed by HUD for Section 8 rentals, with differentials by community
FNHS
Fairbanks Neighborhood Housing Services: A nonprofit corporation that provides housing services and neighborhood renovation in Fairbanks
FNMA
Formerly the Federal National Mortgage Association and now officially known as Fannie Mae: FNMA loans are conventional loans with AHFC at risk for loan losses
FNMA SPCL
Fannie Mae Special: Conventional loans with Fannie Mae at risk for loan losses
FNSB
Fairbanks North Star Borough
FOIA
Freedom of Information Act (pronounced foy-ya): An Act that regulates when and how government entities must release information when a request is received from the public
Fourplex
A single structure designed with four separate housing units
Freddie Mac
Federal Home Loan Mortgage Corporation (FHLMC)
FSLIC
Federal Savings and Loan Insurance Corporation
FSS
Family Self-Sufficiency: HUD's initiatives of the National Affordable Housing Act, which require participating tenants to acquire education, training or other services to become economically self-sufficient. AHFC is required to participate to be eligible for future Section 8 vouchers and certificates. The program is currently available only in Anchorage, and AHFC maintains a waiting list of families hoping to join the 101 families enrolled in the program
FY
fiscal year
FYE
fiscal year-end
GAAP
Generally Accepted Accounting Principles (pronounced gap)
GL
general ledger
GNMA
Government National Mortgage Association (popularly known as Ginnie Mae): GNMA loans are FHA or VA guaranteed; AHFC is at risk for the portion of the loan loss that the FHA or VA does not guarantee
GO
Bond General Obligation Bond
Grant
The awarding of money or service to accomplish a public purpose authorized by AHFC
Gross monthly income
The sum of gross monthly pay plus any additional income from overtime, part-time employment, bonuses, tips, commissions, dividends, interest, Alaska Permanent Fund Dividends, longevity bonuses, royalties, pensions, VA compensations, net rental income and other income such as alimony child support, public assistance, sick pay, Social Security benefits, unemployment compensation and income received from trusts, business activities or investments
GRPA
Governmental Relations and Public Affairs, AHFC's department that oversees communications, including legislative contacts, media relations, marketing and public relations
GSA
General Services Administration: a federal agency that manages property and records for various agencies
GSS
Green Star
GVEA
Golden Valley Energy Authority
HA
Housing Assistant: One of the job titles of someone working for AHFC's PHD (also see above)
HA
Housing Authority (also see below)
HAARP
High-Frequency Active Auroral Research Program (pronounced harp): Scientific facility to study the ionosphere constructed on a former military site near Gakona
HAD
Loan Housing Assistance Division Loan: Residential mortgage loan originated by the Housing Assistance Division of the State of Alaska and transferred to AHFC; these loans are nonconforming and are generally held in portfolio
HAP
Contract Contractual agreement with HUD for money and obligations of each party for the administration of the Section 8 Existing, Conventional Low Rent, and Turnkey III programs
HAP
Housing Assistance Payment (pronounced hap): Subsidy payment made to the owner of Section 8-leased housing units on behalf of tenants
HAS
Housing Assistance Section (formerly HAD, see above)
HB
House Bill
HCD Plan
Consolidated Housing and Community Development Plan (formerly the CHAS Comprehensive Housing Affordability Strategy): A five-year strategic plan developed for the first time in 1992 as a requirement for continued HUD funding. AHFC is designated as the lead agency to prepare and update the plan for the entire state of Alaska, excluding the Municipality of Anchorage which prepares its own plan
HCP
Handicapped (the term "person who experiences a disability" is preferred)
HDD
Heating Degree Day
HDLI
Housing and Development Law Institute: a legal resource and training organization for housing agencies
HDR
Housing and Development Reporter: publishes current housing regulations and case law
Health and Safety Program
The Second Mortgage Program for Health and Safety Repairs is to provide financing to borrowers who have a mortgage loan with AHFC and need to improve their property to meet health and safety requirements relating to water, waste water and structural integrity
HELP
Home Energy Loan Program (pronounced help): An AHFC rebate program, which ended 3/29/96, for energy-efficient new construction
HER
Home Energy Rebate (pronounced her): An AHFC rebate to qualified homeowners of up to one-half the cost of energy efficiency improvements, processed on a first-come, first-served basis up to the annual legislative appropriation
HFA
housing finance agency
HM
Housing Management Department of AHFC's PHD Housing Operations
HMO
Health Maintenance Organization
HO
Housing Operations: The department of AHFC's PHD which handles resident services, property management, and maintenance
HOAF
Home Owners Assistance Fund program (See HOAP)
HOAP
Home Owners Assistance Program (pronounced hope): Special refinancing programs with variable interest rates AHFC offered during the 1980s for rural loans. No longer an active program due to low interest rates. Borrower must requalify annually
HOF
Home Ownership Fund (pronounced hoff): A fund that provides an interest rate subsidy or a combination of an interest rate subsidy and a monthly payment subsidy on loans for homes made to persons of lower to moderate income
HOME (pronounced home)
A HUD multifaceted grant program authorized by the National Affordable Housing Act of 1990 and managed by AHFC on behalf of Alaska. The grants are similar to Community Development Block Grants, with the State and the Municipality the only eligible entities. AHFC has targeted the following areas to apply for grants: tenant assistance, housing assistance and multi-family rental development
HOP
Home Opportunity Program: An AHFC program administered by nonprofits, regional housing authorities and public agencies to help eligible families purchase a home by providing funds for down payments, closing costs and/or additional funds to reduce the amount of the loan
HOPE
Housing Opportunities for People Everywhere (pronounced hope): a HUD program
HOPWA
Housing Opportunities for Persons with AIDS (pronounced hop-wa): a HUD grant program
Housing Assistance (Rural)
Loan Fund Loans made through this fund include Rural Owner-Occupied Loan, Rural Non-Owner-Occupied Loan and assistance in the form of energy-efficient improvements to qualifying households under the Low-Income Weatherization Program. Within the Owner-Occupied and Non-Owner-Occupied Programs, the loans are either direct or indirect. A direct loan is a mortgage made directly by AHFC's Rural Housing Division. An indirect loan is made by an Alaska lending institution and purchased by the Rural Housing Division
HP
Horsepower
HQS
Housing Quality Standards: HUD-approved standards for inspections certifying acceptability of housing units
HUD U.S.
Department of Housing and Urban Development (pronounced hud): AHFC operates its rental assistance programs on contract with HUD
HVAC
Equipment that provides heating, ventilation and/or air conditioning within a building
IAQ
Indoor Air Quality
ICBO
International Conference of Building Officials: National code group which publishes and maintains a variety of model building and housing codes; publisher of the Uniform Building Code
IEA
International Energy Agency
IECC
International Energy Conservation Code
IG
Inspector General
IHA
Indian Housing Authority: All of the housing authorities in Alaska are IHAs (also known as Regional Housing Authorities), except for AHFC's PHD
Insurance Receivable
Loan files (with associated assets or liabilities) in which real property has been sold or conveyed. Remaining positive or negative balances relate insurance receivables outstanding, unfiled claims for insurance, or funds outstanding either to or from seller/servicers or sales agents
Interest rate lock-in
Written agreement that guarantees a borrower an interest rate for a 30-day period. AHFC will assess the lender a $250 fee if the borrower's loan file is not received before the lock-in expires
IOP
Initial Operating Period: First quarter in which occupancy of a recently constructed or rehabilitated project achieves 95 percent occupancy
IRC
International Residential Code
IREM
Institute of Real Estate Management (pronounced i-rem)
IRHA
Interior Regional Housing Authority (based in Fairbanks): One of Alaska's 14 Indian (regional) housing authorities
IRS
Internal Revenue Service
ISER
Institute of Social and Economic Research: An institute of the University of Alaska Anchorage (pronounced i-sir)
IWX
Interior Regional Weatherization
JFIC
Juneau Family Investment Center (see FIC)
JOBS
Job Opportunities and Basic Skills (pronounced jobs): An employment and training program for recipients of AFDC benefits and operated by the Alaska Departments of Labor and Health and Social Services
JTPA
Job Training Partnership Act: Training and job opportunities for low-income individuals, operated through the Municipality of Anchorage, the Fairbanks Private Industry Council, and the Alaska Department of Community and Regional Affairs.
KEA
Kotzebue Electric Association
KIHA
Kodiak Island Housing Authority: One of the 14 Indian (regional) housing authorities in Alaska
KPU
Ketchikan Public Utilities
kW
Kilowatt
kWh
Kilowatt-Hour
LB and A
Legislative Budget and Audit
LDP
Limited Denial of Participation: A designated time limit of non-participation imposed upon program participants who have been found guilty of program abuse
LED
Light Emitting Diode
LEED
Leadership in Energy and Environmental Design
LIHEAP
Low-Income Home Energy Assistance Program (pronounced lie-heap)
LIHTC
Low-Income Housing Tax Credit Program: AHFC is the designated agency to administer this program for Alaska. The federal tax credits are allocated on a competitive basis to any U.S. taxpayer for new construction, acquisition and/or rehabilitation in exchange for at least a 15-year commitment to maintain a minimum of 20 percent of the housing units for low-income tenants
LIO
Legislative Information Office: Offices located throughout Alaska that can provide teleconference rooms and information on bills and the legislature
LIWAP
Low-Income Weatherization Assistance Program: An AHFC program that provides weatherization assistance to low-income families through statewide service providers
LL
landlord
Loan commitment
AHFC issues loan commitment after the lender submits a loan file and AHFC determines the loan request meets AHFC guidelines
Loans in Forbearance
Loans on which the seller/servicer has submitted a repayment or forbearance plan which AHFC has approved
Loans in Foreclosure
Loans on which a notice of default has been filed. Currently a subcategory of delinquent loans. Identification of loan is based on AHFC authorizing the seller/servicer to foreclose
Loans to Sponsors Program
Loans to Sponsors is a program wherein AHFC, subject to the availability of funds, makes loans to eligible applicants or Sponsors who in turn use the proceeds of the loan to make additional loans to Recipients. Loans made by the Sponsor to Recipients may be made only for the purposes of providing housing loans or loans to improve the quality of housing for persons of low to moderate income or living in remote, underdeveloped or blighted areas of the state
Loan-to-value
Loan amount divided by sales price or appraised value, whichever is less
LTV
Loan-to-Value Ratio: The relationship of a mortgage to the appraised value of a security. This ratio is expressed to a potential purchaser of property in terms of the percentage a lending institution is willing to finance. The LTV Ratio for refinanced loans is based upon the original paid-off loan information
MA03
Mutual (Section 8 Additional) Assistance property owned by AHFC's PHD: Etolin Heights in Wrangell (also known as 221(d)(3))
MACRS
Modified Accelerated Cost Recovery System
MGIC
Mortgage Guaranty Insurance Corporation (pronounced maj-ik): One of several privately owned mortgage insurance companies
MGIC Loan
Loan covered by MGIC pool-insurance agreements
MHA
Metlakatla Housing Authority: One of the 14 Indian (regional) housing authorities in Alaska
MLS
Multiple Listing Service
MOA
Memorandum of Agreement
MOA
Municipality of Anchorage
mod rehab
moderate rehabilitation
MOHM1 and MOHM2
Designation of mobile home property types. MOHM1 represents a mortgage loan with real estate. MOHM2 represents a consumer loan on a mobile home. An MOHM2 is not a mortgage loan
Mortgage Loan
Any loan that has not been classified as real estate owned, i.e. has an REO date. Delinquent loans and loans in forbearance are included in mortgage loan totals. Mobile Home Type II loans are included in these totals unless otherwise specified
MOU
Memorandum of Understanding
MR
market rate: The current rate of interest used to borrow money on the open market
MRB
Mortgage Revenue Bond
MROP
Major Reconstruction of Obsolete Public Housing (pronounced em-rop): A HUD grant program for upgrading public housing units
MSBTA
Mortgage Subsidy Bond Tax Act of 1980: Usually associated with AHFC's First-Time Homebuyer Program
Multifamily
A building, improvement or structure, including land, used or useful for housing persons together with related facilities including without limitations, day care and other support facilities and further including transitional housing and related support facilities
Multifamily housing
Housing of five or more units. List of multi-family loan programs
Multifamily Loan Program
This program assists individuals, partnerships, joint ventures, for-profit and nonprofit corporations, regional housing authorities or state or municipal agencies in financing multi-family, special needs or congregate housing projects for low- and moderate-income Alaskans or those located in remote, underdeveloped or blighted areas of the state
Multifamily Participation Loan Program
This program provides up to 80 percent financing to individuals, partnerships, joint ventures and for-profit or nonprofit corporations to acquire, rehabilitate or refinance at least five dwelling units designed principally for residential use if there is a participation lender acceptable to AHFC
Multiplex
A single structure designed with five or more separate housing units
MUSH
Municipal and state governments, Universities and colleges, K-12 Schools Healthcare markets
NA
not available or not applicable
NAESCO
National Association of Energy Service Companies
NAHASDA
Native American Housing Affordability and Self-Determination Act
NAHB
National Association of Home Builders
NAHIM
National Association of Housing Information Managers (pronounced nay-him)
NAHRO
National Association of Housing and Redevelopment Officials (pronounced nah-row): A national housing lobbying organization of which AHFC is a member
NAIHC
National American Indian Housing Council
NANA
Northwest Alaska Native Association (pronounced nan-uh): One of 13 regional corporations created under the Alaska Native Claims Settlement Act
NASEO
National Association of State Energy Officials (pronounced nah-seo)
NBS
Northern Building Science
NC
New Construction
NCCC
National Civilian Community Corps
NCSHA
National Council of State Housing Agencies: A national organization of housing agencies of which AHFC is a member (formerly Council of State Housing Agencies and still often referred to as "CASHA")
NEA
National Education Association: The Alaska affiliate of this teachers organization is National Education Association-Alaska
NEEA
Northwest Energy Efficiency Alliance
NIA
National Insulation Association
NIST
National Institute of Standards and Technology
NOFA
Notice of Fund Availability (pronounced no-fuh): Notices received from HUD or other federal sources or issued by AHFC giving deadlines and application details of special funds available
NPRHA
North Pacific Rim Housing Authority (based in Anchorage): One of the 14 Indian (regional) housing authorities in Alaska
NSP
Neighborhood Stabilization Program
NWIHA
Northwest Inupiat Housing Authority (based in Kotzebue): One of the 14 Indian (regional) housing authorities in Alaska
OMB
Office of Management and Budget: A state division of the Office of the Governor
OMBE
Office of Minority Business Enterprise
ONAP
Office of Native American Programs (HUD)
OOPS
Out-of-Pocket Builders Program (pronounced oops): Provides rebates to consumers who build energy-efficient (5 Star or 5 Star Plus homes) without obtaining a mortgage loan
OPAG
Older Persons Action Group (pronounced oh-pag)
ORP
Owner-Occupied Rehabilitation Program (pronounced orp): A grant program developed through home funds which provides for rehabilitation work on low-income homes
OSHA
Occupational Safety and Health Administration (pronounced oh-sha): A federal agency that monitors safety in the workplace
Overcollateralization
The amount of excess assets required to be pledged to a bond transaction
Owner occupied
A property is considered "owner occupied" if it becomes the borrower's primary residence within 60 days of loan closing, and the borrower continues to occupy it for one year
Owner/Builder
A borrower who owns a lot and builds his/her own home on the lot, either by performing the work themselves or by acting as the general contractor. The borrower retains title to the property throughout construction
P and I
principal and interest
PASS
Plan for Achieving Self-Sufficiency, a division of Vocational Rehabilitation
PCE
Power Cost Equalization
PCI
Private Credit Insurance: A private insurance used for mobile home loans
PERS
Public Employees Retirement System (pronounced purrs): The State of Alaska's defined benefit retirement plan, contributed to by both the employee and the employer
PFD
Permanent Fund Dividend: An annual check issued to permanent residents of Alaska
PHA
Public Housing Authority (also known as public housing agency): The Public Housing Division of AHFC serves as the only public housing authority in Alaska (see also IHAs)
PHADA
Public Housing Authorities Directors Association (pronounced fah-da): A national organization of PHA directors of which AHFC's PHD Director is a member
PHD
The Public Housing Division of AHFC
PHDEP
Public Housing Drug Elimination Program (pronounced fee-dep): A HUD grant program under which AHFC operates public housing drug elimination programs in Anchorage and Juneau
PHMAP
Public Housing Management Assessment Program (pronounced fee-map): HUD's annual assessment of AHFC The PHD is ranked on 11 criteria, including vacancies, modernization, uncollected rents, unit turnaround, outstanding work orders, tenants accounts receivable and operating reserves AHFC is considered a high performer, having received a score of 100 percent for FY96 and FY97
PILOT
Payment in Lieu of Taxes (pronounced pi-lut) Annual payment by AHFC as a tax-exempt property owner to a taxing authority based on the number of public housing units owned by AHFC and a formula prepared by the state by location, presumably commensurate with the cost of public services provided
PITA
principal, interest, taxes and insurance: the components of most mortgage payments
PM
Personnel Memorandum
PMI
private mortgage insurance
PNA
physical needs assessment: HUD form used to detail modernization needs for each public housing site
PNNL
Pacific Northwest National Laboratory
POM
Public Opinion Message: A message to a legislator to express opinion on a bill or other matter
Pool Insurance
Mortgage insurance coverage on specific pools of mortgage loans. The policy usually provides for coverage of accrued interest and repair expenses plus any loss incurred on resale of the property not covered by primary insurance. Most pool insurance is based on a maximum coverage of 15 percent or 20 percent of the original outstanding principal balance for the loan pool and remains available until the policy is depleted or the debt to which the pool of loans were pledged is fully repaid
PPA
Power Purchase Agreement
PPD
Planning and Program Development Department: The AHFC department which applies for and administers grants, oversees the Low-Income Housing Tax Credit Program, produces the "Housing Market Indicators," and coordinates and prepares the HCD Plan
PR
Procurement Office: The section under AHFC's Administration Department that handles all contracts and purchases of goods and services (also see below)
PR
Purchase Requisition: A form completed by a department and submitted to procurement to procure goods or services (also see above)
prefab
Prefabricated housing in which structural and/or mechanical components are assembled offsite
Primary Insurance
Private mortgage insurance (PMI) usually representing a policy which provides coverage equal to 20% to 25% of the loan Insurance is written on a loan-by-loan basis
Primary or principal residence
A property in which an individual has an ownership interest and one that the individual occupies for more than six months of the year The residence is convenient to his/her place of employment and is considered his/her address of record after loan closing
Private mortgage insurance or PMI
Insurance that protects the investor in the event the borrower defaults on the mortgage loan PMI is required on all loans (except rural) when the down payment is less than 20% On Rural loans PMI is only required when the down payment is less than 10%
PUD
Planned Unit Development: A comprehensive development plan for large land areas It usually includes residences; roads; schools; recreational facilities; and commercial, office and industrial areas A subdivision having lots or areas owned in common and reserved for the use of some or all of the owners of the separately owned lots
PVE
Petroleum Violation Escrow Funds
R2D2
Research and Rural Development Division This department oversees energy and weatherization programs, Supplemental Housing Development grants, the Research and Information Center, and researches innovative construction methods
RAPIDS
Rural Alaska Project Identification and Delivery System (pronounced ra-pids): A database of rural capital improvement projects and needs in 221 rural Alaska communities, published semi-annually by DCRA
RAVEN
Rural Alaska Village Environmental Network
RCA
Regulatory Commission of Alaska
RD
Rural Development is a branch of the US Department of Agriculture Rural Division RD provides provides mortgage insurance, or direct or leveraged financing for eligible borrowers
REAA
Regional educational attendance area
REAC
Renewable Energy Action Council
REAL
Retrofit Energy Assessment for Loans
REAP
Renewable Energy Alaska Project
Recapture
Loans made under the Tax-Exempt Program may be subject to a potential repayment or recapture to the federal government if the borrower sells the property within the first nine years of ownership More information about recapture
Recipient
The borrower who receives a loan from the Sponsor's Loan Fund under AHFC's Loans to Sponsors Program
Refinance Program
The Refinance Program allows applicants to obtain new financing secured by property that is currently financed by AHFC or certain loans previously financed by Department of Community Regional Affairs (DCRA) or Housing Assistance Department (HAD) These loans may be conventional, or VA- or FHA-insured The original loan may have been a first or second lien, conforming or nonconforming The loans will be made under the Taxable Program with State Veteran and HOF options (only if the original loan was a HOF loan) Non-AHFC mortgagors may refinance their existing loan using AHFC's Taxable Program
rehab
rehabilitation The restoration to good condition of deteriorated structures, neighborhoods, and public facilities through repair, renovation, conversion, expansion, remodeling, or reconstruction
REO or REO Loan
real estate owned by AHFC through foreclosure, i e property that AHFC currently holds title to
Resident of the State of Alaska
Evidence of residency includes, but is not limited to, employment, unemployment, hunting, fishing and/or driver's licenses, income tax records, motor vehicle registration, voter registration or occupational licensing
RFI
Request for Information
RFP
Request for Proposal
RFQ
Request for Quotation or Request for Qualification
RH
Relative Humidity
RHD
Rural Housing Division of AHFC: Oversees direct and indirect loan programs designed to finance the purchase, renovation or construction of residential property by Alaska residents in "small communities" as defined by state law, where conventional financing is otherwise limited
RHPS
Requisition for Development of Modernization Funds: Forms to request HUD reimbursements for capital improvement programs (pronounced rips)
RIC
Research Information Center (pronounced rick): An energy and construction library operated by the Research and Rural Development Department (R2D2)
RIGI
Regional Inspector General for Investigation: handles fraud and program abuse matters for HUD at the regional office level
RIHP
Rural Initiative Housing Program; see RILP
RIHPP
Rural Initiative Housing Pilot Program; see RILP
RILP
Rural Incentive Loan Program, formally known as the Rural Initiative Housing Program or Rural Initiative Housing Pilot Program
RIP
Retirement Incentive Plan (pronounced rip)
ROI
Return On Investment
RS
Resident Services Department of the The PHD Housing Operations Department
RSA
Reimbursable Services Agreement
RSVP
Retired Senior Volunteer Program
RTC
Resolution Trust Corporation: AHFC is the clearinghouse for RTC Affordable Housing Program in Alaska
Rural
Defined as a small or very small community
RurALCAP
Rural Alaska Community Action Program, Inc (pronounced rural cap)
S A V E
Specialized Academic and Vocational Education (pronounced save): An alternative learning program in the Anchorage School District
S/S
Seller/Servicer
SAFAH
Supplemental Assistance and Facilities to Assist the Homeless (pronounced saf-uh): A HUD grant program now called Supportive Housing Grants
SAM
State-Assisted Mortgage (pronounced sam): The fund that is AHFC's general account that holds AHFC's unrestricted assets and investments
S and P
Standard and Poor's: a national bond rating agency
SB
Senate Bill
SBA
Small Business Administration
SCHDF
Senior Citizens Housing Development Fund
SEAC
Southeast Corporation
SEC
Securities Exchange Commission
SECP
State Energy Conservation Program
Section 3
A HUD regulation that requires AHFC, when using HUD funds, to direct employment and other economic opportunities to low- and very low-income persons, or business concerns which provide economic opportunities to low- and very low-income persons
Section 504
Equal accessibility requirements of the Fair Housing Amendments Act of 1988
Section 8
Usually refers to the Section 8 Existing HUD rental program, which assists low-income families in leasing privately owned decent, safe, and sanitary housing AHFC currently administers 2,665 Section 8 Existing certificates and vouchers in 10 communities
Section 8 New Construction
Five of the complexes AHFC owns and operates as public housing are subsidized by HUD under this program rather than the Low Rent Program (Chugach View and Ptarmigan Park, Anchorage; Sunset View, Cordova; Golden Towers, Fairbanks; and Glacier View, Seward)
Self-Insurance
Pool coverage initiated and maintained in-house by AHFC This self-insurance applies almost exclusively to the Insured Mortgage Loan Program and Residential Mortgage Loan (rental property) Pool
SEMAP
Section 8 Management Assessment Program (pronounced sea-map)
SEP
State Energy Program (USDOE)
SFR
Single-family residence
SLBP
State Lease Building Program: Under this program, AHFC is authorized to issue bonds to finance the construction of state buildings (This program was formerly operated by the Alaska State Housing Authority, and major projects included the Juneau State Office Building and the Anchorage Courthouse)
SLED
Statewide Library Electronic Doorway (pronounced sled): A service providing computer-based menu access to electronically available state, federal, and worldwide information through the Internet at no charge to Alaskans
Small Community
A community of 6,500 or less that is not connected by road or rail to Anchorage or Fairbanks, or a community of 1,600 or less that is connected by road or rail to Anchorage or Fairbanks and at least 50 statute miles outside of Anchorage or 25 statute miles outside of Fairbanks "Connected by road" does not include a connection by the Alaska Marine Highway System or roads outside the boundary of the State of Alaska
SOA
State of Alaska
SOQ
Statement of Qualifications
SRO
Single Room Occupancy: Transitional housing aimed at homeless persons of low- to very-low income
SSI
Supplemental Security Income
STAR
Standing Together Against Rape (pronounced star): A support group for victims of rape
State Veteran's Preference
Certain low-income residents of Alaska who served in the armed forces of the United States after 4/6/17 and were honorably discharged, including certain widows, widowers, and persons having served in reserve units, may be eligible for an interest-rate reduction
Streamline Refinance Loan
A loan which is included in the Refinance Loan Program categories which began 12/17/92
Stripper Well
Oil-overcharge funds received by AHFC on behalf of Alaska under the 1986 Stripper Well Exemption Litigation Settlement The overcharge funds must be used for existing or new energy-related programs to provide widespread benefits to petroleum consumers throughout Alaska Numerous deposits have been made to this account over the years as a result of court settlements To date, Alaska has received and/or accrued in interest a total of $10,395,000
TAC
The Aleut Corporation
TAG
Tenant Assistance Grant
TARS
Tenant Accounts Receivables (pronounced tars): The outstanding balance owed to AHFC by current or former tenants of public housing units
TCC
Tanana Chiefs Conference
TDC
Total Development Cost: The total cost of development of a given project, including the costs of land, planning, all fees, construction financing, construction, landscaping and off-site improvements
TDD
A terminal device used widely by deaf people for text communication over telephone lines. The acronym TDD is sometimes expanded as "Telecommunication Display Device" but is generally considered to be derived from "Telecommunications Device for the Deaf." The deaf themselves do not usually use the term "TDD" but prefer simply "TTY" possibly the original term. The ambiguity between this and the other meanings of "TTY" is generally not problematic The acronym "TTD" is also common [Teletype for the deaf?]
TEAC
Technical Energy Advisory Committee
THRHA
Tlingit-Haida Regional Housing Authority (based in Juneau): One of the 14 Indian (regional) housing authorities in Alaska
TIP
Tenant in Possession
TNHA
Tagiugmiullu Nunamiullu Housing Authority (based in Barrow) (formerly North Slope Borough Housing Authority): One of the 14 Indian (regional) housing authorities in Alaska
TOP
Tenant Opportunities Program
TRACS
Tenant Rental Assistance Certification System (pronounced tracks)
Triplex
A single structure designed with three separate housing units
TSP
Technical Service Provider
TTP
Total Tenant Payment
TTY
A terminal device used widely by deaf people for text communication over telephone lines The deaf themselves usually use the term "TTY" possibly the original term. However, the common term is often the acronym TDD, sometimes expanded as "Telecommunication Display Device" but is generally considered to be derived from "Telecommunications Device for the Deaf." The ambiguity between this and the other meanings of "TTY" is generally not problematic. The acronym "TTD" is also common [Teletype or teletypewriter for the deaf?]
Turnkey III
A HUD low-income homeownership program
UAA
University of Alaska Anchorage
UAF
University of Alaska Fairbanks
UAS
University of Alaska Southeast
UBC
Uniform Building Code: A national code published by the International Conference of Building Officials, prominently used in the western states
UCC
Uniform Commercial Code
UEC
Uniform Electrical Code
UL
Underwriters Laboratories Inc.
UMC
Uniform Mechanical Code
Unsecured Loan
A signature loan; a loan not secured by any collateral
UPC
Uniform Plumbers Code
UR
Urban Renewal
URL
Uniform Resource Locator: an address for a website (AHFC's website address is https://www.ahfc.us)
USDA
U.S. Department of Agriculture
USDOE
U.S. Department of Energy
VA
Veterans Administration: the VA offers a loan guaranty to honorably discharged veterans that are commonly referred to as zero down payment loans
VA Loan
Veterans Administration-guaranteed loan: In the event of a default, the VA generally makes payments ranging from $27,500 to $35,000 in full settlement of its obligation. Loans may also be repurchased at the option of the VA
VEEP
Village Energy Efficiency Projects
Very Small Community
A community of less than 1,400 not connected by road or rail to Anchorage or Fairbanks
VMP
Veterans Mortgage Program: Qualified veterans may receive a lower interest rate than is available through other loan programs Under the VMP, AHFC will purchase Conventional, VA, and FHA loans on single-family through fourplex dwellings
Voc Rehab
Vocational Rehabilitation
VRM
Variable Rate Mortgage: Mortgage stipulating that the interest rate can be adjusted periodically to reflect variations in prevailing interest rates
WAP
Weatherization Assistance Program
WIC
Women, Infants and Children (pronounced wick): A government-sponsored program to educate and assist low-income families in prenatal and postnatal care
WICCA
Women in Crisis Counseling and Assistance: A women's shelter and counseling center in Fairbanks
WIN
Work Incentive Program (pronounced win) formally known as Welfare-to-Work
WX
AHFC's Low-Income Weatherization Program
Year End Statement
A statement from a mortgage lender that provides a summary of the taxes, mortgage interest and principal paid for the year
Zero Lot Line
A term generally used to describe the positioning of a structure on a lot so that one side rests directly on the lot's boundary line. Although such construction is usually prohibited by setback ordinances, it can be a part of a special space-conserving project