Glossary A-M

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. Except as noted, the acronyms in this document are pronounced letter by letter.

A B C D E F G H I J K L M N O P R S T U V W Y Z

A

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

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

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 & 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

A & E or A/E architects and engineers

AEL Allowable Expense Level: HUD's approved limits for budgeting purposes

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

AFA Aleutian Housing Authority (based in Anchorage): One of Alaska's 14 Indian (Regional) Housing Authorities

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)

AHP Alaska Home Properties, now known as the Servicing area of AHFC's Mortgage Department

AHMI Alaska Housing Market Indicators: A publication of AHFC's Planning & Program Development Department published quarterly through 1994 and biannually beginning in 1995 (usually referred to as "the Indicators")

AHRIC Alaska Human Resources Investment Council

AIDEA Alaska Industrial Development and Export Authority: A public corporation under the Department of Commerce & 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 & 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)

A/P accounts payable (also see below)

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)

ARM Adjustable Rate Mortgage (pronounced arm)

ASETS Alaska Specialized Education & Training Services (pronounced as-ets).

ASHA Alaska State Housing Authority: now known as AHFC's Public Housing Division (pronounced ash-uh)

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

AVCP Association of Village Council Presidents Regional Housing Authority (based in Bethel): One of Alaska's 14 Indian (regional) Housing Authorities

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

B

BA Betterments & 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

BBB Better Business Bureau

BBHA Bristol Bay Housing Authority (based in Dillingham): One of Alaska's 14 Indian (Regional) Housing Authorities

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

BR (or) br or bdrm: bedroom

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

C

CC Contract Compliance

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

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 & 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

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.

D

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

DCED Alaska Department of Commerce & Economic Development

DCRA Alaska Department of Community & 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 & Youth Services: A division of Alaska's Department of Health and Social Services

DHHS Department of Health & Human Services: A division of the Municipality of Anchorage

DHSS Alaska Department of Health & 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 & Developmental Disabilities, a division of the Department of Health and Social Services

DMV Alaska Department of Motor Vehicles

DNR Alaska Department of Natural Resources

DOL Alaska Department of Labor

DOR Alaska Department of Revenue: AHFC is a division of this department

DOT (or) DOTPF Department of Transportation & Public Facilities (pronounced as letters d-o-t , or dot-puff)

DU (or) du dwelling unit

DUI driving under the influence of drugs or alcohol

Duplex A single structure designed with two separate housing units

E

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

F

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 & 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

FHLMC SPCL 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

501(c)(3) A nonprofit corporation organized under this section of the IRS Code

fixed traditional fixed-rate mortgage

FmHA Is now known as Rural Development (RD) under U.S. Department of Agriculture/Rural Economic & 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

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

G

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

GR&PA Government Relations & Public Affairs, AHFC's department that oversees communications, including legislative contacts, media relations, marketing and public relations

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

GSA General Services Administration: a federal agency that manages property and records for various agencies

H

HA Housing Authority (also see below)

HA Housing Assistant: One of the job titles of someone working for AHFC's PHD (also see above)

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 Housing Assistance Payment (pronounced hap): Subsidy payment made to the owner of Section 8-leased housing units on behalf of tenants

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

HAS Housing Assistance Section (formerly HAD, see above)

HB House Bill

HCD Plan Consolidated Housing & 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)

HDLI Housing & Development Law Institute: a legal resource and training organization for housing agencies

HDR Housing & 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

HQS Housing Quality Standards: HUD-approved standards for inspections certifying acceptability of housing units

HUD U.S. Department of Housing & 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

I

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

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

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)

J

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 & 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 & Regional Affairs.

K

KIHA Kodiak Island Housing Authority: One of the 14 Indian (regional) housing authorities in Alaska

KPU Ketchikan Public Utilities

L

LB&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

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

Loan-to-value - Loan amount divided by sales price or appraised value, whichever is less

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

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

M

MA03 Mutual (Section 8 Additional) Assistance property owned by AHFC's PHD: Etolin Heights in Wrangell (also known as 221(d)(3))

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 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

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

Multi-Family 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

Multi-family housing - Housing of five or more units. List of multi-family loan programs

Multi-Family 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

Multi-Family 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

Multi-Plex A single structure designed with five or more separate housing units

Continued N - Z