Affordable Housing: Housing that does not cost more than 30% of an individual or family’s total income to rent or own.
Community Development Corporation (CDC): Non-profit, community organizations focused on revitalizing neighborhoods, e.g. Haitian American Community Development Corporation and Opa-Locka Community Development Corporation.
Community and Housing Development Organization (CHDO): A federally defined type of non-profit organization that addresses housing needs. 15% of federal HOME funds are set-aside for CHDOs, e.g. Carrfour Supportive Housing and Opa-Locka Community Development Corporation.
Community Development Block Grant (CDBG): Created under the Housing Community Development Act of 1974, this federal program provides grant funds to local and state governments for community development activities.
Source: U.S. Department Housing and Urban Development, 2017.
Development Hard Costs: Direct construction costs, including preparing the project site.
Development Soft Costs: All other expenses involved in building a development other than direct construction costs; e.g. legal or architectural fees.
Documentary Stamp Surtax Program (Surtax): A discretionary tax that provides dedicated funding for affordable housing in Miami-Dade County. Administered by Miami-Dade County’s Department of Public Housing and Community Development, the program provides homeownership and rental opportunities for very low, low, and moderate-income households. Surtax funds can be used to provide low-cost financing for the development of affordable rental housing, among other services.
Source: Miami-Dade County Department of Public Housing and Community Development, 2017.
Gap Funding: Funds to cover the gap between existing financial commitments to a project and the overall development costs.
HOME (Home Investment Partnerships Program): Federal program that provides grants to eligible states and cities to provide rental housing and homeownership opportunities affordable to low and very low-income families. HOME funds can be used for acquisition, rehab, new construction, and rental assistance.
Source: U.S. Housing and Urban Development, 2017.
Housing Choice Vouchers: HUD-administered program that allows low-income residents to afford market-rate apartments by subsidizing their rent costs (also known as Section 8 vouchers).
Income Level: HUD designation based on Area Median Income (AMI) standards. These Income Levels determine eligibility for federal, state, and local assisted housing programs.
• Moderate income: 80% AMI to 140% of AMI…$60,400 to $105,700
• Workforce Housing income: 60% to 140% of AMI…$49,200 to $105,700
• Low income: 80% of AMI…$49,200
• Extremely low income: 30% of AMI or lower…$24,600
Source: Miami-Dade County Public Housing and Community Development, 2017.
Naturally Occurring Affordable Housing (NOAH): Privately-owned, un-subsidized housing that is affordable.
Land Bank: An organization that assembles, manages, and conveys land for the purpose of stabilizing neighborhoods.
Low Income Housing Tax Credits (LIHTC): A tax incentive intended to increase the availability of low-income housing. This state-administered program provides an income tax credit to owners of newly constructed or rehabilitated low-income rental housing projects, which are sold to investors for equity to finance the development of affordable housing. In 2016, Miami-Dade County received a total of $18 million in LIHTC to finance the development of 1,400 affordable units.
Participating Jurisdiction (PJ): A city or state that is designated by HUD to be an eligible recipient of HOME funding. There are six participating jurisdictions in Miami.
Public Housing and Community Development (PHCD): Department of Public Housing and Community Development in Miami-Dade County that oversees and administers funds for affordable housing.
Redevelopment: Development that demolishes and replaces the existing structure.
State Housing Initiatives Partnership (SHIP): State-administered program that allocates funds to provide housing and homeownership opportunities affordable to very low, low, and moderate-income families to entitlement cities throughout Florida. SHIP funds can be used for new construction, rehab, and emergency repairs, among other services.
Source: Florida Housing Finance Corporation, 2017.
Special Needs Population: Term to describe population of people who are homeless, disabled, domestic violence survivors, and/or aged out of foster care.
Transit-Oriented Development (TOD): Residential or commercial area designed to make public transportation easily accessible, e.g. affordable housing development within ½ mile of rapid transit (Metrorail, South Miami-Dade Busway, or Tri-Rail).