Definitions and Acronyms

Development Agreement

Debt Coverage Ratio

Disposition and Development Agreement

The ratio equal to net operating income divided by regularly scheduled (amortized) loan payments.

Legal document recorded against the completed property or project. (See also 'long-term affordability period').

Department of Environmental Equality

Units that must be affordable to, and occupied by, households earning at or below an agreed upon income level, as determined by the PDC and the Project Sponsor. The number, type and targeted household incomes of the Designated Affordable Units are recorded in the PDC loan documents as conditions of the loan or other financing agreements. Generally, the PDC requires the following:

A residential area of the city that the Planning Commission designates for special assistance programs (e.g. limited property tax exemption) by virtue of the deterioration or the housing stock.

Development

Is the central member of the development team who is responsible for coordinating all aspects of the transaction. The developer may assume other roles such as general contractor, property manager, and general partner of the partnership that owns the property. Both for-profit and not-for-profit organizations are developers of affordable housing; sometimes they form joint ventures.

Developer fees include developer overhead, profit, and fees for services normally performed by the developer such as development consultant fees, and project management.

A development budget includes preliminary construction line item costs, site acquisition costs, off-site costs (if applicable), soft costs, and other detailed cost information pertinent to the project.

An individual or group of individuals hired by developer(s) who generally is responsible for budget preparation, application preparation, compliance with funding requirements, and other technical details of the project. Development consultant fees are considered a part of developer fees.

Group of individuals or firms who carry out a development project, usually including the developer, the architect and engineer, the contractor, legal counsel, accountant and the development (technical) consultant.

Differences between population groups in the presence of any form of outcomes, including access to services. Disparities include both acceptable and unacceptable differences. (Adapted from Multnomah County Health Department, Health Equity Initiative)

District

Development Opportunity Services

Downtown

A building, or a portion of a building, that has independent living facilities including provisions for sleeping, cooking and sanitation, and that is designed for residential occupancy.