Definitions - Commonly Used Terms and Acronyms
There are currently 11 names in this directory beginning with the letter L.
An amount, either paid-in capital or funded through a loan, which anticipates an initial occupancy vacancy or short term lease-up shortfall. This amount is legitimate in projects undergoing substantial rehabilitation or new construction, and only when construction rather than operations create vacancy.
Loan to Value (LTV)
The total amount of all loans secured by subject property divided by the "after value" of the property expressed as a percentage. Grants requiring repayment only in the event of grant non-compliance, even if filed as a lien against the property, will not be considered loans for LTV calculation.
Long-Term Affordability Period
A period agreed to by funders and sponsors to ensure income and rent limits agreed to as condition of public funding through a recorded deed restriction on the project on a specified number of units in a project (See definition of funded affordable unit). Low-Income: means household income at or below 60 percent of MFI.