Definitions - Commonly Used Terms and Acronyms

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There are currently 7 names in this directory beginning with the letter O.

Oregon Affordable Housing Tax Credits

Oregon Housing and Community Services

Office of Management and Finance, City of Portland

Operating Budget (also Pro Forma)
Pro forma, is a schedule that include a rent schedule, anticipated operating expenses, vacancy rates, and all other information pertinent to the operation of the property. Operating income and expenses are generally projected for at least ten years.

Operating Deficit Reserves
Set-asides necessary to cover anticipated and unanticipated shortfalls in cash flow due to decreases in income or increases in expenses or debt service. Operating deficit reserves are different from lease-up reserves.

Operating Expenses
All reasonable and customary expenses incurred in operating the subject real estate, including (but not limited to) utilities, on-site and off-site management, insurance, property taxes, maintenance, replacement reserves, and administrative charges which are associated with any compliance monitoring or reporting required by funding sources. Operating Expenses do not include contributions to operating reserves, depreciation, interest or principal payments.
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