Definitions - Commonly Used Terms and Acronyms
There are currently 11 names in this directory beginning with the letter P.
PDC Published Averages
Periodically, the PDC publishes its average funding amount per unit, per square foot, and per person served for new construction projects. These averages are broken down into Income Categories. Projects will be evaluated against these averages in the PDC approval process.
People or communities of color
Native American, African American, Latino, Asian, Slavic, and African immigrant and refugee people or communities (per Coalition of Communities of Color).
A long term loan, usually with a term between 10 and 40 years, the proceeds of which are used to repay a construction loan.
Permitted Loan Payments
The sum of the maximum debt service (including without limitation principal, interest, mortgage insurance premiums and credit enhancement fees such as letter of credit fees and/or other payment requirements) under any loans of the Project Sponsor relating to the project during the fiscal year. Permitted Loan Payments shall not include prepayments of principal not shown on the Pro Forma attached not consented to by the PDC in writing. Permitted Loan Payments shall not include any payments that are paid to an affiliate of the Project Sponsor.
Funding to cover up front project costs such as architectural, engineering, legal and environmental services that are incurred before the funds to pay for project construction are available to the developer.
Federally subsidized property now at risk of opting out or prepayment, which would result in the loss of affordability commitments and project based Section 8 subsidies. Pro forma Income and Expense: a statement showing the projected annual income and operating expenses of a project.
Pro forma, is a schedule that includes 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.