Definitions - Commonly Used Terms and Acronyms
There are currently 10 names in this directory beginning with the letter R.
Debt repayment is based primarily on the property, but in the event of default to the extent the property cannot pay-off debt, the borrower is personally responsible for debt repayment.
Repair, upgrade of units within existing structure.
See lease-up reserves
An account maintained by the borrower, funding of which is treated as an operating expense and used for repair or replacement of a project's infrastructure, i.e. roof, plumbing, mechanical, etc. For new construction PDC requires replacement reserves of $200 per unit per year.
Reservation of Funds
An informal set-aside of PDC direct financial assistance funds for a specific project that is valid for a limited period of time and evidenced by a Reservation Letter issued by the PDC. This is not a legal obligation to lend.
Money set aside to pay for future anticipated expenses.
Restricted Residential Unit
A housing unit in a PDC funded project that is restricted as to affordability and rent limitations for a specified period of time according to a written affordability agreement.