Definitions and Acronyms

>>Definitions and Acronyms
Definitions and Acronyms2016-07-11T18:31:01+00:00

Definitions - Commonly Used Terms and Acronyms

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There are 10 names in this directory beginning with the letter R.
R

Recourse Debt
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.

Rehabilitation
Repair, upgrade of units within existing structure.

Rent-up Reserve
See lease-up reserves

Replacement 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.

Reserves
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.

RFP
Request For Proposal

ROF
Reservation of Funds
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