Housing Glossary

Housing Glossary

• Alteration/Improvement Agreement

• Amortization

• Annual Meeting

• Appraisal

• Assets (of housing)

• Articles of Association or Articles of Incorporation

• Balance Sheet (for housing)

• Blanket Mortgage

• BMIR ("Beemer")

• Board of Directors (for housing)

• Bylaws (of housing)

• Capital (for housing)

• Carrying Charge

• Closing

• Collateral (for housing)

• Condominium

• Conventioal Loan

• Conversion (for housing)

• Cooperative (for housing)

• Cooperative Interest

• Cooperative Principles (for housing)

• Covenants

• Debt Service

• Default (for housing)

• Depreciation (of housing)

• Development Budget

• Dissolution

• Dividend (for housing)

• Documents

• Equity (for housing)

• Eviction

• Excess Income

• Expenses (for housing)

• Fannie Mae

• Federal Housing Administration (FHA)

• Federal National Mortgage Association (FNMA or Fannie Mae)

• Fee Simple

• Financial Statement (for housing)

• Fiscal Year (for housing)

• Flip Tax

• Foreclosure (for housing)

• General Operating Reserve (GOR)

• House Rules

• Housing Cooperative

• Housing Finance Agency (HFA)

• Housing and Urban Development (HUD)

• Improvements

• Income (of housing)

• Income Limits

• Incorporation (for housing)

• Indemnification

• Internal Revenue Code Section 216

• Land-only Cooperative

• Lease (for housing)

• Leasehold Cooperative

• Leasing Cooperative

• Lien

• Limited Equity Cooperative

• Limited Equity Formula

• Liquidation

• Maintenance Fee

• Management Agreement

• Management Company

• Management Plan (for housing)

• Manufactured Housing Park Cooperative

• Market Rate Cooperative

• Mechanic's Lien

• Member Equity

• Member/Shareholder

• Membership

• Membership Committee

• Monthly Carrying Charges or Monthly Maintenance Fee

• Mortgage (for housing)

• Mortgage Insurance

• Multifamily Development

• Mututal Housing Association

• National Associtation of Housing Cooperatives (NAHC)

• Net Income (for housing)

• Notice of Conversion

• Occupancy Agreement (or Proprietary Lease)

• Officers (of housing)

• Operating Income/Expense

• Par Value

• Perpetual Existence

• Personal Property

• PITI

• Principal (for housing)

• Pro Forma

• Proprietary Lease

• Proxy or Proxy Vote

• Purchase-Sale Agreement

• Quiet Enjoyment

• Quorum

• RCM (Registered Cooperative Manager)

• Real Property (for housing)

• Recitals

• Recognition Agreement

• Regulatory Agreement

• Replacement Reserve

• Resident Agent

• Resale

• Reserves

• Right of First Approval

• Right of First Refusal

• Rochdale

• Seal

• Section 8 Assistance

• Share (of housing)

• Share Loan

• Statutory

• Sublease

• Subordination

• Subscription Agreement

• Subscription Funds

• Sweat Equity

• Tenant

• Termination

• Title

• Transfer Value

• Unanimity

• Vacancies

• Vermont Cooperative Housing Ownership Law

• Vermont Housing Finance Corporation

• Waiver

Sources

Glossary of Terms, Association for Resident Control of Housing, http://www.weown.net/glossary_of_Coop_terms.htm.

Glossary of Cooperative Housing Terms, National Association of Housing Cooperatives, http://www.coophousing.org/DisplayPage.aspx?id=250&bMenu=76&bItem=250.

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