R982-501-3. Definitions

In addition to terms defined in Section 35A-8-501:

(1) "Application" means the form provided and required by HCD to be submitted to request funds from the OWHLF.

(2) "Board" means the Olene Walker Housing Loan Fund Board.

(3) "BRC" means a Board Review Committee(s), consisting of members selected by the Board.

(4) "Consolidated Plan" means a plan of up to five years in length that describes community needs, resources, priorities and proposed activities to be undertaken under certain HUD programs, including Community Development Block Grant (CDBG), HOME, Emergency Shelter Grant Housing Opportunities for Persons with AIDS (HOPWA), and other partner funding sources.

(5) "Subsidy-layering" means an evaluation of the project conducted by HCD staff to ensure that the lowest amount of HOME and other funds necessary to provide affordable housing are invested in the project.

(6) "HOME, CDBG, or HOPWA" means HUD programs that provide funds for housing and community needs.

(7) "Affordable Housing" means assisting persons at or below 80% of area median income (as defined by HUD) to find decent, and safe housing at a reasonable cost.

(8) "Loan" means funds provided with the requirement of repayment of principal and interest over a fixed period of time.

(9) "Grant" means funds provided with no requirement or expectation of repayment.

(10) "Local Agency" means public housing authorities, counties, cities, towns, and association of governments.

(11) "Funding Cycle" means period of time in which OWHLF funds are allocated.

(12) "Allocation Plan" means an annual plan that describes housing needs, priorities, funding sources, and the process and policies to request funds from the OWHLF.

(13) "Other Funding Sources" means funds from other federal programs and community partners (including CRA funds).