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Last revised July 24, 2014 <br />Foreclosure <br />A specific legal process in which a lender attempts to recover the balance of a loan from a borrower <br />who has stopped making payments to the lender by forcing the sale of the asset used as collateral for <br />the loan. The spate of mortgage foreclosures that swept the nation during and following the Great <br />Recession is still heavily impacting housing markets, communities, and individuals' lives. As a result, <br />foreclosure relief, recovery, mitigation, and counseling programs are still a high priority for many <br />housing focused government and non-profit actors. <br />General Obligation. or G.O. Bond <br />A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction rather than the <br />revenue from a given project. <br />Goals for Affordable and Life -cycle Housing <br />To compete for Livable Communities Act funding, communities must negotiate long-term affordable and <br />lifecycle housing goals with the Council and develop a Housing Action Plan. The LCA's emphasis is on <br />cooperation and incentives to achieve regional and local goals, including negotiated housing goals. <br />Guaranteed Loan <br />A loan guaranteed by a third party in the event that the borrower defaults. The loan is quite often <br />guaranteed by a government agency which will purchase the debt from the lending financial institution <br />and take on responsibility for the loan. This type of agreement is often made if the borrower is an <br />unattractive candidate for a loan. It is a way for people in dire need of financial assistance to acquire <br />funds, without putting excessive risk on the lending financial institution. <br />Holding Costs <br />Costs incurred by a developer that are incurred even if the property sits idle. Typical examples of <br />holding costs include interest on loans, taxes, and property maintenance and security. <br />Housing Performance Scores (the Scores) <br />The scoring system created and employed by the Met Council to evaluate city and county performance <br />in the housing domain. The Housing Performance Scores uses a combination of survey, primary, and <br />secondary data sources to derive a score for each community, and this is performed on an annual <br />basis. Recommendations for a revised scoring system and new applications for using the Scores are <br />major components of this Housing Policy Plan as described in Part III. <br />HOME Investment Partnerships Program <br />Provides formula grants to states and localities that communities use — often in partnership with local <br />nonprofit groups — to fund a wide range of activities that build, buy, and/or rehabilitate affordable <br />housing for rent or homeownership, or to provide direct rental assistance to low-income people. <br />Housing Choice Voucher (Section 8 Program) <br />Federal rent subsidy program under Section 8 of the U.S. Housing Act, which issues rent vouchers to <br />eligible Households to use in the housing of their choice. The voucher payment subsidizes the <br />difference between the Gross Rent and the tenant's contribution of 30% of adjusted income, (or 10% of <br />gross income, whichever is greater). In cases where 30% of the tenants' income is less than the utility <br />allowance, the tenant will receive an assistance payment. In other cases, the tenant is responsible for <br />paying his share of the rent each month. <br />Housing Discrimination <br />Discrimination based on protected class status, including race, gender, age, ethnicity, national origin, <br />sexual orientation, gender identity, marital status, or veteran status. Specific areas of housing <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT Appendices I Page 86 <br />