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Area Median Income (AMU 100% of the gross median household income for a specific Metropolitan Statistical Area, county 0rnon-metropolitan area established annually hvHUD. The Area Median Income iS acritica| component ofhousing-related activity, including eligibility for affordable housing programs. Bridge Loan (also known G8interim financing or gap fiDGDCiDn) A short-term loan that is used until an entity secures permanent financing or removes an existing financial obligation. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory. Choi Place and Opportunity.ADEquity Assessment 0fthe Twin Cities The formal name of the Twin Cities region's Fair Housing and Equity Assessment (FHEA) required by HUD as a condition of the Sustainable Communities Regional Planning Grant. The report involved analysis of the region'o racial and ethnic diversity, describing public investments and policies as well as the jurisdiction's fair housing landscape. The full Choice, Place and Opportunity report ioavailable at: http://metrocouncil.org/Planning/Projects/ Thrive-2040/Choice-Place-and-Opportunity.aopx. Community Designations Community designations group communities with similar characteristics into typologies that help target policies for growth and development. In Thrive MSP 2040, each city and township in the seven -county metropolitan area was assigned a community designation on the basis of existing development patterns, common challenges, and shared opportunities. For descriptions of specific community designations, refer to Thrive MSP 2040 at: http:// metrocounciI.org/PIanning/Projects/Thrive-2040.aspx. Community Development Block Grant(CD13G) Created under the Housing and Community Development Act of 1974, this HUD program provides grant funds to local and state governments to develop viable urban communities by providing decent housing with a suitable living environment and expanding economic opportunities toassist low- and moderate -income residents. Community Fix -Up Program This Minnesota Housing program assists communities in addressing specific home improvement needs and goals by promoting partnerships between Fix Up lenders and community organizations to add supplemental funds or other incentives to borrowers. Community Land Trust (C[T) Community Land Trusts help low- and moderate -income families benefit from the equity built through home ownership and at the same time preserve the affordability of these homes so future residents will have the same affordable homeownership opportunities. A Community Land Trust (CLT) creates affordable housing by taking the cost of land out of the purchase price of a home and maintains affordability by controlling the resale price of houses onCLTland through aground lease and resale formula. HOUSING POLICY PLAN Appendices 181