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184 <br />EDhGDCed VOUCher8 (used under the [n jeCt BG8ed SeCt0D 8 Program) <br />When aprivate owner leaves aHUD project -based ouboidyprograrn,uouaUyhvprepayrnent <br />ofasubsidized mortgage oropt-out ofaproject-based Gection8contract.theovvner\u <br />obligation tomaintain the low rents oraccept the project -based aooiotanceattheproperty <br />is lifted, leaving most of the residents unable to pay the new rent without a new rental <br />assistance subsidy. Enhanced vouchers subsidize rents for tenants facing opt -out or <br />prepayment. <br />Entitlement Communities <br />Local entitlement communities are larger cities and urban counties that receive annual <br />grants directly from HUD through the C[}BG program todevelop viable communities by <br />providing decent housing, a suitable living environment, and opportunities to expand <br />economic opportunities, principally for low- and moderate -income persons. <br />Equitable Development <br />Equitable development creates healthy vibrant communities of opportunity where low- <br />income people, people of color, new immigrants, and people with disabilities participate in <br />and benefit from systems, decisions, and activities that shape their neighborhoods. <br />Equity <br />The term equity has three uses in this report. First, equity iuthe Thrive outcome of <br />connecting all residents to opportunities so that all communities share the opportunities <br />and challenges of growth and changes. Second, equity is a term describing the difference <br />between the market value of a home and the amount owed to the lender. Third, equity is <br />used todescribe money raised through sale ofan ownership interest in aproject. Equity <br />financing is distinct from debt financing, which refers tofunds borrowed by the owner/ <br />deve|oper. <br />Fair Housing ACt <br />Originally passed in1908,the federal Fair Housing Act prohibits discrimination that makes <br />housing unavailable to people because of race or color, religion, sex, national origin, family <br />status, or disability. <br />Fair Market Rent (FMR) <br />HUD calculates a Fair Market Rent (or FW1F) to estimate the rent that would be required to <br />be paid in a particular housing market area in order to obtain privately owned, decent, safe <br />and sanitary rental housing with suitable amenities. Fair Market Rent includes the cost of <br />utilities (except telephone). <br />FG8t-TrGCkPermitting 0rApproval <br />/\nattempt toshorten the duration ofadevelopment project hvreducin8thearnountoftirne <br />taken by a particular process or processes or allowing sequential processes to occur over <br />the same period oftime. <br />Appendices <br />