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Feasibility Study <br />An analysis of the ability to complete a project successfully, taking into account legal, <br />economic, technological, scheduling, and other factors. Feasibility studies allow project <br />managers to investigate the possible negative and positive outcomes of a projectbefore <br />investing too much time and money. <br />Federal Home Loan DGOkS(FH[[3\ <br />The Federal Home Loan Bank Act of 1932 created Federal Home Loan Banks to increase <br />the amount of funds available for lending institutions that provide mortgages and similar loan <br />agreements to individuals. The FHLB system currently focuses on increasing the amount <br />of funds available for lending to support affordable housing and community development <br />Federal Housing Administration (FHA) <br />FHA is a United States government agency that provides mortgage insurance to qualified, <br />FHA -approved lenders. FHA mortgage insurance helps protect lenders from |ouueu <br />associated with mortgage default; if borrower defaults on a loan, the FHA will pay a <br />specified claim amount to the lender. FHA loans are generally given to people who otherwise <br />would beunable toqualify for aconventional home mortgage loan. <br />FiDGDCiG]IDtermediGrie8 <br />Notable for providing higher -risk loans such as predevelopment, construction, bridge, or <br />gap loans, financial intermediaries such 8Sthe Local Initiatives Support Corporation (L|SC) <br />and Enterprise Community Partners play a particular role in affordable and mixed -income <br />development. Because of their unique combination of mission -orientation and financial <br />otrength, they are often able to provide financing at more favorable rates than private lenders <br />and may bewilling tomake loans the private sector would not. <br />Fi8CG| Tools <br />Policies concerned with government revenues (such as taxes or fees) and expenditures. <br />Fiscal tools are one means that local communities can use to enable and support housing <br />development, preservation, and other housing activities, and may involve direct financing <br />support inthe form of loans or grants, abatement or exemption from property taxes, waiver <br />oflocal fees, orother means. <br />Floor Area Ratio (F&R) <br />The total square feet of a building divided hvthe total square feet of the lot the building is <br />located on. FAR is used by local governments in zoning codes. Higher FARS tend to indicate <br />more urban (dense) construction. Buildings of varying numbers of stories can have the <br />same FAR, because the FAR counts the total floor area of a building, not just the building's <br />footprint. On 84,000 square -foot |0t, 8 1,000 square -foot, one-story building vv0u|d have the <br />same FAR (0.25) as a two-story building where each floor was 500 square feet. <br />HOUSING POLICY PLAN Appendices <br />185 <br />