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Multifamily Housing Revenue Bonds <br />Bonds issued tofinance construction orrehabilitation ofmultifamily housing projects vvhere <br />a specified proportion of the units will be rented to low- and moderate -income families. <br />yNultigeOer@tion@l Living <br />A family household that contains at least two adult generations or a grandparent and at least <br />one other generation. According to the Pew Research Center, 16.7% of the U.S. population, <br />approxirnate|y51 million people, live in arnu|ti8enerationa| household. <br />aturally Occurring Affordable Housing (see Unsubsidized Affordable Housing) <br />Permanent Loan orFinancing <br />Long-term (maturity period of 15 to 30 years) mortgage loan obtained after completion of <br />construction, usually to repay a shorter -term construction loan. <br />PredeVel0pnleDtLo@D <br />Asometimes for8iveab|eloan providedtoadeveloper tocover early, pre -construction <br />costs such as conducting a market study, obtaining site control of a property, conducting <br />environmental studies and identifying financing resources. Predevelopment loans are <br />considered risky and are often only offered from mission -oriented financial intermediaries. <br />P jeCtB@8ed Rent Assistance <br />Rental assistance from any source that is allocated to the property or specific number of <br />units in the property and is available to each income -eligible tenant of the property or an <br />assisted unit. <br />P jeCt B@8ed Section <br />The Project -Based Section 8 program was created by the Federal Housing and Community <br />Development Act of 1974 to assist low-income families in obtaining a place to live at <br />an affordable rent. HUD directly subsidizes every apartment In Project -Based Section 8 <br />buildings, and tenants generally pay 30% oftheir adjusted gross household income as their <br />share of the rent. In contrast to the Section 8 voucher prograrn, tenants in Project -Based <br />Section 8 buildings may not transfer their subsidies to a new location. No Project -Based <br />Section 8buildings have been built since 1983. <br />Public Housing <br />Public housing is housing financed by the federal government under HUD's Public Housing <br />Program and owned and operated by local housing authorities (often Public Housing <br />Authorities, or PHAs). <br />Qualified Allocation Plan K]AP\ <br />Minnesota Housing and the LIHTC suballocators must annually prepare a Qualified <br />Allocation Plan to explain how they will distribute their L|HTC allocations. CAPo establish <br />preferences and set -asides within their tax credit competitions to target the credits towards <br />specific places, types ofhousing, orcertain types ofresidents. <br />HOUSING POLICY PLAN Appendices <br />191 <br />