Agenda - Council - 08/27/2019 - Laserfiche WebLink

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APPENDIX Foreclosure — A legal process in which a lender or financial institute attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by using the sale of the house as collateral for the loan. Gross Rent — The monthly housing cost to a tenant which equals the Contract Rent provided for in the lease, plus the estimated cost of all utilities paid by tenants. Maximum Gross Rents for Anoka County in 2019 are as follows: Gross Rent Anoka County — 2019 Maximum Gross Rent EFF 1BR 2BR 3BR 4BR 30% of median $525 $562 $675 $780 $870 50% of median $875 $937 $1,125 $1,300 $1,450 60% of median $1,050 $1,125 $1,350 $1,560 $1,740 80% of median $1,400 $1,500 $1,800 $2,080 $2,320 100% of median $1,750 $1,875 $2,250 $2,600 $2,900 120% of median $2,100 $2,250 $2,700 $3,120 $3,480 Household — All persons who occupy a housing unit, including occupants of a single-family, one person living alone, two or more families living together, or any other group of related or unre- lated persons who share living arrangements. Household Trends — Changes in the number of households for any particular areas over a measurable period of time, which is a function of new household's formations, changes in aver- age household size, and met migration. Housing Choice Voucher Program — The federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. A family that is issued a housing voucher is responsible for finding a suit- able housing unit of the family's choice where the owner agrees to rent under the program. Housing choice vouchers are administered locally by public housing agencies. They receive fed- eral funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program. A housing subsidy is paid to the landlord directly by the public housing agency on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Housing unit — House, apartment, mobile home, or group of rooms used as a separate living quarters by a single household. HUD Project -Based Section 8 — A federal government program that provides rental housing for very low-income families, the elderly, and the disabled in privately owned and managed rental MAXFIELD RESEARCH AND CONSULTING 164