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APPENDIX <br />Short Sale — A sale of real estate in which the net proceeds from selling the property do not <br />cover the sellers' mortgage obligations. The difference is forgiven by the lender, or other ar- <br />rangements are made with the lender to settle the remainder of the debt. <br />Single-family home — A dwelling unit, either attached or detached, designed for use by one <br />household and with direct street access. It does not share heating facilities or other essential <br />electrical, mechanical or building facilities with another dwelling. <br />Stabilized level of occupancy —The underwritten or actual number of occupied units that a <br />property is expected to maintain after the initial lease -up period. <br />Subsidized housing — Housing that is income -restricted to households earning at or below 30% <br />AMI. Rent is generally based on income, with the household contributing 30% of their adjusted <br />gross income toward rent. Also referred to as extremely low income housing. <br />Subsidy — Monthly income received by a tenant or by an owner on behalf of a tenant to pay the <br />difference between the apartment's contract/market rate rent and the amount paid by the ten- <br />ant toward rent. <br />Substandard conditions — Housing conditions that are conventionally considered unacceptable <br />and can be defined in terms of lacking plumbing facilities, one or more major mechanical or <br />electrical system malfunctions, or overcrowded conditions. <br />Target population — The market segment or segments of the given population a development <br />would appeal or cater to. <br />Tenant — One who rents real property from another individual or rental company. <br />Tenant -paid utilities —The cost of utilities, excluding cable, telephone, or internet necessary for <br />the habitation of a dwelling unit, which are paid by said tenant. <br />Tenure —The distinction between owner -occupied and renter -occupied housing units. <br />Turnover — A measure of movement of residents into and out of a geographic location. <br />Turnover period — An estimate of the number of housing units in a geographic location as a per- <br />centage of the total house units that will likely change occupants in any one year. <br />Unrestricted units — Units that are not subject to any income or rent restrictions. <br />Vacancy period — The amount of time an apartment remains vacant and is available on the <br />market for rent. <br />MAXFIELD RESEARCH AND CONSULTING 168 <br />