Glossary.

A practitioner glossary covering the principal acronyms, statutory citations, and terms of art that appear across the federal, state, and FHLB program pages on this site. Each entry links to a fuller treatment where one exists on the site.

A

• AHCIA — Affordable Housing Credit Improvement Act. A recurring bipartisan bill (introduced in multiple Congresses beginning 2016) to expand and modernize the LIHTC. AHCIA itself has never been enacted as standalone legislation. Selected provisions drawn from proposed AHCIA bills — including LIHTC income averaging and a temporary 12.5% per-capita ceiling increase (2018-2021) — were incorporated into the Consolidated Appropriations Act of 2018, P.L. 115-141, Division T.
• AHFC — Alaska Housing Finance Corporation. Alaska's state HFA. See Alaska.
• AHP — Affordable Housing Program. The Federal Home Loan Bank grant program funded by 10% of each FHLB's annual net income. See AHP.
• AMI — Area Median Income. The household income at the 50th percentile for a metropolitan or non-metropolitan area, published annually by HUD. LIHTC income limits are calculated as percentages of AMI.
• Available Unit Rule. The LIHTC requirement that when a tenant's income exceeds 140% of the unit's designated income limit, the next available comparable unit must be rented to a household at or below the designated limit.

B

• Basis boost. The 130% increase to eligible basis available for buildings located in a Qualified Census Tract (QCT) or Difficult Development Area (DDA), under IRC § 42(d)(5)(B).
• Bond cap (PAB cap, volume cap). The annual per-state limit on the issuance of private activity bonds, set under IRC § 146. For 2026 the per-capita multiplier is $135, with a small-state floor of $397,625,000.
• BRB — Bond Review Board. Used in Texas (Texas Bond Review Board) for PAB allocation. See Texas.

C

• CDBG — Community Development Block Grant. Authorized under the Housing and Community Development Act of 1974, 42 U.S.C. § 5301. See CDBG.
• CDLAC — California Debt Limit Allocation Committee. The California state agency that allocates PAB cap among issuers. See California.
• CIP — Community Investment Program. FHLB discounted-advance program for affordable housing and community economic development. See CIP.
• CoC — Continuum of Care. The HUD homeless-assistance program authorized by the HEARTH Act. See CoC & PSH.
• Compliance period. The first 15 years of a LIHTC project, during which violations trigger credit recapture. See Year 15 Exits.

D

• DDA — Difficult Development Area. A geographic designation by HUD that qualifies a building for the 130% basis boost. See IRC § 42(d)(5)(B).
• DSCR — Debt Service Coverage Ratio. NOI divided by debt service. FHA tiers per ML 2025-03 (eff. Jan 8, 2025): affordable housing/rental assistance 1.11x; market rate (or LIHTC without rent advantage) 1.15x. GSEs require 1.20-1.25x.
• DUS — Delegated Underwriting and Servicing. Fannie Mae's principal multifamily channel. See GSE Multifamily.

E

• Extended use period. The minimum 15-year period beyond the LIHTC compliance period (or longer if specified in the LURA) during which the property must continue to satisfy income and rent restrictions.

F

• Faircloth Amendment. The 1998 statutory cap prohibiting net new public housing units. See Public Housing.
• FHA — Federal Housing Administration. The HUD agency that insures multifamily mortgages under the National Housing Act. See FHA Multifamily.
• FHFA — Federal Housing Finance Agency. The independent agency that regulates and serves as conservator of Fannie Mae and Freddie Mac. Established under HERA 2008.
• FHLB — Federal Home Loan Bank. One of 11 regional wholesale banks chartered under the Federal Home Loan Bank Act of 1932. See FHLB.
• Form 8609. IRS form that establishes a LIHTC building's first-year credit amount, applicable percentage, and elections. Filed with the building owner's tax return.
• Form 8703. Annual IRS report for bond-financed property under IRC § 142(d)(7).

G

• GP — General Partner. The partner in a LIHTC partnership that controls operations and is typically the developer or non-profit sponsor.
• GSE — Government-Sponsored Enterprise. Fannie Mae and Freddie Mac. See GSE Multifamily.

H

• HCD — Housing and Community Development. Suffix used in many state HFA names.
• HEARTH Act — Homeless Emergency Assistance and Rapid Transition to Housing Act of 2009. P.L. 111-22, the amendments to McKinney-Vento that established the modern CoC program.
• HFA — Housing Finance Agency. A state agency authorized to issue tax-exempt bonds for housing finance and allocate LIHTC. Each state has at least one HFA.
• HOME — HOME Investment Partnerships Program. The federal block grant program for affordable housing administered by HUD under 42 U.S.C. § 12701. See HOME.
• HOME-ARP. One-time HOME supplement under the American Rescue Plan. See HOME-ARP.
• HOPWA — Housing Opportunities for Persons With AIDS. See HOPWA.
• HTC — Historic Tax Credit. 20% federal credit on QREs for certified historic structures, IRC § 47. See HTC.
• HTF — Housing Trust Fund. The HUD block grant program (12 U.S.C. § 4568) for rental housing serving households at or below 50% AMI, with the majority of funds (75% in years when total HTF allocation is at least $1 billion; 100% otherwise) required to benefit extremely low-income households at or below 30% AMI or the poverty line. See HTF.
• HUD — U.S. Department of Housing and Urban Development.
• HUD-VASH. Joint HUD/VA voucher program for homeless veterans.

I

• IHBG — Indian Housing Block Grant. See NAHASDA.
• Income averaging. The LIHTC minimum set-aside election (enacted by the Consolidated Appropriations Act of 2018, P.L. 115-141, Division T, § 103) allowing seven income-limit designations (20/30/40/50/60/70/80% AMI) where the development-wide unit-weighted average must not exceed 60% AMI. See Income Averaging.
• IRC — Internal Revenue Code. Title 26 of the U.S. Code.

L

• LIHTC — Low-Income Housing Tax Credit. The federal tax credit under IRC § 42 that finances most affordable rental housing development in the United States. See LIHTC.
• LP — Limited Partner. The partner in a LIHTC partnership that contributes equity in exchange for credits and tax losses; typically a syndicator or institutional investor.
• LURA — Land Use Restriction Agreement. The recorded extended-use agreement between the LIHTC owner and the state HFA. Also called Extended Low-Income Housing Commitment, Declaration of Land Use Restrictive Covenants, or similar.

M

• MAP Guide. HUD's Multifamily Accelerated Processing Guide — the operational manual for FHA-insured multifamily transactions.
• McKinney-Vento Act. 42 U.S.C. § 11301 et seq., the principal federal homeless assistance statute (as amended by the HEARTH Act of 2009).
• MIP — Mortgage Insurance Premium. The premium paid by an FHA-insured borrower to HUD.
• MTEB — Multifamily Tax-Exempt Bond. Fannie Mae's tax-exempt bond credit-enhancement product.
• MTSP — Multifamily Tax Subsidy Project. The HUD income limits used by LIHTC properties, published annually.

N

• NAHASDA. The Native American Housing Assistance and Self-Determination Act of 1996, P.L. 104-330. See NAHASDA.
• NMTC — New Markets Tax Credit. IRC § 45D. See NMTC.
• NOFA / NOFO — Notice of Funding Availability / Notice of Funding Opportunity. The federal grant solicitation document used by HUD, USDA, and other federal agencies.

O

• OBBBA — One Big Beautiful Bill Act of 2025. P.L. 119-21, enacted July 4, 2025. See OBBBA.
• OZ — Opportunity Zone. The capital-gains deferral and exclusion program under IRC §§ 1400Z-1 and 1400Z-2. See Opportunity Zones.

P

• PAB — Private Activity Bond. Tax-exempt bonds issued for private-purpose projects (including affordable housing) subject to volume cap under IRC § 146.
• PBRA — Project-Based Rental Assistance. Long-term Section 8 contract attached to specific units. See Section 8.
• PBV — Project-Based Voucher. Housing Choice Vouchers attached to specific units under 24 CFR Part 983.
• PHA — Public Housing Authority. Local agency that operates public housing and HCV programs. See Public Housing.
• Placed in service. The date a LIHTC building is ready for occupancy and the first year of the credit period begins.
• PSH — Permanent Supportive Housing. See CoC & PSH.

Q

• QAP — Qualified Allocation Plan. The state HFA's annual plan governing 9% LIHTC allocation under IRC § 42(m).
• QCT — Qualified Census Tract. HUD-designated tract that qualifies a building for the 130% basis boost.
• QOF — Qualified Opportunity Fund. The investment vehicle that receives OZ capital under IRC § 1400Z-2.
• QOZB — Qualified Opportunity Zone Business. The operating-company tier in OZ deals.
• Qualified Contract. The IRC § 42(h)(6)(F) early-exit option from extended use. See Year 15 Exits.

R

• RAD — Rental Assistance Demonstration. The public-housing-to-Section-8 conversion program. See RAD.
• Recapture. The IRC § 42(j) penalty for LIHTC non-compliance during the compliance period.
• Resyndication. A second LIHTC allocation on an existing property, typically at or near Year 15.
• Right of First Refusal (ROFR). The IRC § 42(i)(7) right of a qualifying non-profit to purchase a LIHTC property at debt-plus-exit-taxes.

S

• Section 8. Federal rental assistance under the U.S. Housing Act of 1937. See Section 8.
• Section 202. Federal supportive housing for the elderly. See Section 202/811.
• Section 221(d)(4), 223(f), 232. Principal FHA multifamily programs. See FHA Multifamily.
• SLIHC — State Low-Income Housing Credit. New York's state-level LIHTC equivalent. Many other states have analogous state-level credits.

T

• TBRA — Tenant-Based Rental Assistance. Rental subsidy that travels with the tenant household, contrasted with project-based assistance.
• TCAC — Tax Credit Allocation Committee. California's LIHTC allocator. See California.
• TEL — Tax-Exempt Loan. A privately placed tax-exempt loan, principal alternative to MTEB on 4% LIHTC deals.
• TDHCA — Texas Department of Housing and Community Affairs. See Texas.

U

• USDA Rural Development. The USDA agency administering Section 515, 538, 521, and 542 rural housing programs. See USDA Rural.

V

• Volume cap. See PAB cap.

Y

• Year 15. The end of the LIHTC compliance period. See Year 15 Exits.

Sources

Each definition above is supported by the underlying statutory or regulatory citation linked from the relevant program page. For specific source citations, follow the linked deep-dive on each entry.

Disclaimer

Glossary definitions are practitioner-facing summaries and are not authoritative legal definitions. Practitioners should consult the underlying statutes, regulations, and guidance documents linked from each program page. This is educational content and is not legal, tax, or financial advice.