Terms to Know
HUD - Housing Urban Development - We manage HUD properties, which are part of the Affordable Housing program supported by the U.S. Department of Housing and Urban Development.
GPR - Gross Potential Rent, this is the maximum total of rent that can be collected.
Gross Rent Change - An increase in Rent, usually occurs annually, The request for a gross rent change needs to be submitted to the property’s agency or party for approval.
Voucher - HUD document that shows detail of subsidy portion for each tenant
Subsidy - Rent assistance paid by HUD
OCAF - Annual Rent increase request submitted to HUD - there are specific documents that aresubmitted
CA - Contract Administrator at the HUD office. Every property gets it’s own direct contact at HUD.
50059 - Annual tenant certification that has all tenant information
1199A - Document requesting to setup Direct Deposit payments from HUD
Market unit - A unit that is rented for market rent price and the tenant pays the full rent, this unit and the tenant is not eligible for subsidy assistance.
Section 8 - - Outside Agency - The name “Section 8” refers to Section 8 of the United States Housing Act of 1937, which is the piece of legislation that authorized the housing assistance program now commonly known as "Section 8" housing.
Section 8 is a voucher program backed by the government.
The voucher gives the holder assistance with their housing.
This voucher follows the tenant (Usually)
There are properties called PBV’s (Project Based Voucher) that stays with a property or specific unit.
The voucher will be specific on they type of unit the tenant is approved for. Example: 2 bed 1 bath
LIHTC - Low Income Housing Tax Credit
LIHTC typically has to do with the property meaning it follows the property not the tenant. The property will approve/certify the tenant
LIHTC focuses on property-based affordability.
Rent Schedule: This document shows the schedule of rent per property. Property Name on top with the HUD Contract Number, Unit Type, Number of Units, Rent per unit, Total rent per bdrm type, Utility Allowance, Total Monthly Contract Rent Potential, Total Annual rent potential. Also lists the type of utilities.
UEI Number - is a number that is generated through HUD.gov also known as SAM.gov to allow to receive funds from the government.
CAGE ID - a CAGE ID is assigned together with a UEI Number on SAM.gov
SAM.gov Expiration date - the registration with SAM.gov needs to be renewed annually. HUD will withhold funding if the UEI number is missing or registration is not renewed.
GPR - Gross Potential Rent, this is the maximum total of rent that can be collected.
Gross Rent Change - An increase in Rent, usually occurs annually, The request for a gross rent change needs to be submitted to the property agency or party for approval.
Voucher - HUD document that shows detail of subsidy portion for each tenant
Subsidy - Rent assistance paid by HUD
HUD - Housing Urban Development - Government
OCAF - missing
CA - Contract Administrator at the HUD office. Every property gets it’s own direct contact at HUD.
50059 - Annual tenant certification that has all tenant information
1199A - missing
Market unit - A unit that is rented for market rent price and the tenant pays the full rent, this unit is not eligible for subsidy assistance.
Section 8 - The name “Section 8” refers to Section 8 of the United States Housing Act of 1937, which is the piece of legislation that authorized the housing assistance program now commonly known as "Section 8" housing.
Section 8 is a voucher program backed by the government.
The voucher gives the holder assistance with their housing.
This voucher follows the tenant (Usually)
There are properties called PBV’s (Project Based Voucher) that stays with a property or specific unit.
The voucher will be specific on the type of unit the tenant is approved for. Example: 2 bed 1 bath
LIHTC - Low Income Housing Tax Credit
LIHTC typically has to do with the property meaning it follows the property not the tenant. The property will approve/certify the tenant
LIHTC focuses on property-based affordability.
Rent Schedule - Summary of the Annual contract with HUD
The date of the Rent Schedule is the same date it will renew Annually
Market Rent - a unit that is charged rent for the market price in that area. A market unit may be listed on the rent schedule but it is not always listed
Gross Potential Rent - the is the full amount of money we can collect from the rental income including the tenant portion and the subsidy portion
Subsidy - assistance payment, payment that HUD pays towards the tenant’s rent
Voucher - is the payment that HUD sends us for all the tenants’ subsidy payments combined.
MOR - File review where HUD sends a representative to the property to review files.
AP - Assistance Payment
TR - Tenant Rent
UA - Utility Allowance
UR - Utility Reimbursement - If a tenant is a 0 renter the Utility Allowance is owed back to them. Less 25.00 because the tenant is responsible for 25.00 minimum.
Memorized Transactions - These are recurring transactions usually referred in bookkeeping.
Resident Tenant Portion of Rent
Subsidy HUD Sec 8 portion of rent
UA Utility Allowance - total Utility allowance given by HUD to this Tenant
UR Utility Reimbursement - determined if tenant is a 0 renter or rent is less than UA
Bad Debt Tenant moves out and leaves an unpaid balance
Tenant Charges Tenant charges for Damages or other
Security Deposit Tenant pays a certain amount upon Move in - which is held by the property in a designated bank account and at Move out is determined if tenant receives the Security Deposit refunded or property keeps it
FAS Final Account Statement - this is generated when MO is completed in the system
Basics of Tenant Certifications 50059
MI Move In when tenant moves in and signs lease
IR Interim Certification a certification if tenant had a change in income
AR Annual Recertification Each tenant is due to recertify monthly on the anniversary of the Move-in date
MO Moveout This generates a FAS - which is a Final Account Statement showing a summary of the moveout charges and security deposit refund
UT Unit Transfer if tenant transfers to a different unit, will need to certify
Termination Termination if a tenant fails to recertify according to HUD guidelines their tenancy will be terminated
GR Gross Rent Change annual / or periodic market rent increase for the property according to HUD approval - all tenants have to recertify with a Gross Rent Change
Rent Schedule - A list that shows how much rent is planned to be charged for each unit over time (monthly, yearly, etc.).
Rent Roll - A report that shows who lives in each unit, how much rent they pay, when they moved in, and other key details about the tenants and leases.
Advance Date - Date is moved forward in OneSite Scheduled Billing - The planned amount of rent that should be charged monthly for a tenant. Can be found in the resident’s First tab.
Market Rent - The regular rent that someone would pay for a unit on the open market without any subsidy.
Subsidy - Money that comes from the government or another program to help pay part (or all) of a tenant’s rent.
Tenant Assistance Payment (TAP) - The amount of rent paid on behalf of the tenant, usually from a government program like Section 8.
Market Units - Units that are rented out at full price without any rent help or subsidy.
Special Claims - Requests to get extra money from the housing authority to cover things like unpaid rent or damages after a tenant moves out.
Waitlist - A list of people who want to move into the property but must wait until a unit becomes available.
Tenant Ledger - tenant's account statement that track rent charges, payments, late fees, balances, and other activity.
