2. HRSR 02-01-2016 - Laserfiche WebLink

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APPENDIX- DEFINITIONS 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 Sherburne County in 2015 are as follows: Gross Rent Sherburne County—2015 Maximum Gross Rent EFF I I 1BR I l 2BR I I 3BR I I 4BR 30%of Median $455 $519 $585 $649 $702 50%of Median $758 $866 $975 $1,082 $1,170 60%of Median $910 $1,039 $1,170 $1,299 $1,404 80%of Median $1,214 $1,386 $1,560 $1,732 $1,827 100%of Median $1,517 $1,732 $1,950 $2,165 $2,340 120%of Median $1,821 $2,079 $2,340 $2,598 $2,808 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 unrelated 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 hew households formations, changes in average 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 suitable 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 federal 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. MAXFIELD RESEARCH&CONSULTING,LLC 118