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APPENDIX - DEFINITIONS
<br />Foreclosure — A legal process in which a lender or financial institute attempts to recover the
<br />balance of a loan from a borrower who has stopped making payments to the lender by using
<br />the sale of the house as collateral for the loan.
<br />Gross Rent —The monthly housing cost to a tenant which equals the Contract Rent provided for
<br />in the lease, plus the estimated cost of all utilities paid by tenants. Maximum Gross Rents for
<br />Sherburne County in 2015 are as follows:
<br />Gross Rent
<br />Sherburne County — 2015
<br />Household — All persons who occupy a housing unit, including occupants of a single - family, one
<br />person living alone, two or more families living together, or any other group of related or
<br />unrelated persons who share living arrangements.
<br />Household Trends — Changes in the number of households for any particular areas over a
<br />measurable period of time, which is a function of hew households formations, changes in
<br />average household size, and met migration.
<br />Housing Choice Voucher Program — The federal government's major program for assisting very
<br />low- income families, the elderly, and the disabled to afford decent, safe, and sanitary housing
<br />in the private market. A family that is issued a housing voucher is responsible for finding a
<br />suitable housing unit of the family's choice where the owner agrees to rent under the program.
<br />Housing choice vouchers are administered locally by public housing agencies. They receive
<br />federal funds from the U.S. Department of Housing and Urban Development (HUD) to
<br />administer the voucher program. A housing subsidy is paid to the landlord directly by the public
<br />housing agency on behalf of the participating family. The family then pays the difference
<br />between the actual rent charged by the landlord and the amount subsidized by the program.
<br />Housing unit — House, apartment, mobile home, or group of rooms used as a separate living
<br />quarters by a single household.
<br />MAXFIELD RESEARCH & CONSULTING, LLC 116
<br />Maximum Gross Rent
<br />EFF
<br />1BR
<br />2BR
<br />3BR
<br />4BR
<br />30% of Median
<br />$455
<br />$519
<br />$585
<br />$649
<br />$702
<br />50% of Median
<br />$758
<br />$866
<br />$975
<br />$1,082
<br />$1,170
<br />60% of Median
<br />$910
<br />$1,039
<br />$1,170
<br />$1,299
<br />$1,404
<br />80% of Median
<br />$1,214
<br />$1,386
<br />$1,560
<br />$1,732
<br />$1,827
<br />100% of Median
<br />$1,517
<br />$1,732
<br />$1,950
<br />$2,165
<br />$2,340
<br />120% of Median
<br />$1,821
<br />$2,079
<br />$2,340
<br />$2,598
<br />$2,808
<br />Household — All persons who occupy a housing unit, including occupants of a single - family, one
<br />person living alone, two or more families living together, or any other group of related or
<br />unrelated persons who share living arrangements.
<br />Household Trends — Changes in the number of households for any particular areas over a
<br />measurable period of time, which is a function of hew households formations, changes in
<br />average household size, and met migration.
<br />Housing Choice Voucher Program — The federal government's major program for assisting very
<br />low- income families, the elderly, and the disabled to afford decent, safe, and sanitary housing
<br />in the private market. A family that is issued a housing voucher is responsible for finding a
<br />suitable housing unit of the family's choice where the owner agrees to rent under the program.
<br />Housing choice vouchers are administered locally by public housing agencies. They receive
<br />federal funds from the U.S. Department of Housing and Urban Development (HUD) to
<br />administer the voucher program. A housing subsidy is paid to the landlord directly by the public
<br />housing agency on behalf of the participating family. The family then pays the difference
<br />between the actual rent charged by the landlord and the amount subsidized by the program.
<br />Housing unit — House, apartment, mobile home, or group of rooms used as a separate living
<br />quarters by a single household.
<br />MAXFIELD RESEARCH & CONSULTING, LLC 116
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