Glossary

CDBG timeliness (the 1.5× rule)
CDBG has no commitment ledger like HOME's — its capacity discipline is the timeliness test. Under 24 CFR 570.

Extended-use period
The extended-use period is the second half of a LIHTC property's affordability commitment — rent and income restrictions that continue after the 15-year federal compliance period, generally through at least year 30.

HAP contracts and renewals (project-based Section 8)
A HAP contract — Housing Assistance Payments — is the funding spine of a project-based Section 8 property: HUD pays the owner the difference between what tenants can afford (30% of adjusted income) and the contract rent, unit by unit, month by month.

Leaving the LIHTC program
A property "leaves the program" when its Section 42 bargain ends — the owner took thirty years of investor tax credits in exchange for rent and income restrictions, and one of a few doors has closed that bargain, early or on schedule.

QCT, DDA, and the 130% basis boost
Qualified Census Tracts and Difficult Development Areas are the geography that makes tax-credit deals pencil.

Qualified contract
The qualified contract is the statutory early exit from LIHTC rent restrictions — and the most controversial provision in the program.

Undrawn vs. uncommitted (HOME/CDBG balances)
When people ask "how much gap funding does this jurisdiction actually have," two different numbers answer it — and only one of them is public.

Year 15 (LIHTC)
Year 15 is the equity-exit decision point of a Low-Income Housing Tax Credit deal — the end of the 15-year federal compliance period during which the investor's tax credits can be recaptured by the IRS.