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| AFFORDABLE HOUSING |
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Related Terminology: RENOVATE
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| a general term applied to public- and private-sector efforts to help low- and moderate-income people purchase homes. Usually the programs offer lower cash down payments, eased loan-qualifying rules, and/or below-market interest rates. |
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| Example Many municipalities and states have affordable housing programs that provide low-interest-rate loans to first-time homebuyers with a moderate income level. Affordable housing loans purchased by fannie mae feature down payments as low as 3%. Through the use of donations and volunteer labor, Habitat for Humanity provides affordable housing to those of limited means. |
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