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<span class="title">Housing 101 Glossary</span>
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<h1>Regional Housing Plan
<br>Housing 101 Glossary
</h1>
<div class="row">
<div class="eight columns" style="margin-top: 2%;">
<p>This resource was created by <a href="http://communityscale.io" target="blank">CommunityScale</a> to ground the Regional Housing Study in a foundational set of terms, concepts, and perspectives and help users navigate the complex issues and ideas underpinning the housing discourse in this region and beyond. Organized like an illustrated glossary, the document offers a reference for people unfamiliar with housing topics build a basic foundation of vocabulary and concepts.</p>
<br>
<p>This study is funded by <a href="https://www.lilly.com/impact/lilly-foundation" target="blank">Lilly Endowment Inc</a> through a Giving Funds for Tomorrow (GIFT) VIII grant which is being administered by MACOG with support from the <a href="https://southbendelkhart.org/" target="blank">South Bend Elkhart Regional Partnership (SBERP)</a>.</p>
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<div class="divider" id="Contents" style="background:linear-gradient(to right,rgba(255, 255, 255, 0.9),rgba(255, 255, 255, 0.8)), url(images/theme/contents-background.jpg); background-repeat: no-repeat; background-size: cover">
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<img src="images/theme/Results.svg" class="inline-image" title="Contents">
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<h2 class="inline-text">Table of contents</h2>
</div>
<h5>This document defines typical housing market and policy terms to help ensure the community is speaking in common terms about the issues, challenges, opportunites, and strategies pertaining to this housing study and across the housing discourse in general. The glossary includes the following terms and concepts:</h5>
</div>
<div class="row">
<div class="four columns" style="margin-top: 2%">
<ul>
<li><a href="#ADU"><b>Accessory Dwelling Units (ADUs)</b></a></li>
<li><a href="#AMI"><b>Area Median Income (AMI)</b></a></li>
<li><a href="#Attainable"><b>Attainable housing</b></a></li>
<li><a href="#CLT"><b>Community land trust</b></a></li>
<li><a href="#cost burden"><b>Cost burden</b></a></li>
<li><a href="#ownership cost"><b>Cost of homeownership</b></a></li>
</ul>
</div>
<div class="four columns" style="margin-top: 2%">
<ul>
<li><a href="#factory built"><b>Factory-built housing</b></a></li>
<li><a href="#housing shortage"><b>Housing shortage</b></a></li>
<li><a href="#housing trust fund"><b>Housing trust fund</b></a></li>
<li><a href="#infill"><b>Infill housing</b></a></li>
<li><a href="#land bank"><b>Land bank</b></a></li>
<li><a href="#missing middle"><b>Missing middle housing</b></a></li>
</ul>
</div>
<div class="four columns" style="margin-top: 2%">
<ul>
<li><a href="#out of state"><b>Out-of-state investor-owned housing</b></a></li>
<li><a href="#rental"><b>Rental housing</b></a></li>
<li><a href="#STR"><b>Short-term rentals</b></a></li>
<li><a href="#subsidized housing"><b>Subsidized housing</b></a></li>
<li><a href="#TIF"><b>Tax Increment Financing (TIF)</b></a></li>
</ul>
</div>
</div>
</div>
</div>
<div class="container">
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="ADU">Accessory Dwelling Units (ADUs)</h3>
<h5>An additional residence constructed on an already-developed lot.</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>An Accessory Dwelling Unit (ADU) is a secondary residential unit located on the same lot as a primary dwelling. It provides additional housing and can be a converted garage, basement apartment, or separate building, potentially adding affordable housing options in established residential areas.</p>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<p><img src="./images/ADU_cc.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="AMI">Area Median Income (AMI)</h3>
<h5>AMI provides a relative benchmarket for gauging local housing affordability by comparing unit costs and household incomes against the community's median.</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>Area Median Income (AMI) is the midpoint of a region's income distribution, meaning half the households earn more and half earn less. It is established for each community by HUD and used to determine eligibility for affordable housing programs and to set income limits for housing assistance in a specific geographic area. "Low-income" housing is typically affordable to households earning below 80% AMI. "Middle-income" refers to 80-120% AMI.</p>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<table class="uniform-columns">
<tr>
<th>Income level</th>
<th>Description</th>
</tr>
<tr>
<td>Below 30% AMI</td>
<td>Extremely low income</td>
</tr>
<tr>
<td>30-60% AMI</td>
<td>Very low income</td>
</tr>
<tr>
<td>60-80% AMI</td>
<td>Low income</td>
</tr>
<tr>
<td>80-100% AMI</td>
<td>Moderate income</td>
</tr>
<tr>
<td>100-120% AMI</td>
<td>Moderate income</td>
</tr>
<tr>
<td>Above 120% AMI</td>
<td>Upper income</td>
</tr>
</table>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="Attainable">Attainable housing</h3>
<h5>Attainable housing represents options that meet a households needs at a price they can afford wihtout incurring cost burden (i.e. spending <30% of their income on housing)</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>A primary focus of this - and any - housing plan is the degree to which the community has adequate access to “attainable housing” options. In other words, can local residents attain housing within their community that meets their needs at price points they can reasonably afford given their incomes? In this way, “attainable housing” and “affordable housing” are synonymous.</p>
<p>The following concepts are involved in this determination:</p>
<ul>
<li><b>Household income</b> combines wages and other earnings across all members of the household, including income from employment as well as pensions, social security, disability benefits, etc. Income can also be interest and earnings from wealth that is reinvested.</li>
<li><b>Affordable</b> is defined as housing which costs no more than 30% of a household’s income.</li>
<li><b>Housing costs</b> include primary expenses such as rent and mortgage payments as well as other fundamental expenses including property tax, insurance, and utilities.</li>
</ul>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<p><img src="./images/theme/two houses.jpg" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="CLT">Community Land Trust</h3>
<h5>Nonprofit-managed land insulated from the real estate market to support long-term affordable housing.</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>A Community Land Trust (CLT) is a nonprofit organization that acquires and manages land to provide long-term affordable housing. It separates land ownership from building ownership, ensuring housing remains affordable for future generations by controlling resale prices and prioritizing community stewardship and stability. Properties are typically leased to income-eligible households earning below 120% or 80% AMI.</p>
<p>Pictured at left is a South Bend house developed on land trust property by the Northeast Neighborhood Revitalization Organization (NNRO) which sold for 20% of its appraised value to an approved low-income buyer. <a href="https://sbheritage.org/nnro/" target="_blank">Source</a></p>
<p><b>Disambiguation:</b> Though similar to a land bank in its general mission, a key distinction of CLTs is they hold and lease their property to ensure long-term affordability rather than selling the property right after redevelopment.</p>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<p><img src="./images/MACOG_community land trust.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="cost burden">Cost burden</h3>
<h5>Spending more than 30% of income on housing costs.</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>Cost burden occurs when a household spends more than 30% of its income on housing-related expenses, including rent or mortgage, utilities, and maintenance. This situation often leads to financial strain, making it difficult to afford other necessities such as food, healthcare, and transportation.</p>
<p>"Moderate cost burden" refers to a household spending 30-50% of its income on housing. "Severe cost burden" refers to a household spending more than 50% of its income on housing.</p>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<p><img src="./images/MACOG_Gauge_screengrab.PNG" height="auto" width="50%" title="CommunityScale" alt="CommunityScale"></p>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="ownership cost">Cost of homeownership</h3>
<h5>The combination of factors and variables that contribute to monthly homeowner housing costs and influence affordability.</h5>
<p>How to estimate what’s affordable? Variables and assumptions informing the affordability metrics include:</p>
<table>
<tr>
<th>Variable</th>
<th>Description</th>
</tr>
<tr>
<td><b>30-year loan term</b></td>
<td>90% of mortgages in the US are 30-year term loans.</td>
</tr>
<tr>
<td><b>Mortgage rates</b></td>
<td>Mortgage interest rates are a primary driver of affordability: lower rates amplify a household's buying power while higher rates can dramatically reduce it. In April 2024 the typical rate was 6.99%.</td>
</tr>
<tr>
<td><b>Down payment</b></td>
<td>While a 20% down payment is often considered standard, most households pay less. In Indiana, the average down payment is 12.2% of the purchase price.</td>
</tr>
<tr>
<td><b>PMI</b></td>
<td>Private mortgage insurance (PMI) is required by virtually all lenders when the down payment is less than 20% of the purchase price. Rates range widely due to a variety of factors but 0.5% approximates a typical rate.</td>
</tr>
<tr>
<td><b>Property tax</b></td>
<td>Property tax obligations reduce the amount of household income available for mortgage payments.</td>
</tr>
<tr>
<td><b>Homeowners insurance</b></td>
<td>Banks require homeowner insurance as part of the financing process.</td>
</tr>
<tr>
<td><b>Utilities</b></td>
<td>Homeowner costs include the basic utilities required to keep the property heated and operational.</td>
</tr>
<tr>
<td><b>Condo fees</b></td>
<td>Homeowners in condominium communities typically contribute a monthly fee plus periodic assessments to support the maintenance and management of common areas and the overall premises outside their unit.</td>
</tr>
</table>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p><b>Translating sale price to monthly cost.</b> Even setting aside factors such as interest rates and down payments, changes in home sales prices - especially dramatic increases - can significantly limit households' ability to access the housing options they may need or prefer. First-time homebuyers are especially impacted by rising prices because they lack access to equity in the form of a prior home that they might otherwise be able to sell into the same market and derive extra value from.</p>
</div>
<div class="six columns" style="margin-top: 2%">
<p>Here is how example sale prices translate into typical monthly costs based on current mortgage rates, down payments, property taxes, utility costs, and related factors in Elkhart County:</p>
<table>
<tr>
<td>$200,000 home costs $1,600/month</td>
</tr>
<tr>
<td>$400,000 home costs $3,100/month</td>
</tr>
<tr>
<td>$600,000 home costs $4,550/month</td>
</tr>
<tr>
<td>$800,000 home costs $6,050/month</td>
</tr>
</table>
<p><a href="#Contents">Back to top.</a></p>
</div>
</div>
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<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="housing shortage">Housing shortage</h3>
<h5>The national deficit of housing supply that has led to rising rents, home prices, and homelessness across the country.</h5>
</div>
<div class="row">
<div class="six columns" style="margin-top: 2%">
<p>Often referred to as the "national housing crisis," a shortage of units across the country - especially those at prices moderate to low income households can afford - has led to mounting socioeconomic challenges in most communities across the country, including increased homelessness, cost burden, and delayed first time home buying. The housing shortage is the result of a combination of factors, from chronic under production of housing for many years to rapidly escalating construction prices and interest rates.</p>
<p>As this report reveals, the Michiana region is experiencing its version of the housing shortage in many ways, from under supply of units affordable to low income to a lack of housing options for downsizing seniors.</p>
<p><a href="#Contents">Back to top.</a></p>
</div>
<div class="six columns" style="margin-top: 2%">
<p><img src="./images/construction crane.jpg" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
</div>
</div>
</div>
<!-- Typical glossary entry-->
<div class="row insight-box">
<div class="twelve columns" style="margin-top: 2%">
<h3 id="factory built">Factory-built housing</h3>
<h5>Single- or multifamily units built in whole or in modular pieces in a factory and assembled on a finished foundation on-site.</h5>
</div>
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<p>Factory-built housing is built in modular segments and transported to the home site for quick assembly on a finished foundation, typically a concrete slab. Each segment arrives nearly finished, with structure, cladding, electrical, plumbing, windows, and other components already installed. The assembly process can take as little as one day, not including site work such as grading, infrastructure, and foundation preparation.</p>
<p>When constructed and assembled to high quality standards, factory-built housing can provide cost savings for homeowners and renters through more efficient fabrication, shorter development timeframes, and better energy performance.</p>
<p>Modular, factory-built housing can include both single-family and multifamily units.</p>
<p><b>Disambiguation:</b> This form of factory-built housing should not be confused with mobile homes or other forms of manufactured housing that rest on frames or chassis rather than finished foundations and may be leased or owned indepdent of the land (such as a "trailer park" or "mobile home" lot fee model).</p>
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<p><img src="./images/modular.jpg" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="housing trust fund">Housing trust fund</h3>
<h5>A public or private fund established to support the creation, preservation, and/or maintenance of affordable housing.</h5>
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<p>Housing trust funds can be financed through a variety of sources, including local taxes, developer fees, municipal surpluses, grants, and donations. The funds support affordable housing construction, renovation, and related services.</p>
<p>In Indiana, certain affordable housing trust fund structures include affordability limitations, such as dedicating half the funding to units serving <50% AMI households and remaining funds serving <80% AMI households.</p>
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<p><img src="./images/construction.jpg" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="infill">Infill housing</h3>
<h5>New housing development built within existing neighborhoods.</h5>
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<p>Infill housing consists of new housing added to established neighborhoods, either built on underutilized parcels or added to already-improved parcels. Infill developent can take many forms, from small ADUs and carriage houses to townhomes to small multifamily buildings. Often, infill housing requires context-sensitive architecture and urban design to help new structures fit in with their existing neighborhood settings.</p>
<p>The image at left is from South Bend's pre-approved <a href="https://southbendin.gov/wp-content/uploads/2022/08/SBBT_Catalog_22-0112-lowres.pdf" target="blank">infill housing guidelines</a>.</p>
<p><b>Disambiguation:</b> Missing middle housing and infill housing are sometimes conflated. "Infill" refers to the housing structure type physical context in which it is built. "Missing middle" refers to housing price points affordable to middle-income households. In some cases, infill housing also serves as missing middle but this is not always the case.</p>
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<p><img src="./images/South Bend Neighborhood Infill axon_cc.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="land bank">Land bank</h3>
<h5>Entity designated to acquire, manage, and redevelop vacant, abandoned and tax-delinquent properties.</h5>
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<p>A land bank is an entity that acquires, manages, and repurposes vacant, abandoned, and tax-delinquent properties to foster neighborhood revitalization, reduce blight, and support economic development and affordable housing initiatives. Land banks may be administered at the municipal level or regionally through collaboration between multiple jurisdictions under a designated managing organization and fiscal sponsor. Land banks are often paired with housing trust funds which help finance construction and other redevelopment activities. Properties are typically sold to income-eligible households earning below 80% AMI.</p>
<p>The image at left shows the demolition of an abandoned property in preparation for redevelopment by the Evansville Land Bank Corp, a land bank formed through interjurisdictional agreement between Vanderburgh County and the City of Evansville.</p>
<p><b>Disambiguation:</b> Though similar to a Community Land Trust in its general mission, one key distinction is that land banks sell the property they redevelop rather than holding and leasing long-term.</p>
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<p><img src="./images/Land bank Evansville3.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="missing middle">Missing middle housing</h3>
<h5>Housing affordable to moderate-income households, often an under-represented segment of the housing supply.</h5>
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<p>Too expensive to qualify for most subsidies but not expensive enough to justify market-rate development, middle-cost housing sometimes falls through the cracks and is under-produced. As a result, people earning around the median income often have few options that meet their budget and housing preferences, forcing them to either pay beyond their means or compete for lower-cost units intended for low-income households.</p>
<p><b>Disambiguation:</b> Infill and missing middle housing are sometimes conflated. "Infill" refers to the housing structure type physical context in which it is built. "Missing middle" refers to housing price points affordable to middle-income households. In some cases, infill housing also serves as missing middle but this is not always the case.</p>
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<p><img src="./images/1930s_Sears_Craftsman_Bungalow_-_University_Area_Historic_District,_Missoula,_Montana_cc.jpg" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="out of state">Out-of-state investor-owned housing</h3>
<h5>Housing units owned and managed by out-of-state entities, typically consisting of portfolios of single family rentals that may be concentrated in select neighborhoods.</h5>
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<p>While out-of-state investors have long played a role in local real estate markets, recently some of these entities have begun assembling large portfolios, particularly single family houses that are operated as rental units. In some cases, out-of-state investors may purchase enough units within a single neighborhood to influence housing affordability and driving up local prices, especially among rentals. This trend also tends to transition houses from owner-occupied to renter-occupied, reducing homeownership rates in neighborhoods where investor-owned units are highly concentrated.</p>
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<p><img src="./images/South Bend SF neighborhood aerial.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="rental">Rental housing</h3>
<h5>Spanning all unit and structure typologies, rental units are leased to households of many types, including but not limited to from young people just starting out to adult singles, couples and families to seniors downsizing from an ownership unit.</h5>
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<p>The rental housing market is sometimes misunderstood as limited to transient people uninterested in investing in the community, or households who cannot afford to buy. In reality, rental housing serves people and households of all types and at all stages of life.</p>
<p>Rental housing types range from single family homes to attached and small multifamily units to accessory dwelling units to larger multifamily developments.</p>
<p>Most new rental development is priced near the top of the market to cover today's elevated construction costs, though units can be made more affordable through policies and incentives that help mitigate development costs and/or assist tenants with rental expenses.</p>
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<h3 id="STR">Short term rentals</h3>
<h5>Rental properties leased for short durations, often via platforms like AirB&B or VRBO.</h5>
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<p>A short-term rental is a furnished living space rented out for brief periods, typically less than 30 days. Commonly found on platforms like Airbnb and VRBO, these rentals provide temporary lodging for travelers, vacationers, or business visitors, offering an alternative to traditional hotels and long-term leases. However, in some communities, these rental properties can effectively remove units from the local housing inventory, creating competition between rental property investors and households looking for long-term housing.</p>
<p>The map at right indicates current short term rentals across the South Bend and Elkhart area. (Image: AirDNA)</p>
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<h3 id="subsidized housing">Subsidized housing</h3>
<h5>Housing assistance provided through government funding to lower rental or ownership costs, particularly for low-income households.</h5>
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<p>Subsidized housing is government-supported housing where low-income tenants pay reduced rent. The difference between tenant payments and market rent is covered by government subsidies. This housing aims to provide affordable living options for individuals and families who cannot afford market-rate housing.</p>
<p>Subsidies may be provided at all levels of government from federal to state to local and can take many forms, from grants to tax credits to incentives and fee waivers.</p>
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<p><img src="./images/Subsidized housing Wilsons Greenfield_cc.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<h3 id="TIF">Tax Increment Financing (TIF)</h3>
<h5>A financial mechanism to fund new public infrastructure improvements with net-new tax revenue as part of public-private partnership development.</h5>
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<p><img src="./images/TIF diagram.PNG" height="auto" width="100%" title="CommunityScale" alt="CommunityScale"></p>
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<p>Tax Increment Financing (TIF) dedicates the net-new tax revenue generated by a real estate development toward funding public infrastruture investments that may have been necessary to make the project possible in the first place. Taxes assessed against the original value of the property typically continue to pass through to the municipal coffers but taxes assessed against the additional value derived from the vertical development and other improvements is captured by the TIF for a period of time (often 25 years) before this increment also feeds back to the municipality's general fund.</p>
<p>The diagram at left comes from <a href="https://www.in.gov/ocra/mainstreet/files/Tax-Increment-Financing-Toolkit.pdf" target="blank">this overview from the Indiana Office of Community and Rural Affairs</a> explaining how TIF works in Indiana.</p>
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