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First-Time Homebuyer

An individual who has not owned a home in the past three years. This definition typically follows existing housing law, like the Cranston-Gonzalez National Affordable Housing Act.

Area Median Income (AMI)

The midpoint of a region's income distribution, meaning half of the households in that area earn more and half earn less. Often used to determine eligibility for housing assistance programs.

Liquid Assets

Cash or assets that can be easily converted into cash, such as money in checking or savings accounts, stocks, and bonds. This typically excludes retirement accounts or illiquid assets like real estate.

HUD-Certified Housing Counseling Agency

An organization approved by the Department of Housing and Urban Development to provide advice and guidance on homeownership, including buying a home, avoiding foreclosure, and managing finances.

Second Mortgage

An additional loan taken out on a property that already has a primary mortgage. In this bill, it refers to the matching funds provided by HUD, which function as a lien that is gradually forgiven over time if conditions are met.

Closing Costs

Various fees and expenses incurred by buyers and sellers during a real estate transaction, which can include loan origination fees, title insurance, appraisal fees, and attorney fees.