FAIR HOUSING ACT: 1968 act (amended in 1974 and 1988) providing the HUD Secretary with fair housing enforcement and investigation responsibilities. A law that prohibits discrimination in all facets of the homebuying process on the basis of race, color, national origin, religion, sex, familial status, or disability.
FAIR HOUSING PROGRAM (FHIP): provides funding to public and private entities formulating or carrying out programs to prevent or eliminate discriminatory housing practices.
FAIR MARKET RENT (FMR): Primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment contracts in the Moderate Rehabilitation Single Room Occupancy program, and to serve as a rent ceiling in the HOME rental assistance program.
FAIR MARKET VALUE: The amount of money that would probably be paid for a property in a sale between a willing seller, who does not have to sell, and a willing buyer, who does not have to buy.
FAMILY: [A]ll persons living in the same household who are related by birth, marriage or adoption.
FAMILY INCOME (FI): Reported income from all sources for the householder and other household members related to the householder.
FAMILY SELF-SUFFICIENCY (FSS) PROGRAM: was established by Section 554 of the Cranston-Gonzalez National Affordable Housing Act of 1990 to help residents of public housing and participants in the Housing Choice Voucher program become self-sufficient through education, training, case management, and other supportive services.
FAMILY UNIFICATION PROGRAM (FUP): [A] program under which Housing Choice Vouchers (HCVs) are provided to families for whom the lack of adequate housing is a primary factor in the imminent placement of the family’s child or children in out-of-home care or the delay in the discharge of the child or children to the family from out-of-home care.
FANNIE MAE: See GOVERNMENT SPONSORED ENTERPRISE.
FEDERAL HOUSING ADMINISTRATION (FHA): Provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single-family, multifamily, and manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
FEDERAL REGISTER: Published by the Office of the Federal Register, National Archives and Records Administration (NARA), the Federal Register is the official daily publication for rules, proposed rules, and notices of federal agencies and organizations, as well as executive orders and other presidential documents.
FHA: See FEDERAL HOUSING ADMINISTRATION.
FHA - Home Affordable Modification Program (FHA-HAMP): allows homeowners to modify their FHA-insured mortgages to reduce monthly mortgage payments and avoid foreclosure.
FMR: See FAIR MARKET RENT.
FORECLOSURE: The legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the homeowner is in default for a reason other than the failure to make timely mortgage payments.
FOSTER CHILDREN: Children that are in the legal guardianship or custody of a State, county, or private adoption or foster care agency, yet are cared for by foster parents in their own homes, under some kind of short-term or long-term foster care arrangement with the custodial agency. These children will generally remain in foster care until they are reunited with their parents, or until their parents voluntarily consent to their adoption by another family, or until the court involuntarily terminates or severs the parental right of their biological parents, so that they can become available to be adopted by another family. Therefore, the parental rights of the parents of these children may or may not have been terminated or severed, and the children may or may not be legally available for adoption.
FRAIL ELDERLY: An elderly person who is unable to perform at least three "activities of daily living" comprising of eating, bathing, grooming, dressing, or home management activities.
FREDDIE MAC: See GOVERNMENT SPONSORED ENTERPRISE.