MA: See METROPOLITAN AREA.
MANUFACTURED HOME: A structure, transportable in one or more sections, which in the traveling mode is 8 body feet or more in width, or 40 body feet or more in length, or which when erected onsite is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained in the structure. This term includes all structures that meet the above requirements except the size requirements and with respect to which the manufacturer voluntarily files a certification pursuant to 24 CFR 3282.13 and complies with the construction and safety standards set forth in this 24 CFR 3280. The term does not include any self-propelled recreational vehicle. Calculations used to determine the number of square feet in a structure will include the total of square feet for each transportable section comprising the completed structure and will be based on the structure's exterior dimensions measured at the largest horizontal projections when erected onsite. These dimensions will include all expandable rooms, cabinets, and other projections containing interior space, but do not include bay windows. Nothing in this definition should be interpreted to mean that a manufactured home necessarily meets the requirements of HUD's Minimum Property Standards (HUD Handbook 4900.1) or that it is automatically eligible for financing under 12 U.S.C. 1709(b).
MARKET AREA: The geographic area from which a project owner could reasonably expect to draw applicants, based on the services and amenities offered by the development and the needs of the community.
MARKET VALUE: The most probable price that a property should bring in a competitive and open market, provided that all conditions requisite to a fair sale are present, the buyer and seller are knowledgeable and acting prudently, and the price is not affected by any undue stimulus.
MARK-TO-MARKET: A program designed to preserve low-income rental housing affordability while reducing the long-term costs of federal rental assistance, including project-based assistance from HUD, for certain multifamily rental projects. The projects involved are projects with (1) HUD-insured or HUD-held mortgages; and (2) contracts for project-based rental assistance from HUD, primarily through the Section 8 program, for which the average rents for assisted units exceed the rent of comparable properties.
METROPOLITAN PLANNING ORGANIZATION: That organization required by the Department of Transportation, and designated by the Governor as being responsible for coordination within the State, to carry out transportation planning provisions in a Standard Metropolitan Statistical Area.
METROPOLITAN STATISTICAL AREA (MSA): An area with at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core, as measured by commuting ties.
MICROENTERPRISE: a commercial enterprise that has five or fewer employees, one or more of who owns the enterprise.
MICROPOLITAN STATISTICAL AREA: An area with at least one urban cluster of at least 10,000 but less than 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core, as measured by commuting ties.
MINORITY NEIGHBORHOOD: A neighborhood in which the percentage of persons of a particular racial or ethnic minority is at least 20 points higher than that minority's percentage in the housing market as a whole; the neighborhood's total percentage of minority persons is at least 20 points higher than the total percentage of minorities for the housing market area as a whole; or in the case of a metropolitan area, the neighborhood's total percentage of minority persons exceeds 50 percent of its population.
MINORITY-OWNED BUSINESS: A business in which more than 50 percent of the ownership or control is held by one or more minority individuals; and more than 50 percent of the net profit or loss of which accrues to one or more minority individuals.
MODERATE INCOME: Households whose incomes are between 81 percent and 95 percent of the median income for the area, as determined by HUD, with adjustments for smaller or larger families. HUD may establish income ceilings higher or lower than 95 percent of the median for the area on the basis of HUD's findings that such variations are necessary because of prevailing levels of construction costs, fair market rents, or unusually high or low family incomes.
MODERATE REHABILITATION PROGRAM (MOD REHAB): provided project-based rental assistance for low-income families. The program was repealed in 1991 and no new projects are authorized for development.
MORTGAGE-BACKED SECURITY (MBS): A Fannie Mae security that represents an undivided interest in a group of mortgages. Principal and interest payments from the individual mortgage loans are grouped and paid out to the MBS holders.
MOVING TO OPPORTUNITY (MTO): A demonstration designed to ensure a rigorous evaluation of the impacts of helping very low-income families with children to move from public and assisted housing in high-poverty inner-city neighborhoods to middle-class neighborhoods throughout a metropolitan area.
MOVING TO WORK (MTW): is a demonstration program for public housing authorities (PHAs) that provides them the opportunity to design and test innovative, locally designed strategies that use Federal dollars more efficiently, help residents find employment and become self-sufficient, and increase housing choices for low-income families.
MSA: See METROPOLITAN STATISTICAL AREA.
MULTIFAMILY ASSISTED HOUSING REFORM AND AFFORDABILITY ACT OF 1997 (MAHRA): authorized a Mark-to-Market program designed to preserve low-income rental housing affordability while reducing the long-term costs of federal rental assistance, including project-based assistance from HUD, for certain multifamily rental projects.
MULTIFAMILY HOUSING: A building with more than four residential rental units.
MUTUAL MORTGAGE INSURANCE (MMI) FUND: The principal accounting fund used by FHA to insure its home mortgages.