Glossary of Terms

Opportunity: Each individual home for sale or rent is considered an opportunity.

Drawing (AKA "Lottery"): Each Opportunity is placed into an Opportunity Drawing. Some Drawings may have more than one Opportunity.

Open: The status indicates entries are being accepted.

City Preferences: Factors that vary from city to city that prioritize the final ranked position.

File: Any document you upload for verification.

Initial File: The 5 documents from the Document Checklist required by the File Submission Deadline for approval in order to proceed to the underwriting process. They are the Program Application, Loan Pre-Approval Documentation, Latest Tax Return, Last 30 Days’ Paystubs*, and Proof of Down Payment Funds. *If you are Self-Employed, submit your last year's Profit and Loss Statement and your Year to Date Profit and Loss Statement (one for each business).

File Review: The validation of submitted documents.

Drawing Deadline: The last day you can submit an entry for a drawing.

File Submission Deadline: The last day to submit your Initial File after the ranking has been announced.

Initial Ranking: The random, lottery-style ranking.

Final Ranked List: A re-ranking of the initial random list based on city preferences.

Application ID: The unique identifying number for a city's program and its opportunities.

Complete File: ALL applicable documents from the Document Checklist for review of eligibility and qualification.