Glossary of HUD Terms |
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RRBC: See REGUALTORY BARRIERS CLEARINGHOUSE. REAC: See REAL ESTATE ASSESSMENT CENTER. REAL ESTATE ASSESSMENT CENTER (REAC): Provides and promotes the effective use of accurate, timely, and reliable information assessing the condition of HUD's portfolio. REAC also provides information to help ensure safe, decent, and affordable housing. It is designed to restore the public trust by identifying fraud, abuse, and waste of HUD resources. REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA): A law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships. REGULATORY BARRIERS CLEARINGHOUSE (RBC): Collects, processes, assembles, and disseminates information on the barriers faced in the creation and maintenance of affordable housing. The Clearinghouse is hosted by HUD USER.
REHABILITATION: The labor, materials, tools, and other costs of improving buildings, other than minor or routine repairs. The term includes where the use of a building is changed to an emergency shelter and the cost of this change and any rehabilitation costs does not exceed 75 percent of the value of the building before the change in use. RENOVATION: rehabilitation that involves costs of 75 percent or less of the value of the building before rehabilitation.
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