Area Median Income (AMI). The Area Median Income for the Virginia Beach- Norfolk-Newport News, Virginia Metropolitan Statistical Area (MSA) published annually by the U.S. Department of Housing and Urban Development (HUD) and adjusted for household size. Pricing of Workforce Housing Units and end-user qualifications are partially based on this published data. The initial sales price of Workforce Housing Units is based on the ratio of housing payments relative to the AMI. Additionally, the end user's income qualifications are based on the AMI, adjusted for household size.
Appears in 11 contracts
Samples: Workforce Housing Participation Agreement, Workforce Housing Participation Agreement, Workforce Housing Participation Agreement
