Income Limits Sample Clauses

Income Limits. Section 16(b)(2) of the 1937 Act provides that not more than 25 percent of the dwelling units in any project will be available for occupancy by low-income families other than very low-income families. HUD does not have the authority to waive this statutory provision, but has not issued implementing regulations.

Income Limits. In accordance with 24 CFR 92.217, Grantee shall acquire, construct or renovate and sell the property to an income eligible household who will occupy the purchased property as their primary residence for the entire period of affordability. Income is defined as that found at 24 CFR 5.609. An income eligible household is one whose annual income is at or below 80% of area median income (AMI). HUD determines area median income on an annual basis, based on geographic area and family size and usually publishes updated information during the first quarter of each calendar year. Income limits can be found on the HUD website at xxxx://xxx.xxx.xxx/offices/cpd/affordablehousing/programs/home/limits/income/index.cfm. Grantee is responsible for using the correct income limits when determining income eligibility for HOME Program funds. Household income must be verified using source documentation, in accordance with 24 CFR 92.203(b)(2). LHA must review and approve supporting documentation before Grantee goes to closing with the buyer.

Income Limits. The Eligible Borrower's Current Annual Household Income does not exceed the Program Income Limits as specified in the applicable Program Documents.

Income Limits. To qualify as Eligible Persons and Families, such persons and families must have an aggregate Annual Family Income that does not exceed the applicable amounts specified in the Program Manual and the Seller Guide.

Income Limits. Applicants must qualify under the income guidelines established, including minimum and maximum guidelines.

Income Limits. Applicants must qualify under the income guidelines established. Minimum income guidelines are as follows: the combined gross annual household income of all the applicants for each apartment must equal or exceed three times the annual rent under lease; Affordable Housing Program applicant’s income must equal/exceed two times resident portion of the rent; Income must be verified.

Income Limits. The Borrower's Family Income does not exceed the Income Limits as specified in the applicable Program Documents.

Income Limits. Whether or not an individual is eligible to make a Xxxxxxxxx ESA contribution on behalf of a Child depends upon the individual’s income level and the tax filing status. Married, joint filers with modified adjusted gross incomes (MAGI) of less than $190,000 and single filers with MAGIs of less than $95,000 are entitled to make up to a full $2,000 Xxxxxxxxx ESA contribution. Individuals earning more than these MAGI limits are slowly phased out of the ability to make Xxxxxxxxx ESA contributions. Married joint filers lose the ability to make any contribution when their MAGI reach- es $220,000 and single filers when their MAGI reaches $110,000.The following charts are designed to aid individu- als in determining their eligibility to make a contribution to a Xxxxxxxxx ESA. Individuals should consult with their tax or legal advisers concerning their ability to make a Xxxxxxxxx ESA contribution.

Income Limits. In order for homebuyers to be eligible to purchase 25 the rehabilitated home, (1) LMMI homebuyer annual incomes must 26 not exceed one-hundred twenty percent (120%) of the AMI, as 27 determined by HUD, adjusted for family size for the County of 28 Riverside and (2) very low income (“VLI”) homebuyer annual 1 incomes must not exceed fifty percent (50%) of the AMI, as 2 determined by HUD, adjusted for family size for the County of 3 Riverside. The income and assets of all persons age eighteen (18) 4 and older who will reside in the home must be included in the 5 calculation to determine income eligibility.

Income Limits. The following pages contain: Statewide Average FY 2007 Income Limits Bernalillo County Grant County Santa Fe County For updated or for other area specific refer to: xxxx://xxx.xxxxxxx.xxx/ Income Limit Information Median Household Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person FY 2006 VLIL $46,200 $16,150 $18,500 $20,800 $23,100 $24,950 $26,800 $28,650 $30,500 Hold Harmless Required? No No No No No No No No FY 2007 VLIL $46,600 $16,300 $18,650 $20,950 $23,300 $25,150 $27,050 $28,900 $30,750 FY 2006 ELIL $9,700 $11,100 $12,450 $13,850 $14,950 $16,100 $17,200 $18,300 Hold Harmless Required? No No No No No No No No FY 2007 ELIL $9,800 $11,200 $12,600 $14,000 $15,100 $16,200 $17,350 $18,450 FY 2006 LIL $25,850 $29,550 $33,250 $36,950 $39,900 $42,850 $45,850 $48,800