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. 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. Applicants must qualify under the income guidelines established, including minimum and maximum guidelines.
Income Limits. The Borrower's Income does not exceed the Income Limits as specified in the applicable Program Documents.
Income Limits. The Income Limit to qualify as Act 124 Purchasers and Non-Subsidized Purchasers shall be as set forth in the Procedural Guide.
Income Limits. The State establishes income limits and revises them annually to ensure that assistance is provided only to income-eligible households. Income limits are based on household size and the annual income the household receives. These limits are available for review at the site or management office. The property will determine income eligibility prior to approving any applicant for tenancy.
Income Limits. The Borrower agrees that HOP funds cannot be loaned to anyone whose income exceeds 80% of the Area Median Income (AMI) Borrower certifies that their income of
