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. 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. 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. 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 Income does not exceed the Income Limits as specified in the applicable Program Documents.
Income Limits. 1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a grantor who is single or treated as single, the annual contribution is phased out between adjusted gross income (“AGI”) of $118,000 and $133,000; for a married grantor filing jointly, between AGI of $186,000 and $196,000; and for a married grantor filing separately, between AGI of $0 and $10,000. These phase-out ranges are for 2017. For years after 2017, the phase-out ranges, except for the $0 to $10,000 range, will be increased to reflect a cost-of-living adjustment, if any. Adjusted gross income is defined in IRC section 408A(c)(3).
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. Income limits for all units that are part of the Borough’s HEFSP required by this Agreement and for which income limits are not already established through a federal program exempted from UHAC, pursuant to N.J.A.C. 5: 80-26.1, shall be updated by Sea Girt annually within thirty (30) days of the publication of determinations of median income by the U.S. Department of Housing and Urban Development (“HUD”) as follows:
