Area Gross Median Income definition

Area Gross Median Income means the median income level, issued annually by HUD for each metropolitan area and for each county outside a metropolitan area, which is adjusted for family size and used to calculate maximum income of eligible persons and rents for rent restricted units. As of July 30, 2008, any Project located in a rural area (as defined in Section 520 of the Housing Act of 1949) shall have income limitations measured by the greater of the HUD median income or the national non-metropolitan median income.
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Area Gross Median Income means the median income level, issued annually by HUD for each metropolitan area and for each county outside a metropolitan are, which is adjusted for family size and used to calculate maximum income of eligible persons and rents for rent restricted units.
Sample 1Sample 2Sample 3

Examples of Area Gross Median Income in a sentence

  • Furthermore, rents charged for Set Aside Units may not exceed 30% of the applicable income limit(s) designated by the Applicant (generally 50% or 60% of the Area Gross Median Income).

  • In order for a project to qualify for Credits, the owner must rent at least 20% of the units in the Project to households with incomes at or below 50% of the Area Gross Median Income; or at least 40% of the units to households with incomes at or below 60% of the Area Gross Median Income (the “Set Aside Units”).

  • If the 20/50 Election is chosen, Units with income and rent limits above 50 percent of Area Gross Median Income are not eligible for Tax Credits.

  • The Helpful Bureau has four Home Support Workers (three in the south of Broxtowe, one in the north), each having up to 15 regular clients.

  • Occurrence of Change in Law events which have an impact on the project post SCD or extended SCD appears to be an issue between the parties.

  • For example, if the 20/50 Election is chosen, only units that are rent restricted and set aside for tenants whose income does not exceed 50 percent of Area Gross Median Income are qualified as low income units.

  • Determine the Area Gross Median Income (AGMI) from tables published annually by the US Department of Housing and Urban Development (also available at www.huduser.org , www.ahfc.state.ak.us and www.novoco.com ).

  • Furthermore, rents charged for Set Aside Units may not exceed 30 percent of the applicable income limit(s) designated by the Applicant (generally 50 percent or 60 percent of the Area Gross Median Income).

  • In order for a Project to qualify for Tax Credits, the Project Owner must rent at least 20 percent of the Units in the Project to households with incomes at or below 50 percent of the Area Gross Median Income, or at least 40 percent of the Units to households with incomes at or below 60 percent of the Area Gross Median Income.

  • In order for a Project to qualify for Tax Credits, the Project Owner must rent at least 20 percent of the Units in the Project to households with incomes at or below 50 percent of the Area Gross Median Income (20/50 Election), or at least 40 percent of the Units to households with incomes at or below 60 percent of the Area Gross Median Income (40/60 Election).

Related to Area Gross Median Income

  • Area Median Income means the most recent applicable county median family income published by the California Tax Credit Allocation Committee.

  • Median income means the median income by household size for the applicable housing region, as adopted annually by COAH or a successor entity approved by the Court.

  • Gross income means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.

  • Median household income (MHI) means the calculation computed by the U.S. Census Bureau - Income of Households - This includes the income of the householder and all other individuals 15 years old and over in the household, whether they are related to the householder or not. Because many households consist of only one-person, average household income is usually less than average family income. The median divides the income distribution into two equal parts with 50% of the cases falling below the median income and 50% above the median. For households and families, the median income is based on the distribution of the total number of households and families, including those with no income. The median income for individuals is based on individuals 15 years old and over with income. Median income for households, families, and individuals is computed on the basis of a standard distribution.

  • Moderate-income household means a household with a total gross annual household income in excess of 50 percent but less than 80 percent of the median household income.

  • Gross Income from Operations means, during any period, all sustainable income as reported on the financial statements delivered by Borrower in accordance with this Agreement, computed in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including (i) Rents from Tenants that are in occupancy, open for business and paying full contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits, (v) interest on credit accounts, (vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss of income or rental insurance proceeds, (xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that are included in any Bankruptcy Action, (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the creation of any intervening estate or interest in the Property or any part thereof.

  • small and medium-sized enterprises or ‘SMEs’ means small and medium-sized enterprises as defined in Article 2 of the Annex to Commission Recommendation 2003/361/EC;

  • Moderate income housing means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the city is located.

  • Nonbusiness income means all income other than business income.

  • Program Income means gross in- come earned by the recipient that is di- rectly generated by a supported activ- ity or earned as a result of the award (see exclusions in § 215.24(e) and (h)). Program income includes, but is not limited to, income from fees for serv- ices performed, the use or rental of real or personal property acquired under federally-funded projects, the sale of commodities or items fabricated under an award, license fees and royalties on patents and copyrights, and interest on loans made with award funds. Interest earned on advances of Federal funds is not program income. Except as other- wise provided in Federal awarding agency regulations or the terms and conditions of the award, program in- come does not include the receipt of principal on loans, rebates, credits, dis- counts, etc., or interest earned on any of them.

  • Gross Revenue means all of the earnings and revenues received by the RECIPIENT from the maintenance and operation of the Utility and all earnings from the investment of money on deposit in the Loan Fund, except (i) Utility Local Improvement Districts (ULID) Assessments, (ii) government grants, (iii) RECIPIENT taxes, (iv) principal proceeds of bonds and other obligations, or (v) earnings or proceeds (A) from any investments in a trust, Defeasance, or escrow fund created to Defease or refund Utility obligations or (B) in an obligation redemption fund or account other than the Loan Fund until commingled with other earnings and revenues of the Utility or (C) held in a special account for the purpose of paying a rebate to the United States Government under the Internal Revenue Code.

  • Certified Minority Business Enterprise means a business which has been certified by the certifying organization or jurisdiction in accordance with s. 287.0943(1) and (2).

  • Household income means the combined income of the members

  • Moderate Income means more than 50 percent but less than 80

  • Plan for moderate income housing means a written document adopted by