Current Annual Household Income definition

Current Annual Household Income means the Gross Income of the Mortgagor's Household, for the Current Year, after deducting the income of any Household member who is under 18 years of age or a full-time student (provided that no deduction shall be allowed for a person who executes the Mortgage, the head of the Household, the spouse of the head of the Household or a person who is secondarily liable on the Mortgage Loan).
Sample 1Sample 2Sample 3
Current Annual Household Income has the meaning defined in the Program Documents for each of MFA’s Programs.
Sample 1Sample 2Sample 3
Current Annual Household Income means the total current annualized income. For purposes of this definition, “total current annualized income” is gross monthly income multiplied by 12. Gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, income from self-employment, dividends, interest, royalties, pensions, VA compensation and net rental income, other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments, continuation of which is probable based on foreseeable economic circumstances based upon the Mortgagor's affidavit to such effect), all as computed at the time of application for a Mortgage Loan, and confirmed at the time of Closing. Information with respect to gross monthly income may be obtained from applicable certificates and affidavits provided in the Administrator’s Guidelines (collectively, the “Loan Submissions”) executed by a Mortgagor during the four-month period ending on the date of the Closing of the Mortgage Loan, provided that any gross monthly income not included in the Loan Submissions must be included in determining gross monthly income. Thus, for example, if the Mortgagor does not include alimony on the Loan Submissions, the Lender, in determining gross monthly income, must determine the amount of alimony and add that amount to the amount shown on the Loan Submissions. The applicable Loan Submissions include (1) Mortgagor's Income Certification included in the Administrator’s Guidelines, (2) lines 23D and 23E on the Application for VA Guaranty or for HUD/FHA Insured Mortgage (VA Form 26-1802a, HUD 92900, Jan. 1982), and (3) the total line from the Gross Monthly Income section of FHLMC Residential Loan Application form (FHLMC 65 Rev. 10/86).
Sample 1

Examples of Current Annual Household Income in a sentence

  • If your Current Annual Household Income (indicated in Part 6., Item Number 15.) is equal to or more than needed to meet the income requirement as shown by the current Federal Poverty Guidelines (Form I-864P) for your household size (indicated in Part 5., Item Number 8.), you do not need to complete Part 7.

  • More detailed guidelines for calculating program income are located in this guide under “2020 Governmental Program Option Compliance Underwriting”.Household Income Limits for 2020 Governmental Program OptionMaximum Current Annual Household Income limits are updated annually from applicable median income figures published by the United States Department of Housing and Urban Development.

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

  • Hardship Income or Current Annual Household Income (if still in hardship)$If Household income during hardship exceeds line #2, NOT Eligible IF INCOME HAS RETURNED TO >85% OF PRE-HARDSHIP INCOME LEVELS, APPLICANT IS ELIGIBLE FOR PAYMENT OF ARREARAGE ONLY.

  • The borrower's Current Annual Household Income must not exceed the Household Income Limits set forth in Exhibit A.

  • Annual Household Income during hardship or Current Annual Household Income (if still experiencing the hardship) If #2 exceeds # 1, borrower is not eligible for MHAP.

  • More detailed guidelines for calculating program income are located in this guide under “2020 Governmental Program Option Compliance Underwriting”.Household Income Limits for 2020 Governmental Program Option‌Maximum Current Annual Household Income limits are updated annually from applicable median income figures published by the United States Department of Housing and Urban Development.

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

  • If your Current Annual Household Income (indicated on Part 6., Item Number 15.) is equal to or more than needed to meet the income requirement as shown by the current Federal Poverty Guidelines (Form I-864P) for your household size (indicated on Part 5., Item Number 8.), you do not need to complete this Part.

  • If your Current Annual Household Income (indicated in Part 7., Item Number 14.) is equal to or more than needed to meet the income requirement as shown by the current Federal Poverty Guidelines (Form I-864P) for your household size (indicated in Part 5., Item Number 7.), you do not need to complete Part 8.


More Definitions of Current Annual Household Income

Current Annual Household Income means, with respect to a Household, (i) the sum of all items of current gross monthly income of each member of the Household and each Co-Borrower, including, without limitation, monthly gross pay (i.e. wages, salary, tips) and any additional income from overtime, part-time employment, bonuses, business income, interest and dividends, royalties, social security benefits, annuities, insurance policies, retirement funds and pensions, Veterans Administration (VA) compensation, net rental income, disability or death benefits, public assistance, sick pay, child support payments (if received), alimony, armed forces income, payments in lieu of earnings such as unemployment and disability compensation, income received from trusts, income and gains received from investments, workers compensation and severance pay, and other income, (ii) multiplied by 12.
Sample 1

Related to Current Annual Household Income

  • Gross household income means gross income of a household as those terms are defined in rules of the authority.

  • 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: one-half of the cases falling below the median income and one-half 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.

  • Household income means the combined income of the members

  • Average annual payroll means the average of the annual

  • Moderate income housing means housing affordable,

  • Average Annual Compensation shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Lower income household means a household having an income equal to or less than the

  • Low Income Households means households earning 80 percent or less of the countywide median income.

  • Very low-income household means a household with a total gross annual household income equal to 30 percent or less of the median household income.

  • Income year means any year or accounting period beginning 1 July of one calendar year and ending 30 June of the following calendar year or any other period that the Trustees by resolution adopt;

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

  • Low-income household means a household with a total gross annual household income equal to 50 percent or less of the median household income.

  • Total Revenues means revenues from all taxes and fees, excluding revenue from funds managed by local government on behalf of a specific third party, and does not include the proceeds from borrowing or asset sales.

  • Total Revenue bears the same meaning assigned to this expression in the Codes of Good Practice on Black Economic Empowerment, issued in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act and promulgated in the Government Gazette on 9 February 2007;

  • Consolidated Income Tax Expense means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.

  • 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.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

  • Extremely low-income household means a single person,

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Sales Tax Revenues means taxes collected under the Virginia Retail Sales and Use Tax Act

  • Units serving lower income households means units that are occupied by lower income households at an affordable rent, as defined in section 50053 of the Health and Safety Code or, to the extent that the terms of federal, state, or local financing or financial assistance conflicts with section 50053, rents that do not exceed those prescribed by the terms of the financing or financial assistance. Effective October 13, 2017, pursuant to Revenue and Taxation Code section 214(g)(2)(A)(iii), a unit in a property that receives federal low income housing tax credits shall continue to be treated as occupied by a lower income household if the occupants were lower income households on the lien date in the fiscal year in which their occupancy of the unit commenced and the unit continues to be rent restricted, notwithstanding an increase in the income of the occupants of the unit to 140 percent of area median income (AMI), adjusted for family size (“over-income” tenants). Units reserved for lower income households at an affordable rent that are temporarily vacant due to tenant turnover or repairs shall be counted as occupied.

  • Semi-Annual Period means each period of six-months, commencing on the first day of a Fiscal Year; provided that the first such period shall begin on July 1, 2013 and end on December 31, 2013.

  • Operating Income means the Company’s or a business unit’s income from operations but excluding any unusual items, determined in accordance with generally accepted accounting principles.

  • Annual payroll means the total amount of wages subject to contributions during a twelve-month period ending with the last day of the second calendar quarter of any calendar year.