Family income definition

Family income means all income that is included in a determination of family income under section 143(f) of the internal revenue code, 26 USC 143(f), together with the income of all adults who will reside in the residence, which income might otherwise be excluded from consideration because the individual was not expected to both live in the residence and be primarily or secondarily liable on the mortgage note.

Family income means the annual income of the parent, parents, legal guardian, or

Family income means the annual income of the parent, parents, legal guardian, or legal guardians with whom a scholarship student lives.

Examples of Family income in a sentence

• The subletter/renter will pay the Youth Programs directly based on their Total Family Income (TFI) calculated by the front desk staff.

• Additionally, with respect to any units financed with the proceeds of low income housing tax credits pursuant to Section 42 of the Code, the maximum rent charged by the Borrower for such units shall not exceed thirty percent (30%) of the income for a family whose income equals sixty percent (60%) of the Median Family Income, minus an allowance for utility costs determined by procedures authorized under the federal low-income housing tax credit program.

• During the Qualified Project Period (as such term is defined in the Tax Regulatory Agreement), in consideration for and as required by the reservation granted under Chapter 1372 of the Texas Government Code, as amended, the Borrower hereby represents, covenants and agrees that forty percent (40%) of the units in the Project shall be reserved for families and individuals earning not more than sixty percent (60%) of the Median Family Income.

• Enter this number in Box “3.” Of these households or persons assisted, are low-income (51-80%) of the current Median Family Income (MFI).

• Enter the number of beneficiaries in the blank space and in Box 1.” INCOME Of the households or persons assisted, are extremely low-income income (0-30%) of the current Median Family Income (MFI).

More Definitions of Family income

Family income means the gross annual income of the family where the eligible applicant is associated as a family member;

Family income means total cash receipts before taxes derived from wages and salaries, welfare payments, Social Security payments, strike benefits, unemployment or disability benefits, child support, alimony, and net earnings from business and investment activities paid to the individual, in accordance with WAC 246-453-010 (17).

Family income means the sum of a family's annual

Family income means the combined gross income, whether earned or unearned, that is derived from any source by all family or household members who are 18 years of age or older who are currently residing together in the same dwelling unit. The term does not include income earned by a currently enrolled high school student who, since attaining the age of 18 years, or a student with a disability who, since attaining the age of 22 years, has not terminated school enrollment or received a high school diploma, high school equivalency diploma, special diploma, or certificate of high school completion. The term also does not include food stamp benefits or federal housing assistance payments issued directly to a landlord or the associated utilities expenses.

Family income means the federal adjusted gross income of the parents included in the family size.

Family income means the sum of a family's annual earnings and cash benefits from all sources before taxes, less payments made for child support.

Family income means, with respect to a Mortgagor, the “gross monthly income,” multiplied by twelve (12), of such Mortgagor and of any other Mortgagor who is expected to live in the Residence being financed and is an obligor on the Mortgage Note, all as determined in accordance with such Mortgagor’s Program Affidavit. For purposes of this definition, “gross monthly income” means the income used by the Lender’s underwriter (under applicable underwriting guidelines) to qualify the Mortgagor(s) for repayment of the Mortgage Loan.