Maximum Household Income Limit definition

Maximum Household Income Limit means the maximum Annual Family Income permitted by the Program of an Eligible Mortgagor, determined pursuant to Section 4.08 hereof, as may be modified from time to time by the Authority.
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Maximum Household Income Limit shall have the meaning assigned to that term in Section 2.1(k) hereof.
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Maximum Household Income Limit means the amount specified as such as set out in Exhibit H-1 attached hereto, which may be unilaterally revised from time to time by the Authority.
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Examples of Maximum Household Income Limit in a sentence

  • As you will see in reviewing the chart, we have taken the Maximum Household Income Limit for the Single Family Program and projected it with a 5% annual growth rate.

  • If the Eligible Borrower’s income is at or below this adjusted amount at the time of resale, the Eligible Borrower pays no recapture tax! Since our typical borrower’s Annual Household Income is well below the Maximum Household Income Limit, it would require an Eligible Borrower to realize significant increases (7% - 15% or greater) annually before exceeding the limit.

  • We believe that, in most cases, the Eligible Borrower will not have to pay a recapture tax because his or her Annual Household Income likely will not exceed the Maximum Household Income Limit at the time of resale.

  • The Eligible Borrower’s Annual Household Income must not exceed the Maximum Household Income Limit shown in Schedules III and IV.

  • The Maximum Household Income Limit also varies depending on the household size of the Eligible Borrower.

  • Please note that the Maximum Household Income Limit varies depending on the county in which the residence is located and whether the residence is located within a Targeted Area.

  • If the Eligible Borrower’s income does not exceed the applicable Maximum Household Income Limit, you need to do nothing more.• If the elective deferred income causes the Eligible Borrower to exceed the Maximum Household Income Limit, then the Eligible Borrower should obtain from his or her plan administrator a copy of the section from the plan document that provides for any restrictions governing withdrawals from the plan.

  • The Tax Code requires the Authority to set the Maximum Household Income Limit at the following percentages of the median household income for the area of the State in which the Eligible Borrower intends to reside: Household Size ofOne (1) or two (2)Three (3) or more Targeted Areas120%140%Non-Targeted Areas100%115% NOTE: HUD issues revised figures periodically and generally on an annual basis.

  • The Tax Code requires the Authority to set the Maximum Household Income Limit at the following percentages of the median household income for the area of the State in which the Eligible Borrower intends to reside: Household Size ofOne (1) or two (2)Three (3) or more Targeted Areas120%140%Non-Targeted Areas100%115%NOTE: HUD issues revised figures periodically and generally on an annual basis.

  • In other words, both Eligible Borrower and his or her spouse must be First-Time Homebuyers and have a combined Annual Household Income within the applicable Maximum Household Income Limit.

Related to Maximum Household Income Limit

  • 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.

  • Household income means the combined income of the members

  • 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.

  • 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.

  • Daily Maximum Limit means the maximum allowable discharge of a pollutant during a calendar day. Expressed as units of mass, the daily discharge is cumulative mass discharged over the course of the day. Expressed as a concentration, it is the arithmetic average of all measurements taken that day.

  • Extremely low-income household means a single person,

  • 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.