Maximum income limits definition

Maximum income limits means the maximum regular income
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Maximum income limits means the maximum regular income limits for 60% of area median income for the geographic area in which the multifamily building is located for multifamily programs as determined by the United States Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority.
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Maximum income limits means the maximum regular income limits for 60% of area median income for the geographic area in which the multifamily building is located for multifamily programs as determined by the United States Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority. Number in HouseholdAffordable Unit Income Limit1$ 39,1802$ 44,7603$ 50,3404$ 55,9205$ 60,4206$ 64,920 • Tax Benefit: 25% of AV• Qualifying Activity: new construction or rehabilitation on or after 2015• Investment Threshold: $8 per square foot and improvement of two primary building systems• Term: 10 years with up to 2 renewals (time in Class 9 counts against)• Minimum building size: 7 units • Tax Benefit: 35% of AV• Qualifying Activity: new construction or rehabilitation on or after 2015• Investment Threshold: $12.50 per square foot and improvement of two primary building systems• Term: 10 years with up to 2 renewals (time in Class 9 counts against)• Minimum building size: 7 units • Tax Benefit: Reduction in assessed value equal to a percentage of the difference between the value of the property one year before the affordable units are occupied and post-construction assessed value• Qualifying Activity: new construction or rehabilitation in a “Low Affordability Community”• Investment Threshold: $60 per square foot and improvement of five primary building systems• Term: 30 years• Minimum building size: 7 units• Project Labor Agreement required prior to start of construction Did You Already Complete Your Required Expenditure?• If you’ve recently rehabbed or completed new construction, you may already meet the investment requirements!• Must otherwise meet all requirements and have completed rehab or new construction on or after January 1, 2015• Time under program is tolled however, by the date in which property placed in service • Applicant= Owner • The attachment link (if attachments are needed to list additional beneficiaries/officers/owners) is at the bottom of the page • Ifattachment needed, link is at bottom of page • The note modifies the succeeding section, not the drop down• Applicant must select new construction or rehabilitation • If the basis for special assessment is rehabilitation, complete this section
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Examples of Maximum income limits in a sentence

  • Maximum income limits for owner-occupants are $107,800 for one and two-person households and $123,900 for three or more persons.

  • INCOME LIMITS Maximum income limits are those in effect at the time of application as designated each year by HUD.

  • LIGA has responded to 220 homeowner claims and 5,200 premium refunds.• Highlands Ins.

  • Maximum income limits (after adjustments):Single - $46,850 2 persons - $52,750 Preference to very low income.Rates:Rates are based on 30% of the residents' adjusted an- nual income.

  • Maximum income limits for qualifying tenants depend on the minimum set-aside elected by the owner.

  • Maximum income limits should be determined based on an average of 1.5 persons per bedroom, , the same standard as the calculations of MTSP rent limits, except for senior projects, which should be limited to 2.0 persons.• Calculate the subject project’s capture rate for each targeted income level and the project overall by dividing the subject units by the number of income and age appropriate renter household at the time of the project’s anticipated opening.

  • Maximum income limits, by household size, are as follows and are also provided on the City’s affordable housing provider web page.

  • Maximum income limits are derived from 2019 HUD income limits for the Atlanta- Sandy Springs-Roswell, GA MSA and are based on an average of 2.0 persons for one and two bedroom units based on DCA rounding requirements.

  • Maximum income limits are derived from 2015 Oconee County, SC Income Limits and are based on an average of 1.5 persons per bedroom.

  • Maximum income limits for efficiency units or smaller one bedroom units may be based on less than two persons per household.• Underwriting (rent burden) percentage for senior communities may be different than general occupancy communities.


More Definitions of Maximum income limits

Maximum income limits means the maximum regular income limits for 60% of area median income for the geographic area in which the multifamily building is located for multifamily programs as determined by the United States Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority. A property may be deemed to have satisfied the maximum income limits with a weighted average if municipal, state, or federal laws, ordinances, rules, or regulations requires the use of a weighted average of no more than 60% of area median income for that property.
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Related to Maximum income limits

  • Maximum Limit means that number of issued Shares representing 10% of the total number of issued Shares as at the date of the passing of this Resolution (excluding any Shares which are held as treasury shares as at that date); and

  • 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.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Maximum Funds means the maximum Funds set out in Schedule “B”.

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • Applicable Share Limit means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding.