Very Low Income means income that is 50 percent or less of the area median income.

Very Low Income means having an income as defined in Section 50105 of the Health and Safety Code.

Very Low Income means individuals or families whose income is at or below 50% of the area median income as determined in accordance with Section 42(g) of the Code.

Examples of Very Low Income in a sentence

Subject to the provisions of Section 2.4 below, the Rent paid by Tenants of Very Low Income Units, may not exceed the Low HOME Rent.
During the Term, Borrower shall rent nine (9) Units, and ensure that these Units are occupied or, if vacant, available for occupancy, by Very Low Income Households.
Borrower shall then (i) rent the next available Unit to a Very Low Income Household to comply with the requirements of Section 2.1(b) above, at a Rent not exceeding the Low HOME Rent, or (ii) designate another comparable Unit that is occupied by a Very Low Income Household as a Very Low Income Unit, to comply with the requirements of Section 2.1(b) above.
Each HOME-Assisted Unit must be rented to and occupied by an Extremely Low Income Household or a Very Low Income Household pursuant to this Section 2.1 on or before the date that occurs eighteen (18) months after the Completion Date.
If, upon the annual certification of the income of a Tenant of a Very Low Income Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Very Low Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and Borrower shall continue to charge such Tenant the Low HOME Rent.

More Definitions of Very Low Income

Very Low Income means 30 percent or less of the median gross

Very Low Income means households earning less than 50 percent or less of AMI pursuant to Health and Safety Code section 50105.

Very Low Income means income not exceeding 50% of median income.

Very Low Income means families whose annual incomes do not exceed 50 percent of the median income for the area, as determined by HUD.

Very Low Income means income which does not exceed 50% of the median income for the area, as determined by HUD, with adjustments for family size.

Very Low Income means income that is at or below 50% of the area median income as determined in accordance with Section 42(g) of the Code.