Examples of Distressed area in a sentence
Distressed area means an area of local government (i.e., usually a city or county) that has a per capita income of 80 percent or less of that State’s average or an unemployment rate that is one percent greater than the national average for the most recent 24-month period for which statistics are available.
Distressed area concern means a client located in a distressed area, which is based on the physical address of the client’s primary location.
Specific eligibility criteria include: • The proposed project must be located in a HUD-designated Most Impacted and Distressed area or be shown to have a demonstrable benefit to a HUD- designated Most Impacted and Distressed area.
The amount of tax credits awarded for each activity shall align with the following calculations: Job Creation The amount of Tax Credits awarded for job creation may equal up to 10% of the annual wages for Eligible Employees in Full-Time Jobs.12 In an Economically Distressed area, the amount of Tax Credits may equal up to an additional 5% of the annual wages for Eligible Employees.13 Tax Credits may not be earned for wages over $100,000 per year.
To the extent that the Grantee did not receive points for consistency with the Consolidated Plan for the jurisdiction in which the Most Impacted and Distressed area is located, HUD is waiving the requirement for consistency with the consolidated plan, for no longer than 6 months (requirements at 42 U.S.C. 12706, 24 CFR 91.325(a)(5), 91.225(a)(5), 91.325(b)(3), and 91.225(b)(3)), because the effects of a major disaster alter a Grantee’s priorities for meeting housing, employment, and infrastructure needs.