Income Limit. The aggregate income of the Homeowner’s household does not exceed 240% of the Area Median Income (AMI) for the County, adjusted for household size. See Exhibit A to the Application.
Income Limit. The maximum household income for a tenant occupying a Qualified Unit to be a Qualified Household.
Income Limit. Borrowers must meet household income limits. Borrowers must not exceed incomes that are 80% of area median income (“AMI”) for Hennepin County as defined by the United States Department of Housing and Urban Development (“HUD”). Incomes will be determined based on the applicant’s Household adjusted gross income from the most recent year’s Federal tax returns. For 2015, the HUD AMI Household income limits are: Household size 1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person Maximum Household income $46,100 $52,650 $59,250 $65,800 $71,100 $76,350 $81,600 $86,900 A Household is defined as all persons living in the house which may include one or more families, a single person, a married couple, or two or more unrelated persons, or any combination thereof. Household income is based on all people over 18‐years of age, who are living in the house.
Income Limit. The maximum amount of your regular Xxxx XXX contributions is phased out based on the amount of your modified adjusted gross income (MAGI). • Single Person. Regular Xxxx XXX contributions for 2006 are phased out between $95,000 and $110,000 of MAGI. The phase-out range for 2007 contributions is $99,000 to $114,000. The phase-out range for each subsequent year will be adjusted for inflation. This rule applies to anyone who is not married at the end of the year, including those filing as heads of household. • Married Filing Jointly. Regular Xxxx XXX contributions for 2006 are phased out between $150,000 and $160,000 of joint MAGI. The phase-out range for 2007 contributions is $156,000 to $166,000. The phase-out range for each subsequent year will be adjusted for inflation. • Married Filing Separately. Regular Xxxx XXX contributions are phased out between zero and $10,000 of MAGI for all years. MAGI Definition. For purposes of determining whether a regular Xxxx contribution can be made, “modified adjusted gross income” (or “MAGI”) is computed by starting with adjusted gross income (the last line on the first page of IRS Form 1040) without taking into account: (a) income from converting a traditional XXX into a Xxxx XXX, (b) deductions for making traditional XXX contributions, and (c) certain foreign income, foreign housing exclusions, and series XX xxxx interest. Contribution Phase-Out. The income limit does not apply to you if your MAGI is below the bottom of the phase-out range. You are not able to make regular Xxxx XXX contributions if your MAGI is above the top of the phase-out range. To compute the MAGI limit within a phase- out range, start by subtracting the bottom of the phase-out range from your MAGI. Divide the answer from this subtraction by $10,000 for a married person or $15,000 for a single person. Then multiply the answer from this division by the annual contribution limit (the amount stated in the above chart). Round the answer from this multiplication down to the next lower $10. Subtract this rounded amount from the annual contribution
