Income Limits. Section 16(b)(2) of the 1937 Act provides that not more than 25 percent of the dwelling units in any project will be available for occupancy by low-income families other than very low-income families. HUD does not have the authority to waive this statutory provision, but has not issued implementing regulations.
Income Limits. The Eligible Borrower's Current Annual Household Income does not exceed the Program Income Limits as specified in the applicable Program Documents.
Income Limits. To qualify as Eligible Persons and Families, such persons and families must have an aggregate Annual Family Income that does not exceed the applicable amounts specified in the Program Manual and the Seller Guide.
Income Limits. Applicants must qualify under the income guidelines established. Minimum income guidelines are as follows: the combined gross annual household income of all the applicants for each apartment must equal or exceed three times the annual rent under lease; Affordable Housing Program applicant’s income must equal/exceed two times resident portion of the rent; Income must be verified.
Income Limits. Applicants must qualify under the income guidelines established, including minimum and maximum guidelines.
Income Limits. The Borrower's Family Income does not exceed the Income Limits as specified in the applicable Program Documents.
Income Limits. The Income Limit to qualify as Act 124 Purchasers and Non-Subsidized Purchasers shall be as set forth in the Procedural Guide.
Income Limits. The following pages contain: Statewide Average FY 2007 Income Limits Bernalillo County Grant County Santa Fe County For updated or for other area specific refer to: xxxx://xxx.xxxxxxx.xxx/ Income Limits New Mexico Statewide Average: FY 2007 Income Limits Summary FY 2007 Very Low-Income (50%) Limit (VLIL) New Mexico Income Limit Information Median Household Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person FY 2006 VLIL $46,200 $16,150 $18,500 $20,800 $23,100 $24,950 $26,800 $28,650 $30,500 Hold Harmless Required? No No No No No No No No FY 2007 VLIL $46,600 $16,300 $18,650 $20,950 $23,300 $25,150 $27,050 $28,900 $30,750 FY 2007 Extremely Low-Income (30%) Limit (ELIL) New Mexico Income Limit Information 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person FY 2006 ELIL $9,700 $11,100 $12,450 $13,850 $14,950 $16,100 $17,200 $18,300 Hold Harmless Required? No No No No No No No No FY 2007 ELIL $9,800 $11,200 $12,600 $14,000 $15,100 $16,200 $17,350 $18,450 FY 2007 Low-Income (50%) Limit (LIL) New Mexico Income Limit Information 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person FY 2006 LIL $25,850 $29,550 $33,250 $36,950 $39,900 $42,850 $45,850 $48,800
Income Limits. The United States Department of Housing and Urban Development issued the following Income Limits by family size at 80% AMI for the City of Xxx Arbor for the year 2004: Family Size 1 $40,250 2 $46,000 3 $51,750 4 $57,500 5 6 7 8 $62,100 $66,700 $71,300 $75,900 These Income Limits represent 80% of the Area Median Income by family size. The Household income of the buyer or buyers based on actual family size cannot exceed these limits. Sale and Resale Formula 2 BDR 2 person household at 80% AMI’s Income x 2.0 = $92,000 3 BDR 3 person household at 80% AMI’s Income x 2.0 = $103,500 4 BDR 4 person household at 80% AMI’s Income x 2.0 = $115,000 The maximum Original Base Sale Price is determined by the bedroom size of the unit. The maximum Running Sale Price (Resale Price) will increase or decrease each year based on HUD’s publis hed Income Limits. The 80% of Area Median Income in the above formula shall determine the maximum Original Base and Running Sale Price by bedroom size. This formula shall not be interpreted to restrict the number of people in the household that are eligible to purchase the Unit. Example Formula for the Original Base Sale Price of a 2-bedroom unit in 2004: Income for a 2 person family at 80% AMI is $46,000 ($46,000 x 2 = $92,000) The Sales Price in 2004 is $92,000 Example Formula for resale (Running Sale Price) of a 2-bedroom unit in 2005: Income for a 2 person family at 80% AMI is $48,000 ($4,000 x 2 = $96,000) The maximum Resale Price in 2005 is $96,000* * based on an estimate for 2005 HUD income limits Exhibit B 85% AMI Units HUD Income Limit, Sale and Resale Price for units sold at 85% Area Median Income (AMI) All terms, covenants and restrictions contained in this Affordable Housing Covenant, referencing Exhibit B apply only to unit numbers listed below on Stone School Road: 4, 6, 7, 8, 14, 15, 16, 17, 20, 21, 25, 28, 30, 36, 37, 40, 44, 45, 46, 47, 48, 49, and 54 as evidenced by this Covenant, or this Covenant and a signed Acknowledgement of Affordable Housing Covenant referencing Exhibit B by the owner of the Unit, in Stone School Townhomes, a condominium, according to the Master Deed thereof, as recorded in Liber 4283 , Page 743 , Washtenaw County Records, designated as Washtenaw County Condominium Subdivision Plan No. 424 , together with the rights in General Common Elements and Limited Common Elements, as set forth in the Master Deed and as described in Act 59 of the Public Acts of 1978, as amended.
Income Limits. The United States Department of Housing and Urban Development issued the following Income Limits by family size for the City of Xxx Arbor for the year 2004: Family Size 1 0 0 % A M I 1 $54,400 2 $62,200 3 $69,900 4 $77,700 85% AMI $46,240 $52,870 $59,415 $66,045 5 6 7 8 100% AMI 85% AMI $83,900 $71,315 $90,100 $76,585 $96,300 $81,855 $102,600 $87,210 Although the sale and resale formula is based on 85% AMI, the eligible household income of the buyer(s) cannot exceed 100% AMI. Sale and Resale Formula 2 BDR 2 person household at 85% AMI’s Income x 2.0 = $105,740 3 BDR 3 person household at 85% AMI’s Income x 2.0 = $118,830 4 BDR 4 person household at 85% AMI’s Income x 2.0 = $132,090 The maximum Original Base Sale Price is determined by the bedroom size of the unit. The maximum Running Sale Price (Resale Price) will increase or decrease each year based on HUD’s published Area Median Income Limits. The 85% AMI in the above formula shall determine the maximum Original Base Sale and Running sale price by bedroom size. This formula shall not be interpreted to restrict the number of people in the household that are eligible to purchase the unit. Example Formula for the Original Base Sale Price of a 2 bedroom unit in 2004: The income for a 2 person family at 85% AMI is $52,870 (52,870 x 2 = $105,740) The Sales Price in 2004 is $105,740 Example Formula for resale (Running Sale Price) of a 2 bedroom unit in 2005*: The income for a 2 person family at 85% AMI is $54,870 (54,870 x 2 = $109,740) The maximum resale price in 2005 is $109,740 * based on an estimate for 2005 HUD income limits Exhibit C 60% AMI Units HUD Income Limit, Sale and Resale Price for 60% of Area Median Income (AMI) All terms, covenants and restrictions contained in this Affordable Housing Covenant referencing Exhibit C apply only to the unit numbers listed below on Stone School Road: 1, 5, 9, 10, 11, 12, 23, 27, 29, 31, 32, 33, 35, 38, 39, 42, 50, 51, 52, and 55 as evidenced by this Covenant, or this Covenant and a signed Acknowledgement of Affordable Housing Covenant referencing Exhibit C by the owner of the Unit, in Stone School Townhomes, a condominium, according to the Master Deed thereof, as recorded in Liber 4283 , Page 743 , Washtenaw County Records, designated as Washtenaw County Condominium Subdivision Plan No. 424 , together with the rights in General Common Elements and Limited Common Elements, as set forth in the Master Deed and as described in Act 59 of the Public Acts of 1978, as amen...
