Very Low Income definition

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

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

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

Examples of Very Low Income in a sentence

Moreover, a unit previously occupied by a Very Low Income Tenant and then vacated shall be considered occupied by a Very Low Income Tenant until reoccupied, other than for a temporary period, at which time the character of the unit shall be redetermined.
If, upon the annual certification of the income of a Tenant of a Very Low Income Unit, Borrower determines that the income of the Tenant 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 the Tenant's Rent will remain at the Very Low Income Rent.
In performing their duties and obligations hereunder, the Governmental Lender may rely upon statements and certificates of the Borrower, the Low Income Tenants, the Very Low Income Tenants, and upon audits of the books and records of the Borrower pertaining to the Project.
A unit occupied by a Very Low Income Tenant who at the commencement of the occupancy is a Very Low Income Tenant shall be treated as occupied by a Very Low Income Tenant until a recertification of such tenant’s income in accordance with Section 4(c)(i) below demonstrates that such tenant no longer qualifies as a Very Low Income Tenant and thereafter any residential unit of comparable or smaller size in the Project is occupied by a new resident other than a Very Low Income Tenant.
If, upon the annual certification of the income of a Tenant of a Very Low Income Unit, Borrower determines that the income of the Tenant 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 the Tenant's Rent will remain at the Low HOME Rent.

More Definitions of Very Low Income

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

Very Low Income means having an income as defined in Section 50052.5 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.

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 gross household income adjusted for family size that is at or below fifty percent (50%) of Area Median Income.

Very Low Income means households earning less than 50 percent of area median income pursuant to Health and Safety Code, section 50105.

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.