Income Limits Sample Clauses
The Income Limits clause sets a maximum threshold on the amount of income an individual or household can earn to qualify for a particular benefit, service, or agreement. Typically, this clause is used in contexts such as affordable housing, government assistance programs, or certain financial products, where eligibility is restricted to those whose income does not exceed a specified amount. By clearly defining who is eligible based on income, the clause ensures that resources or benefits are allocated to those who need them most, preventing misuse and promoting fairness.
Income Limits. In accordance with 24 CFR 92.217, Grantee shall acquire, construct or renovate and sell the property to an income eligible household who will occupy the purchased property as their primary residence for the entire period of affordability. Income is defined as that found at 24 CFR 5.609. An income eligible household is one whose annual income is at or below 80% of area median income (AMI). HUD determines area median income on an annual basis, based on geographic area and family size and usually publishes updated information during the first quarter of each calendar year. Income limits can be found on the HUD website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇/offices/cpd/affordablehousing/programs/home/limits/income/index.cfm. Grantee is responsible for using the correct income limits when determining income eligibility for HOME Program funds. Household income must be verified using source documentation, in accordance with 24 CFR 92.203(b)(2). LHA must review and approve supporting documentation before Grantee goes to closing with the buyer.
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, including minimum and maximum guidelines.
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. The Borrower's Income does not exceed the Income Limits as specified in the applicable Program Documents.
Income Limits. The income limits used by the Agent for admission are established by HUD and usually change on an annual basis. In no case will an applicant be admitted to a LIHTC unit if the applicant family’s income exceeds the LIHTC income limits. No minimum income limits are established for PHA-Assisted Units. In accordance with the income restrictions required by sources of funding for the development, the following unit mix will be maintained among the 26 Public Housing Units.
Income Limits. Income limits for all units that are part of the Borough’s HEFSP required by this Agreement and for which income limits are not already established through a federal program exempted from UHAC, pursuant to N.J.A.C. 5: 80-26.1, shall be updated by Sea Girt annually within thirty (30) days of the publication of determinations of median income by the U.S. Department of Housing and Urban Development (“HUD”) as follows:
a. Regional income limits shall be established for the region that Sea Girt is located within (i.e. Region 4) based on the median income by household size, which shall be established by a regional weighted average of the uncapped Section 8 income limits published by HUD. To compute this regional income limit, the HUD determination of median county income for a family of four is multiplied by the estimated households within the county according to the most recent decennial Census. The resulting product for each county within the housing region is summed. The sum is divided by the estimated total households from the most recent decennial Census in the Borough’s housing region. This quotient represents the regional weighted average of median income for a household of four. The income limit for a moderate-income unit for a household of four shall be 80 percent (80%) of the regional weighted average median income for a family of four. The income limit for a low-income unit for a household of four shall be 50 percent (50%) of the HUD determination of the regional weighted average median income for a family of four. The income limit for a very low income unit for a household of four shall be 30 percent (30%) of the regional weighted average median income for a family of four. These income limits shall be adjusted by household size based on multipliers used by HUD to adjust median income by household size. In no event shall the income limits be less than those for the previous year.
b. The income limits, attached hereto as Exhibit E, are the result of applying the percentages set forth in paragraph (a) above to HUD's determination of median income for FY 2022, and shall be utilized until the Borough updates the income limits after HUD has published revised determinations of median income for the next fiscal year.
c. The Regional Asset Limit used in determining an applicant's eligibility for affordable housing pursuant to N.J.A.C. 5:80-26.16(b)(3) shall be calculated by Sea Girt annually by taking the percentage increase of the income limits calculated p...
Income Limits. The Borrower agrees that HOP funds cannot be loaned to anyone whose income exceeds 80% of the Area Median Income (AMI) Borrower certifies that their income of