Area Median Gross Income definition

Area Median Gross Income means the median gross income of the area in which the Project is located as determined by the Secretary for purposes of Section 42 of the Code, including adjustments for family size.

Area Median Gross Income or “AMGI” means the measure of household income, published by HUD, adjusted for family size, used by the IRS as a reference in establishing income levels for the LIHTC Program (i.e. “sixty percent (60%) of AMGI”, “fifty percent (50%) of AMGI”) and as the base in calculations that yield maximum rents by number of bedrooms. (See the “Imputed Incomes/Allowable Rents” Tables posted on the ADOH website at www.housing.az.gov.)

Area Median Gross Income or “AMGI” means the measure of household income, published by HUD, adjusted for family size, used by the IRS as a reference in establishing income levels for the LIHTC Program (e.g., “60% of AMGI,” “50% of AMGI”) and as the base in calculations that yield maximum rents by number of bedrooms. See the “Imputed Incomes/Allowable Rents” tables appended to this Plan at Exhibit H.

Examples of Area Median Gross Income in a sentence

• In the event the unit will no longer be occupied by a Resident Manager, the Recipient shall then make the unit available to persons or families whose incomes, at the time of initial occupancy, does not exceed 60% of the Area Median Gross Income as determined in accordance with the Statute (Qualifying Tenant).

• Qualified Census Tract (QCT): Low-Income Housing Tax Credit Qualified Census Tracts must have 50 percent of households with incomes below 60 percent of the Area Median Gross Income (AMGI) or have a poverty rate of 25 percent or more.

• In the event the unit will no longer be occupied by a Resident Manager, Recipient shall then make the unit available to persons or families whose incomes, at the time of initial occupancy, does not exceed 60% of the Area Median Gross Income as determined in accordance with the Statute (Qualifying Tenant).

• Studio, 1-Bedroom; 2-Bedroom; 3-Bedroom; 4-Bedroom; 5-Bedroom APPENDIX A ADDITIONAL USE RESTRICTIONS Housing Type Large Family Senior SRO Special Needs At-Risk Non-targeted Average Income Target Throughout the Compliance Period, unless otherwise permitted by TCAC, Units must be occupied by Tenants such that the average income of Tenants is at or below of Area Median Gross Income, and, such Units shall be Rent-Restricted in accordance with such income level.

• Census Tracts must have 50 percent of households with incomes below 60 percent of the Area Median Gross Income (AMGI) or have a poverty rate of 25 percent or more.

More Definitions of Area Median Gross Income

Area Median Gross Income means the median Gross Income adjusted for household size, for the county or counties where each Building in a Development is located as determined and published annually by HUD.

Area Median Gross Income means the median gross income for the Area, as determined by the Secretary of the Treasury in a manner consistent with determination of lower-income families and area median gross income under Section 8 of the Housing Law and Section 3009a of the Housing and Economic Recovery Act of 2008, including adjustments for family size or, if programs under Section 8 are terminated, area median gross income determined under the method in effect immediately before such termination.

Area Median Gross Income or “AMI” means the median gross income for a household living in the area in which the Project is located, including adjustment for family size.

Area Median Gross Income or “AMGI” means the measure of household income, published by HUD, adjusted for family size, used by the IRS as a reference in establishing income levels for the LIHTC Program (i.e. “sixty percent (60%) of AMGI”, “fifty percent (50%) of AMGI”) and as the base in

Area Median Gross Income means the median yearly income for households of an applicable size in the Metropolitan Statistical Area or County, as applicable, in which the Project is located as most recently determined in accordance with Section 142(d)(2)(B) of the Code in a manner consistent with determinations of lower income families and area median gross income under Section 8(f)(3) of the United States Housing Act of 1937, as amended, or, if the programs under Section 8(f) are terminated, such other income determinations provided by the Issuer to the Borrower which are reasonably similar to the method used by the Secretary prior to such non availability, substantial alteration, or termination.

Area Median Gross Income means the gross income for the area in which the Project is located as determined under Section 8 (or, if such program is terminated, under such program as in effect immediately before such termination).

Area Median Gross Income means the median gross income of the area in which the Development is located as determined by the Secretary of Housing and Urban Development for purposes of Section 42 of the Code, including adjustments for family size.