Income Limits and Program Applicability

Last month we reminded you of the New Income Limits.

However, we did not mention all the various programs that are governed by these income limits:

• All Section 8 Programs: very low-income or low-income standards
• Section 202 Elderly and Section 811 Handicapped Programs: very low-income or low-income standards
• Section 236 Rental Programs: low-income standards
• Section 221(d)(3), BMIR (Below Market Interest Rate) Rental Programs: 95% of median income
• Indian Housing (1996 Act) low-income is defined as the greater of 80% of the median family income for  the Indian area of the U.S. national median family income
• Community Planning and Development Programs: very low-income or low-income standards for current programs under management
• HOME Investment Partnerships Act of 1990: 60% of median and 65% of median that are used as income targeting and qualification requirements; both limits are tied to Section 8 Income Limit determinations
• National Homeownership Trust Act of 1990: 95% of median is referred to as eligibility standard, with a 115% of median standard for high cost areas
• Low-Income Housing Preservation and Resident Ownership Act of 1990: affordability of unit for current occupant of moderate income affects term under which mortgage may be prepaid; moderate income is defined as 80-95% of median, with 80% defined as Section 8 low-income standard.