Income Guidelines
- Applicants must be able to verify enough monthly income to afford rent and utilities without severe financial strain. For the tax-credit units, this means having a monthly income that is twice the amount of rent plus utilities.
- Applicants for one of the apartments funded under the Housing Tax Credit Program must have a total household income less than 50% of the Area Median Income (AMI), based on household size.
- A limited number of units are available for households whose income is 30% or less of the AMI $78,500 (AMI is determined by the Department of Housing and Urban Development).
- Affordable units are restricted by income and family size (see income chart).
Income Guidelines
For example:
For a family size of 1 whose income is 50 % or less of the median, he or she cannot make more than $27,500 per year
For a family size of 2 whose income is 50 % or less of the median their annual income cannot be more than $31,400 per year (and so on and so forth).
Area Median Income (AMI) = $78,500
| Income Limits By Household | ||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |
| 30% | 16,500 | 18,840 | 21,210 | 23,550 | 25,440 | 27,330 | 29,190 | 31,080 |
| 35% | 19,250 | 21,980 | 24,745 | 27,475 | 29,680 | 31,885 | 34,055 | 36,260 |
| 40% | 22,000 | 25,120 | 28,280 | 31,400 | 33,920 | 36,440 | 38,920 | 41,440 |
| 45% | 24,750 | 28,260 | 31,815 | 35,325 | 38,160 | 40,995 | 43,785 | 46,620 |
| 50% | 27,500 | 31,400 | 35,350 | 39,250 | 42,400 | 45,550 | 48,650 | 51,800 |
| 55% | 30,250 | 34,540 | 38,885 | 43,175 | 46,640 | 50,105 | 53,515 | 56,980 |
| 60% | 33,000 | 37,680 | 42,420 | 47,100 | 50,880 | 54,660 | 58,380 | 62,160 |
updated 12/21/06