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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 12 - Banks and Banking |
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Chapter XII - Federal Housing Finance Agency |
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SubChapter E - Housing Goals and Mission |
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Part 1282 - Enterprise Housing Goals and Mission |
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Subpart B - Housing Goals |
§ 1282.17 - Affordability - Income level definitions - family size and income known (owner-occupied units, actual tenants, and prospective tenants).
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§ 1282.17 Affordability - Income level definitions - family size and income known (owner-occupied units, actual tenants, and prospective tenants).
In determining whether a dwelling unit is affordable where income information (and family size, for rental units) is known to the Enterprise, the affordability of the unit shall be determined as follows:
(a) Moderate-income means:
(1) In the case of owner-occupied units, income not in excess of 100 percent of area median income; and
(2) In the case of rental units, where the income of actual or prospective tenants is available, income not in excess of the following percentages of area median income corresponding to the following family sizes:
Number of persons in family Percentage of area
median income1 70 2 80 3 90 4 100 5 or more * (b) Low-income (80%) means:
(1) In the case of owner-occupied units, income not in excess of 80 percent of area median income; and
(2) In the case of rental units, where the income of actual or prospective tenants is available, income not in excess of the following percentages of area median income corresponding to the following family sizes:
Number of persons in family Percentage of area
median income1 56 2 64 3 72 4 80 5 or more * (c) Low-income (60%) means:
(1) In the case of owner-occupied units, income not in excess of 60 percent of area median income; and
(2) In the case of rental units, where the income of actual or prospective tenants is available, income not in excess of the following percentages of area median income corresponding to the following family sizes:
Number of persons in family Percentage of area
median income1 42 2 48 3 54 4 60 5 or more * (d) Very low-income means:
(1) In the case of owner-occupied units, income not in excess of 50 percent of area median income; and
(2) In the case of rental units, where the income of actual or prospective tenants is available, income not in excess of the following percentages of area median income corresponding to the following family sizes:
Number of persons in family Percentage of area
median income1 35 2 40 3 45 4 50 5 or more * (e) Extremely low-income means:
(1) In the case of owner-occupied units, income not in excess of 30 percent of area median income; and
(2) In the case of rental units, where the income of actual or prospective tenants is available, income not in excess of the following percentages of area median income corresponding to the following family sizes:
Number of persons in family Percentage of area
median income1 21 2 24 3 27 4 30 5 or more * [75 FR 55930, Sept. 14, 2010, as amended at 80 FR 53432, Sept. 3, 2015]