Minutes 08/12/1980 - Laserfiche WebLink

Home Browse Search

B. Income Guidelines Only those units owned by and occupied by low and moderate income families (or vacant units owned by and subsequently occupied by low and moderate income families upon completion of rehabilitation) shall be eligible for rehabilitation. If Family" is defined as all persons residing in the unit. The HRP staff shall u:Je DHUD Section 8 procedures for determining income. The income limit for eligibility purposes is 80% of the median income figure for the City of Martinsville, as provided by D HUD, and is as follows: FAMILY SIZE INCOME LIMITS FOR ELIGIB ILITY (80% of Median Income) 1 2 3 4 5 6 7 8+ $10,300 11 , 800 13,250 14,700 15,650 16,550 17,500 18,400 (Figures are from "Income Limits for DHUD Subsidized Housing Programs" : Section 8 Low & Moderate Income Limits for the City of Martin,sville, issued July 23, 1980) C. Grant/Loan Assistance The level of assistance to the property owner shall be based upon the owner's income expressed as a percentage of the income limit and according to the following schedules: Grant for 100% of the actual cost of rehabilitation if gross income does not exceed 30% of the low & moderate income limit, those limits being as follows: Grant for 75% of the actual cost of rehabilitation and a loan for the remaining 25% at an interest rate of 3%, if the gross income does notexceed 50% of the low & moderate income limit, those limits being as follows: FAMI L Y INCOME FAMILY IN COME SIZE LIMITS SIZE LIMITS 1 $3,090 1 $5,150 2 3,540 2 5,900 3 3,975 3 6,625 4 4,410 4 7,350 5 4,695 5 7,825 6 4,965 6 8,275 7 5,250 7 8,750 8+ 5,520 8+ 9,200 -3-