Bond Income Limits

2 Alternative Tests:
  • 20-50 Test -- Requires that 20% of the units must be set aside for persons and families at or below 50% of area median gross income. This test must be satisfied for the longer of (i) 15 years, (ii) life of tax-exempt bonds, or (iii) until Section 8 assistance terminates.
  • 40-60 Test -- Requires that 40% of the units must be set aside for persons and families at or below 60% of area median gross income. This test must be satisfied for the longer of (i) 15 years, (ii) life of tax-exempt bonds, or (iii) until Section 8 assistance terminates.
    • The area median gross income test is based on a family size of 4 with adjustments for family size.
    • Persons or families meeting the gross income tests will be deemed to continue to meet such tests until gross income exceeds 140% of the applicable income limitation detailed below:
APPLICABLE INCOME LIMITATION
(MARICOPA COUNTY FY 2008 MEDIAN INCOME $64,200)
 
1 PERSON
2 PERSON
3 PERSON
4 PERSON
5 PERSON
6 PERSON
7 PERSON
8 PERSON
60%
26,940
30,840
34,680
38,520
41,580
44,700
47,760
50,820
50%
22,450
25,700
28,900
32,100
34,650
37,250
39,800
42,350


140% LIMITATION ON APPLICABLE
INCOME LIMITS
 
1 PERSON
2 PERSON
3 PERSON
4 PERSON
5 PERSON
6 PERSON
7 PERSON
8 PERSON
50%
31,430
35,980
40,460
44,940
48,510
52,150
55,800
59,290
60%
37,716
43,176
48,552
53,928
58,212
62,580
66,684
71,148


02/20/08