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 $66,600)
 
1 PERSON
2 PERSON
3 PERSON
4 PERSON
5 PERSON
6 PERSON
7 PERSON
8 PERSON
60%
28,020
31,980
36,000
39,960
43,200
46,380
49,560
52,800
50%
23,350
26,650
30,000
33,300
36,000
38,650
41,300
44,000


140% LIMITATION ON APPLICABLE
INCOME LIMITS
 
1 PERSON
2 PERSON
3 PERSON
4 PERSON
5 PERSON
6 PERSON
7 PERSON
8 PERSON
50%
32,690
37,310
42,000
46,620
50,400
54,110
57,820
61,600
60%
39,228
44,772
50,400
55,944
60,480
64,932
69,384
73,920


05/24/10