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Program) housing of their choice. The voucher payment subsidizes the
difference between the Gross Rent and the tenant’s contribution of
30% of adjusted income, (or 10% of gross income, whichever is
greater). In cases where 30% of the tenants’ income is less than the
utility allowance, the tenant will receive an assistance payment. In
other cases, the tenant is responsible for paying his share of the rent
each month.
Housing Finance
Agency (HFA)
State or local agencies responsible for financing housing and
administering Assisted Housing programs.
HUD Section 8
Program
Federal program that provides project based rental assistance.
Under the program HUD contracts directly with the owner for the
payment of the difference between the Contract Rent and a
specified percentage of tenants’ adjusted income.
HUD Section 202
Program
Federal Program, which provides direct capital assistance (i.e. grant)
and operating or rental assistance to finance housing designed for
occupancy by elderly households who have income not exceeding
50% of Area Median Income. The program is limited to housing owned
by 501(c)(3) nonprofit organizations or by limited partnerships where
the sole general partner is a 501(c)(3) nonprofit organization. Units
receive HUD project based rental assistance that enables tenants to
occupy units at rents based on 30% of tenant income.
HUD Section 811
Program
Federal program, which provides direct capital assistance and
operating or rental assistance to finance housing designed for
occupancy by persons with disabilities who have income not
exceeding 50% of Area Median Income. The program is limited to
housing owned by 501(c)(3) nonprofit organizations or by limited
partnerships where the sole general partner is a 501(c)(3) nonprofit
organization.
HUD Section 236
Program
Federal program which provides interest reduction payments for
loans which finance housing targeted to Households with income not
exceeding 80% of area median income who pay rent equal to the
greater of Basic Rent or 30 percent of their adjusted income. All
rents are capped at a HUD approved market rent.
Income Limits Maximum Household income by county or Metropolitan Statistical
Area , adjusted for Household size and expressed as a percentage of
the Area Median Income for the purpose of establishing an upper
limit for eligibility for a specific housing program. Income Limits for
federal, state and local rental housing programs typically are
established at 30%, 50%, 60% or 80% of AMI. HUD publishes Income
Limits each year for 30% median, Very Low Income (50%), and Low-
Income (80%), for households with 1 through 8 people.
Low Income Person or Household with gross Household income below 80% of Area
Median Income adjusted for Household size.