2. HRSR 02-01-2016 - Laserfiche WebLink

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APPENDIX- DEFINITIONS HUD Project-Based Section 8-A federal government program that provides rental housing for very low-income families, the elderly, and the disabled in privately owned and managed rental units. The owner reserves some or all of the units in a building in return for a Federal government guarantee to make up the difference between the tenant's contribution and the rent. A tenant who leaves a subsidized project will lose access to the project-based subsidy. HUD Section 202 Program- Federal program that provides direct capital assistance and operating or rental assistance to finance housing designed for occupancy by elder household who have incomes not exceeding 50%of Area Median Income. HUD Section 811 Program- Federal program that provides direct capital assistance and operating or rental assistance to finance housing designed for occupancy of persons with disabilities who have incomes not exceeding 50%Area Median Income. HUD Section 236 Program- Federal program that provides interest reduction payments for loans which finance housing targeted to households with income not exceeding 80%Area Median Income who pay rent equal to the greater or market rate or 30%of their adjusted income. Income limits-Maximum households income by a designed geographic 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. MAXIMUM RENT BASED ON HOUSEHOLD SIZE AND AREA MEDIAN INCOME HENDRICKS COUNTY-2015 Maximum Rent Based on Household Size(@30%of Income) HHD Size 30% 50% 60% 80% 100% 120% Unit Type Min Max Min. Max. Min. Max. Min. Max. Min. Max. Min. Max. Min. Max. Studio 1 1 $366 -$366 $610 -$610 $732 -$732 $976 -$976 $1,220 -$1,220 $1,464 -$1,464 18R 1 2 $366 -$419 $610 -$696 $732 -$837 $976 -$1,116 $1,220 -$1,395 $1,464 -$1,674 2BR 2 4 $419 -$523 $698 -$871 $837 -$1,046 $1,116 -$1,394 $1,395 -$1,743 $1,674 -$2,091 3BR 3 6 $470 -$607 $784 -$1,011 $941 -$1,214 $1,254 -$1,618 $1,568 -$2,023 $1,881 -$2,427 4BR 4 8 $523 -$690 $871 -$1,150 $1,046 -$1,380 $1,394 -$1,840 $1,743 -$2,300 $2,091 -$2,760 'One-bedroom plus den and two-bedroom plus den units are classified as 1BR and 2BR units,respectively.To be classified as a bedroom,a den must have a window and closet. Note:4-person Hendricks County AMI is$69,700(2015) Sources: HUD,Novogradac,Maxfield Research Inc. Inflow/Outflow-The Inflow/Outflow Analysis generates results showing the count and characteristics of worker flows in to, out of, and within the defined geographic area. Low-Income- Person or household with gross household incomes below 80% of Area Median Income, adjusted for household size. Low-Income Housing Tax Credit-A program aimed to generate equity for investment in affordable rental housing authorized pursuant to Section 42 of the Internal Revenue Code. The program requires that a certain percentage of units built be restricted for occupancy to MAXFIELD RESEARCH&CONSULTING,LLC 119