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APPENDIX - DEFINITIONS <br />HUD Project -Based Section 8 - A federal government program that provides rental housing for <br />very low- income families, the elderly, and the disabled in privately owned and managed rental <br />units. The owner reserves some or all of the units in a building in return for a Federal <br />government guarantee to make up the difference between the tenant's contribution and the <br />rent. A tenant who leaves a subsidized project will lose access to the project -based subsidy. <br />HUD Section 202 Program - Federal program that provides direct capital assistance and <br />operating or rental assistance to finance housing designed for occupancy by elder household <br />who have incomes not exceeding 50% of Area Median Income. <br />HUD Section 811 Program - Federal program that provides direct capital assistance and <br />operating or rental assistance to finance housing designed for occupancy of persons with <br />disabilities who have incomes not exceeding 50% Area Median Income. <br />HUD Section 236 Program - Federal program that provides interest reduction payments for <br />loans which finance housing targeted to households with income not exceeding 80% Area <br />Median Income who pay rent equal to the greater or market rate or 30% of their adjusted <br />income. <br />Income limits - Maximum households income by a designed geographic area, adjusted for <br />household size and expressed as a percentage of the Area Median Income, for the purpose of <br />establishing an upper limit for eligibility for a specific housing program. <br />MAXIMUM RENT BASED ON HOUSEHOLD SIZE AND AREA MEDIAN INCOME <br />HENDRICKS COUNTY -2015 <br />Maximum Rent Based on Household <br />Size <br />0' of Income) <br />Min. max. <br />Min. <br />max. Min. max. <br />Min. <br />max. <br />Min. <br />max. <br />Min. <br />Max. <br />Studio 1 1 $366 - $366 <br />$610 <br />- $610 $732 - $732 <br />$976 <br />- $976 <br />$1,220 <br />- $1,220 <br />$1,464 <br />- $1,464 <br />1BR 1 2 $366 - $419 <br />$610 <br />- $698 $732 - $837 <br />$976 <br />- $1,116 <br />$1,220 <br />- $1,395 <br />$1,464 <br />- $1,674 <br />2BR 2 4 $419 - $523 <br />$698 <br />- $871 $837 - $1,046 <br />$1,116 <br />- $1,394 <br />$1,395 <br />- $1,743 <br />$1,674 <br />- $2,091 <br />3BR 3 6 $470 - $607 <br />$784 <br />- $1,011 $941 - $1,214 <br />$1,254 <br />- $1,618 <br />$1,568 <br />- $2,023 <br />$1,881 <br />- $2,427 <br />4BR 4 8 $523 - $690 <br />$871 <br />- $1,150 $1,046 - $1,380 <br />$1,394 <br />- $1,840 <br />$1,743 <br />- $2,300 <br />$2,091 <br />- $2,760 <br />' 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 <br />closet. <br />Note: 4- person Hendricks County AMI is $69,700 (2015) <br />Sources: HUD, Novogradac, Maxfield Research Inc. <br />Inflow /Outflow -The Inflow /Outflow Analysis generates results showing the count and <br />characteristics of worker flows in to, out of, and within the defined geographic area. <br />Low - Income - Person or household with gross household incomes below 80% of Area Median <br />Income, adjusted for household size. <br />Low - Income Housing Tax Credit - A program aimed to generate equity for investment in <br />affordable rental housing authorized pursuant to Section 42 of the Internal Revenue Code. The <br />program requires that a certain percentage of units built be restricted for occupancy to <br />MAXFIELD RESEARCH & CONSULTING, LLC 117 <br />