All of the assistance that’s provided for affordable housing—whether it comes from the town, state or federal programs—is subject to income guidelines. The U.S. Department of Housing and Urban Development (HUD) sets the limits each year. This means if your income is at or below these limits, depending on which program you’re applying for, you are eligible to be considered. For certain programs, the limit is based on 80% of the Area Median Income (AMI). For others, the limit is based on 60% of Area Median Income (AMI). Please consult the guidelines for each program to learn the limits that apply to that program.
The current income limits at 80% AMI for 2016 are:
These are the limits that apply to the First-time Buyers Loan Program. (For the limits that apply to the other programs, check the headings at the left.)
Some programs also have asset limits. Assets include but are not limited to the following, plus the value of land, real estate, etc.:
Life insurance policies
Other forms of investments
The rules of each program will identify what the asset limit is.