Transcription of INCOME AND ASSET GUIDEBOOK FOR …
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INCOME AND ASSET GUIDEBOOK FOR …
11A Part 5, 01 Household Eligibility Requirements, 1 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY COMMUNITY DEVELOPMENT DIVISION PB 11A PART 5 INCOME AND ASSET GUIDEBOOK FOR HOMEOWNER AND RENTAL REHABILITATION PROGRAMS Grant administrators of the Community Development Division (CD) funds must certify that program recipients meet the Housing and Urban Development (HUD) and Michigan State Housing Development Authority (MSHDA) eligibility requirements. Therefore, CD has prepared this INCOME and ASSET GUIDEBOOK , as revised Policy Bulletin 11, to provide direction in Household Eligibility Requirements, INCOME , Assets and the Third Party Verification (TPV) Process. HOUSEHOLD ELIGIBILITY REQUIREMENTS Area Median INCOME (AMI) Limits CD grant funds are reserved to benefit low-moderate INCOME families and, depending on the type of program, the following maximum INCOME limits apply: Program Gross Annual INCOME at or below Homeowner Assistance 80% AMI home Rental Rehabilitation 60% AMI CDBG Rental Rehabilitation 80% AMI CDBG-assisted multi
Whose Income to Count See Policy Bulletin 16 for additional Household Eligibility Requirements. Adult Full-Time Dependent Students Living Away From Home.
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