Income Guidelines
The combined gross annual income of all household members must be below the U.S. Department of Housing and Urban Development (HUD) limits outlined below. Income is based on projected income. "Household size" includes all members living in the household and does not include anticipated births or adoptions. The income limits are subject to change on approximately an annual basis.
2009 Income Limits
1 person household = $38,200
2 person household = $43,650
3 person household = $49,100
4 person household = $54,550
5 person household = $58,900
6 person household = $63,300
7 person household = $67,650
8 person household = $72,000
For the city's downpayment program, the applicant's projected cash assets at the time of application cannot exceed 20% of the purchase price of the property. Cash assets include, but are not limited to: checking and savings accounts, certificates of deposits, earnest money deposit, gift funds, residential property assets, and cash on hand of all adult household members. Cash assets do not include Individual Retirement Accounts or other similar retirement investments to which access is limited or restricted.