Section 15-22-184 - Income(a) The adjusted household income of a qualified person: (1) Purchasing a reserved housing unit shall not exceed one hundred forty per cent of median income; and(2) Renting a reserved housing unit shall not exceed one hundred per cent of median income. The adjusted household income shall be the income earned during the most recent calendar year preceding the date of application to purchase a reserved housing unit for which copies of filed state or federal tax returns are available.
(b) As used in this section, "adjusted household income" means the total income, before taxes and personal deductions, received by all members of the eligible borrower's household, including, but not limited to, wages, social security payments, retirement benefits, unemployment benefits, welfare benefits, interest and dividend payments but not including business deductions.(c) The assets of a qualified person shall not exceed one hundred twenty-five per cent of the applicable income limit set forth in subsection (a) above. As used herein, assets include, but are not limited to, all cash, securities, and real and personal property at current fair market value, less any outstanding liabilities secured by such assets, and any retirement accounts and gifts to assist in unit down payments. [Eff 9/8/86, comp 1/28/88, comp 2/24/90, am 12/15/94, am 8/4/95] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)
15-22-184 is based substantially upon § 15-17-304. [Eff 4/6/85; R 9/8/86]