La. Admin. Code tit. 16 § II-903

Current through Register Vol. 50, No. 11, November 20, 2024

Section II-903 - Definitions

A. Notwithstanding the definitions set forth in the LAC 16:I.301, the following terms, when used in this Chapter, are defined as follows.

Annual Family Income-stated annual income as reported by the borrower, not to exceed those incomes typical of the borrowers profession. Borrower(s) annual income as reported in the last two years complete tax returns may not exceed $99,000. Income will be from all sources and before taxes or with-holding, of all members of a family living in a housing unit.

Borrower-an individual or family applying to receive mortgage funding under the Workforce Housing Initiative Program.

Housing Unit-living accommodations intended for occupancy by a single family, consisting of one to two units, and which will be owned by the occupant thereof; one-two unit principal residences that are detached structures, condominiums, town homes/planned unit development or duplexes subject to Fannie Mae/Freddie Mac guidelines

La. Admin. Code tit. 16, § II-903

Promulgated by the Department of Treasury, Louisiana Housing Corporation, LR 41:401 (February 2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40.600.86 et seq.