La. Admin. Code tit. 71 § III-505
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-505 - Rule Number HS1-1993-Definitions of Income ClassA. Whereas, the Bond Commission finds a need to adopt uniform definitions of the various income classes designated in applications relative to housing issues in the state of Louisiana.B. Therefore, the Bond Commission hereby adopts the following definitions which shall be applicable to all rules governing the issuance of housing bonds in the state of Louisiana . 1.Very Low Income- households whose incomes do not exceed 50 percent of the median income for the area, as determined and adjusted from time to time by HUD.2.Low Income- households whose incomes do not exceed 80 percent of the median income for the area, as determined and adjusted from time to time by HUD.3.Moderate Income- households whose incomes are between 81 percent and 95 percent of the median income for the area, as determined and adjusted from time to time by HUD.4.Middle Income- households whose income are between 96 percent and 120 percent of the median income for the area, as determined and adjusted from time to time by HUD.La. Admin. Code tit. 71, § III-505
Promulgated by the Department of the Treasury, Bond Commission, LR 19:1178 (September 1993).AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq.