Section 14-3503. AFFORDABILITY AND INCOME STANDARDS

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3503.1For the purposes of determining affordability in accordance with the requirements of the Act and this chapter, affordability shall be measured based on a front end ratio of thirty-five percent (35%) or less.

3503.2For the purposes of determining the income of a household, the land trust shall use the methods and procedures set forth in 24 C.F.R. § 92.203(b) (a subsection of the regulations promulgated by the United States Department of Housing and Urban Development to implement the HOME Investment Partnerships Program).

3503.3For the purposes of determining household income limits, the land trust shall use the area median income standards applicable to the Housing Production Trust Fund under section 2 of the Housing Production Trust Fund Act of 1988, effective March 16, 1989 (D.C. Law 7-202; D.C. Official Code § 42-2801).

source

Final Rulemaking published at 55 DCR 7917 (July 25, 2008).

                    
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