Section 26-C2002. MEDIAN FAMILY INCOME

 

2002.1For purposes of the Act, the median family income amount for Washington, D.C. shall be the most recent estimate from the Office of Policy and Research Development of the U.S. Department of Housing and Urban Development.

 

2002.2The median family income amount for Washington, D.C. can be obtained from the U.S. Department of Housing and Urban Development website (www.huduser.org/datasets/il.html).

 

2002.3The following provides an example for calculating 120% of the median family income amount. It requires multiplying the borrower(s)'s income by 1.20. For example, if the income of the borrower(s) is $50,000, 120% of $50,000 is calculated as follows: $50,000 x 1.20 = $60,000. Thus, 120% of the borrower(s)'s income in the example would be $60,000. The Fiscal Year 2002 median family income estimate for the District of Columbia, as determined by §§ 2002.1 and 2002.2 is $64,100. Because 120% of the borrower(s) income is lesser than the median family income estimate for the District of Columbia ($64,100), the requirements of section 202(a) of the Act concerning insufficient repayment ability would apply to the borrower(s).

 

2002.4The Department shall periodically make the most recent median family income amount for Washington, D.C., as set forth in §§ 2002.1 and 2002.2, available on the Department's website (www.dbfi.dc.gov).

 

source

Final Rulemaking published at 49 DCR 10779, 10780 (November 29, 2002).