Title
Consider/Discuss/Act on Income Limits for Homebuyer Assistance Program
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: June 9, 2017
DEPARTMENT: Housing and Community Development Department
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
• Current income levels are 80% Area Median Family Income (AMFI) as set by HUD.
• A household of four is $58,700 at 80%.
• The AMFI for the Dallas Metro FMR Area is $73,400 for a household of four.
BACKGROUND INFORMATION:
• TDHCA program goes up to 120% AMFI in non-targeted areas.
o 1-2 Persons: $76,591
o 3 or more: $88,080
• SETH Income Limits: $82,455 FHA/$100,380 Conventional.