Determining Eligibility


Guidelines for Determining Eligibility for
Lexington Affordable Housing


There are a number of different programs in Lexington that offer Affordable Housing.

Some have preferences for those that live or work in Lexington or have family ties to Lexington.

Each program applies Income and Asset limits to qualify renters or home buyers.

The following guidelines may be used to determine eligibility levels, but once a level has been determined it is important to contact specific programs to determine availability and specific eligibility criteria for that program.

Programs exist for Low Income applicants and programs are being developed for applicants with up to 120% of the Area Median Income (AMI) for the Lexington area.   Also programs exist for those up to 80%, 100% and 110% of AMI.

The AMI or Area Median Income is set by the Department of Housing and Urban Development (HUD) and is updated each March.

It is based on family size and the relative economic status of each location.   The Lexington reference area is Boston.   The CY2013 median level for a family of 4 in the Boston Area is $94,400.

The following table may be used to determine family eligible income limits for representative median income levels that correspond to Lexington program opportunities.

 

 

Family Size

1
Person

2
Persons

3
Persons

4
Persons

5
Persons

6
Persons

7
Persons

8
Persons

Family Size Adjustment per HUD

70%

80%

90%

100%

108%

116%

124%

132%

Maximum Allowable Annual Family Income as a percentage of the median income defined by HUD

30% (Considered Extremely Low Income)

$19,850

$22,650

$25,500

$28,300

$30,600

$32,850

$35,100

$37,400

50% (Considered Very Low Income)

$33,050

$37,800

$42,500

$47,200

$51,000

$54,800

$58,550

$62,350

80% (Considered Low income)

$47,150

$53,900

$60,650

$67,350

$72,750

$78,150

$83,550

$88,950

100%

$66,100

$75,500

$84,950

$94,400

$101,950

$109,500

$117,050

$124,600

110%

$72,700

$83,050

$93,450

$103,850

$112,150

$120,450

$128,750

$137,050

120%

$79,300

$90,600

$101,950

$113,300

$122,350

$131,400

$140,450

$149,550


Since Family Asset information is considered in determining qualifying income levels the following procedures are worth noting:
  1. Determine Total Assets:
  2. Total Income From Assets:
  3. Determine 2% of Total Assets:
  4. Derive the Income from Total Assets that needs to be added to Family Income to get Gross Annual Income (Use the greater of Income from Assets or 2% of Total Assets)
  5. Enter the table with Gross Annual Family Income to estimate Program Eligibility.
After determining Income eligibility, contact the appropriate agency for the Program or Programs for which you may qualify.

See our Available Housing page for program and contact information.