All affordable housing programs have income eligibility requirements. For ownership housing programs, a household’s total income cannot exceed 80% of the Austin Median Family Income (MFI). The income of all adult members of the household is included when calculating the total household income. Certain items are included when calculating income and other items can be excluded from the income calculation.
Sources of Income Included in Calculating Household Income: Some examples include wages from employment, net income from self-employment, monthly Social Security or Disability checks, food stamps, and child support.
Sources of Income Not Included in Calculating Household Income: Income of children under age 18, college financial aid, income tax refunds, lump sum payments from such things as insurance claims, inheritance, and settlement payments arising from litigation.
Income from Assets Included in Calculating Household Income: Income from assets is calculated if the value of the assets exceeds $5,000. Examples of income from assets include interest, dividends, profit from royalties, and income from payments from an estate or trust fund. [NOTE: The value of the asset is not what is counted. It is the income the asset produces that is counted toward total household income.]