CHDO Qualifications for buyers
Feb 25th, 2007 by jasonok6
Because the Jefferson Park Neighborhood Association is a Community Housing Development Organization (CHDO), some of the houses we build and rehab are financed using federal money. When purchasing these properties potential buyers must meet income guidelines as outlined by HUD (Dept. of Housing and Urban Development). These guidelines are based on the buyers current income, previous year’s income, and number of dependants. The maximum yearly income for families is as follows:
1 person family- $29,200.00*
2 person family- $33,350.00*
3 person family- $37,500.00*
4 person family- $40,700.00*
5 person family- $45,000.00*
6 person family- $48,500.00*
*Income exclusions include child support; money that was inherited, willed, or given as a gift; and life insurance proceeds received as a result of someone’s death.