Eligibility criteria for county housing

In order to be eligible, an applicant must meet the following criteria: 1. Be a citizen of the United States or a permanent resident alien who is a permanent resident of the county; 2. Be eighteen years of age or older; 3. Have a gross annual family income (not to include the income of minors) which does not exceed the following: Family Size Maximum Gross Annual Family Income Limits 1 $38,234 2 $41,984 3 $43,234 4 $44,484 5 $45,734 6 $46,984 7 $48,234 8 or more $49,484   Should the interest rate for the United States Veteran's Administration (VA's) veteran's housing-guaranteed and insured loans program exceed twelve and one-half percent, the department shall increase the maximum gross annual family income limit for a family of four by four percentage points for every one-half of one percent increase in the interest rate for the VA's veterans housing-guaranteed and insured loans program. The income limits for smaller and larger families shall also be increased by the same amount. The maximum gross annual family income limits shall be adjusted semiannually on the first day of January and July of each calendar year. Should the interest rate for the VA's veterans housing-guaranteed and insured loans program fall below twelve and one-half percent, the maximum gross annual family income limits specified in this section shall continue to apply. Initial determination for compliance with the maximum gross annual family income limit provision shall be made by the department on the basis of the information provided on the final homeownership application. Final determination for compliance with the maximum gross annual family income limit provision shall be made by the prospective mortgagee at the time the applicant's income verification data is received. 4. Have assets totaling no more than the maximum gross annual income limit by applicable family size. Assets shall include all cash, securities, stocks, bonds and real property. Real property shall be valued at fair market value less liabilities on such real property; 5. Does not now nor for a period of three years prior to the submittal of the final homeownership application, have controlling interest in real property in fee or leasehold in the United States where such property is deemed suitable by the director for dwelling purposes; 6. Is able to finance the purchase of the county housing unit. ( Ord. No. 5676 , § 5, 2024; Ord. 1967 § 1 (part), 1990: Ord. 1382 § 1, 1984: Ord. 1336 §§ 1 (part) and 2 (part), 1983)