very low-income
Defined in 1 place of the United States Code.
For purposes of section 2 4568 and 4569 of this title, the term “very low-income” means—
(i) in the case of owner-occupied units, income in excess of 30 percent but not greater than 50 percent of the area median income; and
(ii) in the case of rental units, income in excess of 30 percent but not greater than 50 percent of the area median income, with adjustments for smaller and larger families, as determined by the Director.
Source
- 2008–present12 U.S.C. § 4502Banks and Banking · Definitions · for purposes of this chapter
The term “very low-income” means—
(A) in the case of owner-occupied units, income not in excess of 60 percent of area median income; and
(B) in the case of rental units, income not in excess of 60 percent of area median income, with adjustments for smaller and larger families, as determined by the Secretary.
Source
- 1994–200812 U.S.C. § 4502Banks and Banking · Definitions · for purposes of this chapter
The term “very low-income” means—
(i) in the case of owner-occupied units, families having incomes not greater than 50 percent of the area median income; and
(ii) in the case of rental units, families having incomes not greater than 50 percent of the area median income, with adjustments for smaller and larger families, as determined by the Director.
Source
- 2008–present12 U.S.C. § 4502Banks and Banking · Definitions · for purposes of this chapter