How is a Low To Moderate Income buyer defined?
A purchaser whose income does not exceed the defined percent of the median income, when adjusted for family size, for the area in which the property is located. (See Mortgagee Letter 2001-30 Appendix C). The land use restriction addendum requires that all resales of discounted HUD Homes by HUD approved non-profit agencies must be to persons at or below 115% of area median income limits, adjusted for family size. Non-profit agencies must address this requirement in their affordable housing plan.
