What does “low-income” mean?
The National Credit Union Administration (NCUA) defines low-income as having “annual household income … at or below 80% of the median household income for the nation as established by the Census Bureau.” When the final 2000 census figures are released, median U.S. household income will be about $42,000, which means about $33,000 for a “low-income” household. All these figures can be adjusted upward if you’re located in a high-cost area. Adjustments range as high as 40% (for Hawaii). Different standards apply for employee credit unions. State regulators may also issue low-income designations. Please click here for more information about obtaining low-income designation.
