What is considered low- or moderate-income or LMI? | socrates | CRA Learning Center | curated by findCRA (2024)

FAQs

What is low to moderate income CRA? ›

CRA classifies as low-income those geographies having a median family income of less than 50 percent of the area median income, and moderate-income those geographies having a median family income of at least 50 percent and less than 80 percent of the area median income.

These income levels can be further separated by low- or moderate-income. Moderate-income individuals have an annualized family income between 50% and 80% of the HUD area median income. Low-income individuals have an annualized family income of less than 50% of the HUD area median income.

Summary. Low-Income Housing Tax Credit Qualified Census Tracts must have 50 percent of households with incomes below 60 percent of the Area Median Gross Income (AMGI) or have a poverty rate of 25 percent or more.

A widely used federal guideline defines low income as $14,580 annually for one person and $30,000 for a family of four. By Hal M. Bundrick, CFP® Hal M.

Very low income is defined as not more than 50 percent of the area median income. Lower income is defined as not more than 80 percent of the area median income. Moderate income is defined as not more than 120 percent of the area median income.

Chicago style renders this phrase“low- to moderate-income families,” and others hyphenate it as “low-to-moderate-income families,” but this level of hyphen usage is subtle enough that it's not surprising that you don't find it consistently applied.

The statewide median household income from American Fact Finder 2011-2015 found to be $61,818. Based on this data, any census tract with a median household income at or below 80 percent of $61,818 (i.e., $49,454) identified as low-income.

Most activities funded by the Community Development Block Grant (CDBG) program are designed to benefit low- and moderate-income (LMI) persons.

Low income (relative income less than 50%) Moderate income (relative income 50% to less than 80%) Middle income (relative income 80% to less than 120%) Upper income (relative income of 120% or higher)

The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps). Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year.

What is an example of low income? ›

The term “low income” generally describes individuals and families whose annual income is less than 130-150% of the federal poverty income level. For example, the Supplemental Nutrition Assistance Program (SNAP) is available to individuals with a gross monthly income of 130% of the federal poverty income level.

According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

Generally, a modest income is less than $35,000 for a single person and less than $45,000 for a couple. Your tax situation is simple if, for example, you don't have a small business or income from a rental property.

Income with Moderate Growth — The primary goal of this type of investment portfolio is generating current income with a secondary focus on moderate capital growth. Growth with Income — This investment portfolio category focuses on modest capital growth in addition to generating current income.