4 CSR 170-2.100 - Income Limitations
(1)
Except as provided in this section, all term(s) used in
4 CSR
170-2.100 shall bear the same meaning as the defined
term(s) described in 4 CSR 170-1.100 and the state
housing act.
(2) Housing units,
whether multi-family or single family, shall be subject to a maximum income
limit for families and individuals set at one hundred fifty percent (150%) of
applicable median family income for the area in which the housing unit is
located. "Applicable median family income" shall have the same meaning as set
forth in Section 143 of the Internal Revenue Code of
1986.
(3) Housing units
receiving federal and state resources, including tax-exempt bond authority, are
subject to the income limits, certifications, procedures, occupancy standards,
and other applicable requirements of federal and state laws and
rules.
(4) Income Information and
Verification.
(A) The approved mortgagor (as
such term is defined in section
215.010(1),
RSMo, and
4 CSR
170-3.100), or originating lender in the case of a
single-family loan, shall have the responsibility of determining the income and
eligibility of applicants for housing units on which the Missouri Housing
Development Commission (commission) provides financing. The approved mortgagor,
or originating lender in the case of a single-family loan, shall provide the
commission staff with verification of income as may be requested by the
commission staff in conjunction with loan origination and closing.
(B) After initial occupancy, the rental
occupant shall be responsible for reporting changes in his/her total annual
income and family composition and for providing the approved mortgagor and the
commission with an updated verification of income, as the commission staff may
request.
(C) If a rental occupant
shall fail, refuse, or neglect to furnish complete income information or family
composition or to cooperate in the verification of this information, the
commission staff may serve upon the occupant, by registered or certified mail
or in person, a statement of the information desired and a demand that the
information be furnished within a specified period of time not less than seven
(7) days. If an occupant so notified shall then fail to furnish the information
requested, the approved mortgagor may increase the rental rate on the unit so
occupied up to the maximum surcharge as prescribed in the schedule approved by
the commission staff for each development.
Notes
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