Shared Equity Rules In Contra Costa
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To be eligible for the program, a family's gross annual income must be below 50% of the Area Median Income (AMI) in Los Angeles County. Seventy-five percent of new admissions must have gross annual incomes at or below 30% of the AMI. The U.S. Department of Housing and Urban Development (HUD) determines the AMI yearly.
In Contra Costa County, the median income for a family of four is $147,900/year (as of June 2023). Here are examples of who needs affordable housing: ➢ A single person earning $24/hour ($50,000/year) would be considered Very Low-Income at 50% of the area median income or AMI.
Ing to AB-1482, the Tenant Protection Act of 2019, landlords in California are only permitted to increase rent by 5% plus 10% or the annual inflation rate, whichever is lower.
In Contra Costa County, the median income for a family of four is $147,900/year (as of June 2023). Here are examples of who needs affordable housing: ➢ A single person earning $24/hour ($50,000/year) would be considered Very Low-Income at 50% of the area median income or AMI.
Very-Low, Low and Moderate-Income Limits Household SizeVery-Low IncomeLow-Income 1 $11,550 or less $11,551 - $19,300 2 $13,200 or less $13,201 - $22,050 3 $14,900 or less $14,901 - $24,800 4 $16,550 or less $16,551 - $27,5504 more rows
