• Income and Rent Limits

The Broward County income amounts are determined by Florida Housing Finance Corporation which are based on *HUD's Income Limits Documentation System.


Broward County's Median Income is $60,900
Household size, EL=Extremely Low (30%), VL=Very Low (50%), L=Low (80%), M=Moderate (120%) 


Income Limit by Number of Persons in Household

1 person:  EL  $15,250, VL  $25,400, L  $40,600, M  $60,960

2 person:  EL  $17,400, VL  $29,000, L  $46,400, M  $69,600

3 person:  EL  $20,160, VL  $32,650, L  $52,200, M  $78,360

4 person:  EL  $24,300, VL  $36,250, L  $58,000, M  $87,000

5 person:  EL  $28,440, VL  $39,150, L  $62,650, M  $93,960

6 person:  EL  $32,580, VL  $42,050, L  $67,300, M  $100,920

7 person:  EL  $36,730, VL  $44,950, L  $71,950, M  $107,880

8 person:  EL  $40,890, VL  $47,850, L  $76,600, M  $114,840


Rent Limit by Number of Bedrooms in Unit

0 bedrooms:  EL  $381, VL  $635, L  $1,015, M  $1,524

1 bedroom:  EL  $408, VL  $680, L  $1,087, M  $1,632

2 bedrooms:  EL  $504, VL  $816, L  $1,305, M  $1,959

3 bedrooms:  EL  $659, VL  $942, L  $1,508, M  $2,262

4 bedrooms:  EL  $814, VL  $1,051, L  $1,682, M  $2,523

5 bedrooms: EL  $970, VL  $1,160, L  $1,856, M  $2,784



Home Sale Prices Cannot Exceed: New Construction $391,154, Existing Construction $391,154
Effective: March, 2016


REFERENCE

Area Median Income
An estimate from the Department of Housing and Urban Development (HUD) of how much money families in a given area earn, on average. The median divides the household income distribution into two equal parts: one-half of the cases falling below the median household income and one-half above the median.

Extremely Low-Income
A household must earn 30 percent or less of the median income for the area.

Very-low Income
A household must earn 50 percent or less of the median income for the area.

Low Income
A household must earn 80 percent or less of the median income for the area.

Moderate-Income
A household income does not exceed 120 percent of the median income for the area.


HUD Fair Market Rent Documentation System (FMR) 

Florida Housing Finance Corporation Income and Rent Limits 

*HUD Income Limits Documentation System

Homeownership and multifamily developments that participate in the programs funded by the Florida Housing Finance Corporation (FHFC) must meet the income and rental requirements as determined by the FHFC. Affordability is defined in terms of the income of the people living in the home. The family must be income eligible in terms of Broward County area median income (AMI), adjusted to family size. Affordable means that monthly rents or mortgage payments including taxes and insurance do not exceed 30 percent of the median annual gross income for the households as indicated in Section 420.9071 F.S.

  

*HUD: U.S. Department of Housing and Urban Development

  

  

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