AMGI - What does AMGI stand for? The Free Dictionary
References in periodicals archive
(3q) In the case of a low-income housing project for which the 15% of the low-income units are occupied by individuals whose income is 40% or less of AMGI
and an irrevocable election is made, this threshold is increased to 170%, but the income limitation for a new resident occupying a unit of comparable or smaller size cannot exceed 40% of AMGI
In New York City there is an exemption which allows owners to set aside 25% of the units to tenants with no more than 60% of AMGI
These tests require reserving a minimum of either (1) 20% of the units for residents whose income does not exceed 50% of AMGI
or (2) 40% of the units for residents whose income does not exceed 60% of AMGI
For example, one LIHTC property in Houston, Texas, contains approximately 200 units and has been allocated tax credits based on a commitment that a minimum of 85.91% of its units to occupancy by individuals or families with incomes 60% or less of AMGI
. For this property, 172 units out of the 200 (200 x 85.91% = 171.8) must be occupied by low-income residents.
42 and also sets the maximum allowable area median gross income (AMGI
) for the determination of income and rent restrictions.