Tuesday, January 09, 2007

Half of What Whole. Income Qualification.. Formula

The median income for a household in the county was $42,066, and the median income for a family was $46,574. Males had a median income of $37,025 versus $27,993 for females. The per capita income for the county was $16,856. About 12.60% of families and 15.80% of the population were below the poverty line, including 20.60% of those under age 18 and 8.40% of those age 65 or over

The Above is data from the US Census... Wikopedia:

So a Single Person would be half of 16,856.00 that LLIncome or 50% would be $ 8,326.00.
30% of that income would be $2497.89 divided by 12 months would be $208.16 per month maximum rent per the land lease agreement, if that portion of the lease is to be enforced.

It is apparent, neither of the folks crunching the numbers were crunching the Individual Income number as income but "Household Number". IF these renters are single which is the majority in the other complexes, this individual calculation may be more in line with the lease condition. Perhaps what we see here is a requirement that the Corporation for Better Housing will find it impossible to function under.

It is clear that clause in the land lease is an interesting means of setting the rent limits. I know the current figures on Median Income Levels is updated every 6 months. But, in looking at the numbers provided tonight at the meeting the did not use INDIVIDUAL INCOME NUMBERS but HOUSEHOLD NUMBERS. There in lies the real fluke in the calculation.