Income Limitations

PURPOSE: This rule prescribes the income limitations for persons and families wishing to rent or purchase housing financed by or through the Missouri Housing Development Commission. (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. AUTHORITY: section 215.030(5), (12), and (19), RSMo 2000.* Original rule filed May 24, 2010, effective Jan. 30, 2011. *Original authority: 215.030, RSMo 1969, amended 1974, 1982, 1985, 1989, 1993, 1995, 1998.