Minimum income requirements
(c) Minimum income requirements. (1) At commencement of monthly homeownership assistance payments for the family, or at the time of a downpayment assistance grant for the family, the family must demonstrate that the annual income, as determined by the PHA in accordance with 5.609 of this title, of the adult family members who will own the home at commencement of homeownership assistance is not less than: (i) In the case of a disabled family (as defined in 5.403(b) of this title), the monthly Federal Supplemental Security Income (SSI) benefit for an individual living alone (or paying his or her share of food and housing costs) multiplied by twelve; or (ii) In the case of other families, the Federal minimum wage multiplied by 2,000 hours. (2) (i) Except in the case of an elderly family or a disabled family (see the definitions of these terms at 5.403(b) of this title), the PHA shall not count any welfare assistance received by the family in determining annual income under this section. (ii) The disregard of welfare assistance income under paragraph (c)(2)(i) of this section only affects the determination of minimum annual income used to determine if a family initially qualifies for commencement of homeownership assistance in accordance with this section, but does not affect: (A) The determination of income-eligibility for admission to the voucher program; (B) Calculation of the amount of the family's total tenant payment (gross family contribution); or (C) Calculation of the amount of homeownership assistance payments on behalf of the family. (iii) In the case of an elderly or disabled family, the PHA shall include welfare assistance for the adult family members who will own the home in determining if the family meets the minimum income requirement. (3) A PHA may establish a minimum income standard that is higher than those described in paragraph (c)(1) of this section for either or both types of families. However, a family that meets the applicable HUD minimum income requirement described in paragraph (c)(1) of this section, but not the higher standard established by the PHA shall be considered to satisfy the minimum income requirement if: (i) The family demonstrates that it has been pre-qualified or pre-approved for financing; (ii) The pre-qualified or pre-approved financing meets any PHA established requirements under 982.632 for financing the purchase of the home (including qualifications of lenders and terms of financing); and (iii) The pre-qualified or pre-approved financing amount is sufficient to purchase housing that meets HQS in the PHA's jurisdiction.