Between 100 percent and 200 percent of federal poverty thresholds. (Ex. A family of three that made between $14,494 and $28,988 in 2002)
For the purposes of this competition, low-income is defined as the four billion people earning less than US$1500/year (C.K. Prahalad & Stuart Hart, 2002. The Fortune at the Bottom of the Pyramid, Strategy + Business, Issue 26, 2002).
Under federal law, a family is considered low-income if the household income is below 80% of an area's median income (AMI) after adjustment for family size. Very low-income is at or below 50% of AMI.
50 percent and under of median income; can be used in reference to the income level of a borrower or a census tract
A household whose income does not exceed 80 percent of the median income for the area, as determined by HUD, with adjustments for smaller or larger families. HUD may establish income ceilings higher or lower than 80 percent of the median on the basis of HUD's findings that such variations are necessary because of prevailing levels of construction costs or fair market rents, or unusually high or low family incomes.
A household with a combined income that qualifies them for certain incentive programs. The definition of low-income can vary from organization to organization and is expressed in relation to the Federal poverty level Contact the organization offering the incentive for more information.
A definition based on family income as a percentage of an area's median income. Different programs may set different percentages. According to Section 8 of the U.S. Housing Act of 1937: A household whose annual income adjusted for family size is at or below 80 percent of the median income in a particular metropolitan area, as determined by HUD.