Income and Asset Details

 Important Note:

• You will need a min. of $500 invested in the purchase to qualify for Low Income NSP funds.

• You will need a min. of $1250 invested in the purchase to qualify for Moderate/Middle Income NSP funds.

• Max. of 120% median income for the Tampa Bay area (see chart below)

• Low Income Households can receive up to half of the amount of the sales price (0-50%) of the median income)

            Maximum Yearly Income

• 1 Person                      $20,700
• 2 Persons                    $23,700
• 3 Persons                    $26,650
• 4 Persons                    $29,600
• 5 Persons                    $31,950
• 6 Persons                    $34,350

• Moderate/Middle Income Households can receive up to $20,000 in Homebuyer Assistance (51-120% Median Income)

                        Maximum Yearly Income

• 1 Person                      $49,680
• 2 Persons                    $56,850
• 3 Persons                    $63,950
• 4 Persons                    $71,040
• 5 Persons                    $76,680
• 6 Persons                    $82,400

Essential Service Workers listed can receive an additional $10,000 NSP Funds.

• Government Employees – Local, State, and Federal
• School Board Employees
• Other Educational Employees, including Private Education and Higher Education
• Law Enforcement Personnel
• Active and Retired Military
• Health Care Workers

Acceptable Income

• Wages, Salaries, Overtime, Fees, Commissions, Bonuses

• Net income from the operation of a business or profession

• Interest, dividends, and other net income of any kind from real or personal property

• All gross periodic payments received from Social Security, SSI, welfare, annuities, insurance policies, retirement funds, pensions, disability or death benefits, and other similar types of periodic receipts.

• Payments in lieu of earnings, such as unemployment, worker's compensation and severance pay

• Periodic and determinable allowances, such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling

• All regular pay, special pay, and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is head of the family, spouse, or other person whose dependents are residing in the unit

Non-Acceptable Income

• Income from employment of children (including foster children) under the age of 18 years

• Payments received for the care of foster children

• Lump-sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and worker's compensation), capital gains and settlement for personal or property losses

• Educational Scholarships

Assets

• Savings accounts and checking accounts (6 months, all pages)

• Stocks, bonds, savings certificates, money market funds, and other investment accounts.

• Equity in real property or other capital investments

• The value of land, in excess of land allowable for housing production

• Cash value of trusts that are available to the household

• IRA, Keogh, and similar retirement savings accounts

• Contributions to company retirement/pension funds that can be withdrawn without retiring or terminating employment

• Assets that, although owned by more than one person, allow unrestricted access by the applicant

• Lump-sum receipts, such as inheritances, capital gains, lottery winnings, insurance settlements, and other claims

• Personal property held as an investment such as gems, jewelry, coin collections, antique cars, etc.

• Assets disposed of for less than fair market value during two years preceding

Non-acceptable Assets

• Necessary personal property

• Interest in Indian trust lands.

• Assets that are a part of an active business or farming operation. (Note: Rental properties are considered personal assets unless real estate is the applicant's main occupation.)

• Assets not accessible to the family and that provide no income for the family

• Vehicles specially equipped for the handicapped

• Equity in owner-occupied cooperative and manufactured homes in which the family lives

• Assets held in applicants' name but which are actually owned by someone else.

• Cash value of life insurance policies