La. Admin. Code tit. 16 § II-803
Annual Family Income-annual income from all sources before taxes or withholding of all members of the family living in the housing unit. Family annual income may not exceed 115 percent or less of the applicable median family income except in the case of a targeted area residence, in which instance the family annual income may not exceed 140 percent or less of the applicable family income.
Borrower(s) -an individual or family applying to receive mortgage funding under the LHC MCC Program.
Eligible Property-single family residence, planned unit development, condominium, or manufactured housing on a permanent foundation which is owned or being purchased and qualifying as real estate.
Housing Unit-living accommodations intended for occupancy by a single family, consisting of one unit, and which will be owned by the occupant thereof; or, one unit principal residences that are detached structures, condominiums, town homes or planned unit development subject to Fannie Mae/Freddie Mac guidelines.
Program Type-FHA, VA, Rural Development, Fannie Mae or Freddie Mac Programs. Fixed rate and 30-year term required.
Purchase Price Requirements-the acquisition cost of the principle residence may not exceed 90 percent of the average area purchase price except in the case of a targeted area residence wherein the acquisition cost may not exceed 110 percent of the average area purchase price.
Targeted Area-that part of the eligible loan area that has been designated as a qualified census tract or an area of chronic economic distress in accordance with section 143(j)(3) of the Internal Revenue Code or as a qualified census tract in accordance with section 143(i)(2) of the Internal Revenue Code.
La. Admin. Code tit. 16, § II-803