What is a distressed census tract?
A distressed area is a middle-income census tract identified by the OCC that meets one or more of the following conditions: 4. An unemployment rate of at least 1.5 times the national average; A poverty rate of 20 percent or more; or.
What are qualified census tracts?
Qualified Census Tracts are those in which 50% or more of the households are income eligible and the population of all census tracts that satisfy this criterion does not exceed 20% of the total population of the respective area.
How do you determine low to moderate income census tracts?
The number was determined by the 2000 Census. If the Median Family Income % is < 50% and > 0 then the Income Level is Low. If the Median Family Income % is >= 50% and < 80% then the Income Level is Moderate. If the Median Family Income % is >= 80% and < 120% then the Income Level is Middle.
Is the census tract identified as a low income community?
Based on this data, any census tract with a median household income at or below 80 percent of $61,818 (i.e., $49,454) identified as low-income. The second definition is on the threshold designated as low-income by the HCD’s State Income Limits.
What is a distressed community?
c) A physically distressed community is an eligible local unit of government that has encountered catastrophic events such as floods or tornados.
What is an economically distressed area?
3161) provides that an area is economically distressed if it has an unemployment rate that is, for the most recent 24-month period for which data are available, at least 1 percent greater than the national average unemployment rate.
What is a small DDA?
DDA Definition The higher quotient is a proxy for greater difficulty of development in terms of construction cost relative to area income. DDA designations in metro areas apply to ZIP Code Tabulation Areas (known as a Small DDA or SDDA).
What does low Mod mean?
Take, for example, a neighborhood that gets a 50% for low mod – meaning the neighborhood median income is roughly half the average median income in the metro area or state.
What is considered low to moderate income in the United States?
Using that same guideline, a moderate-income person is someone whose total annual income is above 50% but less than 80% of the AMI or average income for the community where they live. That means, if the AMI is $60,000, you would need to make between $30,001 and $48,000 a year to be considered moderate-income.
What defines a low-income community?
Generally, a Low-Income Community (LIC) is defined by the U.S. Department of the Treasury as a census tract with a poverty rate of at least 20 percent or a median family income 80 percent or less than the area it is benchmarked against (metropolitan area for metropolitan tracts, state for rural tracts).
What is classed as a low-income in the UK?
The government’s department of work and pensions defines low pay as any family earning less than 60% of the national median pay. On this basis, there are more than 13 million people in the UK living in low-income households.