I recently inherited the CRA Officer position and have a question regarding Low- and Moderate-income individuals.

I have read the regulations and figured out the income levels for all of the geographies in my assessment area. Now I would like to figure out who are the LMI indviduals in my assessment area.

The definitions for the determining the income level of geographies talk about "median family income" while the definitions for determining the income levels of individuals just say "area median income."

Are "median family income" and "area median income" the same thing? If they are not, where can I find the "area median income"?

Information received in the CRA workshop sponsored by the interagencies states:
Individuals:
Determine income category for each using HUD Updated MFI for year loan originated.

http://www.ffiec.gov/cra/censusproducts.htm#censusdata

Income Levels for Individuals
Low-income <50% of MFI
Moderate-income 50% to <80%
Middle-income 80% to <120%
Upper-income 120% and higher

The median family income that is used to determine the applicant's income class is published by HUD for each MSA and statewide non-MSA annually and released by the FFIEC. To determine an applicant's income class you would divide the annual income of the applicant by the HUD EMFI for the MSA or non-MSA in which the mortgage is located and use the formula cited by JMunns.

There are many estimated family incomes released by HUD for various housing programs, so make sure you use the correct figure. It also can be found in the Census database on the FFIEC website

Thank you both for your help.