Income Requirements
The income guidelines below are current through April 1, 2023. Our requirements are based on HUD income guidelines for the State of Arkansas’ medium income levels for Northwest Arkansas. Gross household income is based on all means of income generated by each adult in the household. This includes children 18 or over who are living in the home.Â
| Family Size | Minimum | Maximum |
|---|---|---|
| 1 | $31,050 | $49,650 |
| 2 | $35,450 | $56,750 |
| 3 | $39,900 | $63,850 |
| 4 | $44,300 | $70,900 |
| 5 | $47,850 | $76,600 |
| 6 | $51,400 | $82,250 |
| 7 | $54,950 | $87,950 |
| 8 | $58,500 | $93,600 |
How to calculate your monthly income:
| Pay Frequency | How to Determine Annual Income | Example | To determine monthly income, divide by 12 |
|---|---|---|---|
| Annually | Annual Gross Pay | $30,000 | $30,000/12 = $2,500 |
| Monthly | Use monthly gross pay = amount x 12 | $2,500 x 12 = $30,000 | Use monthly gross pay |
| Twice Monthly or Semi-Annually (1st and 15th) | Gross pay for one = pay period x 24 pay periods | 1,200 x 24 = $28,800 | $28,800/12 = $2,400 |
| Biweekly (every 2 weeks) | Biweekly gross pay x 26 pay periods | $1,200 x 26 = $31,200 | $31,200/12 = $2,600 |
| Weekly | Weekly gross pay x 52 pay periods | $600 x 52 = $31,200 | $31,200/12 = $2,600 |
| Hourly, Full Time | Hourly gross pay x 2,080 hours (40 hours/week x 52 weeks) | $15.00 x 2080 = $31,200 | $31,200/12 = $2,600 |
| Hourly, Less than Full-time | (average # of hours worked per week x 52 weeks) x hourly gross pay | (37.5 x 52) = 1950 hrs. x $14.50 = $28,275 | $28,275/12 = $2,356.25 |
