Low-Income Individual Law and Legal Definition

According to 15 USCS § 689 (2), [Title 15. Commerce and Trade; Chapter 14B. Small Business Investment Program; Investment Division Programs; New Markets Venture Capital Program] the term low-income individual means “an individual whose income (adjusted for family size) does not exceed--

(A) for metropolitan areas, 80 percent of the area median income; and

(B) for nonmetropolitan areas, the greater of--

(i) 80 percent of the area median income; or

(ii) 80 percent of the statewide nonmetropolitan area median income.”