| TO: |
CHIEF EXECUTIVE OFFICER and COMPLIANCE OFFICER |
| SUBJECT: |
HUD's 1997 Adjusted Median Family Income Figures
|
In response to requests from financial institutions, attached is
a listing of 1997 median family income figures developed by the
Department of Housing and Urban Development (HUD) for each
metropolitan statistical area (MSA) and the statewide portions of
nonmetropolitan areas.
The FDIC and the other Federal financial supervisory agencies use
median family income figures to classify the income levels of
borrowers in Community Reinvestment Act (CRA) evaluations. HUD's
annually adjusted figures provide a viable measuring standard for
assessing an institution's level of lending based upon borrower
income. CRA regulations classify income level as low, moderate,
middle, or upper based on the area median income. Area median
income is defined as:
The attached listing shows for each MSA the median family income
figure established by the 1990 U.S. Census and HUD's estimated
median family income figure adjusted for 1997. The last two
pages of the listing show the 1990 U.S. Census figures and 1997
HUD figures for the nonmetropolitan portions of each state
(including all areas within the state that are outside an MSA).
For further information about these income figures or other CRA
issues, please contact your regional office of the FDIC's
Division of Compliance and Consumer Affairs shown on the attached
address list.
|
Carmen J. Sullivan |
|
Director |
Attachments
Distribution: FDIC-Supervised Banks (Commercial and Savings)
Note: Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center, 801 17th
St., N.W., Room 100, Washington, D.C. 20434 (800-276-6003 or
(703) 562-2200).
|
