Median
Household Income
Although
there are a number of ways to determine if your
credit union qualifies for low-income designation,
probably the quickest way is by using
zip codes to determine median household income.
The following steps can be used to guide you through the process once the median household income is obtained.
Step
1. Perform a zip code sort of credit union membership. Narrow
results
to the fewest zip codes representing at least 50% of the
membership.
Step 2. Make
a copy of these instructions.
Step 3. Open zip
code file.
Step 4.
Identify the corresponding Median Household Income to the member(s) zip code.
Determine if the majority of the credit union's membership zip codes correspond
to a Median Household Income that falls below the NCUA's low-income MHI Standard
of $33,595.
Step 5. Complete
the attached worksheet in Ms Excel Format or PDF.
Review
your resulting information to make sure that at
least 50.1% of members reside within the qualifying zip codes. Then, using the sample letter below, addressed to the appropriate regional director, submit
this information along with supporting documentation.
Sample
Certification Letter
( PDF
Version)