LMI stands for "Low-to-Moderate Income" and is used in various contexts. Here are some examples:
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Housing: Lenders Mortgage Insurance (LMI) is insurance that protects the lender, not the borrower, and is usually a one-off payment made by the borrower at the time of loan settlement. Its a type of insurance you can expect to pay if you borrow more than 80% of your homes value.
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Community Development: LMI is used by the Department of Housing and Urban Development (HUD) for Community Development Block Grants for Disaster Recovery (CDBG-DR) .
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Labor Market Information: LMI describes any type of information used to make informed decisions about the labor market. It can be information based on numbers, such as detailed statistics related to employment wages and salaries, businesses and employees, industry sectors, as well as occupational trends and future employment forecasts. LMI is anything that provides timely, relevant, and accurate information about the labor market and helps you make important decisions related to that labor market.
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Income: To be classified as LMI, an individual or familys household income must be no greater than 80% of the area median income for the county or area where they live.
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Community Development: LMI can also refer to any census tract (or equivalent geographic area defined by the Bureau of the Census) in which at least 50% of households have low-to-moderate income.
In summary, LMI is a term used in various contexts, including housing, community development, labor market information, and income. It generally refers to low-to-moderate income households or areas.
