Section 8

Just need some clarification on how others explain qualifying income. 

First you need to look up the HUD guidelines in effect at the time of the lease. Usually a state-based department will publish these. They have a table based on AMI (like 40%, 60% is usual, etc.) and then you look at household size to find a median income percentage for the entire family. Applicants need to understand that the total tenant income is less than that number.

Then depending on how the income restriction is recorded (usually against title for a period of time), you will need to adjust the rent rate to meet the type of unit (Studio to 5 beds).

You'll have to do an income verification annually (or you should) for your records. Sec 8 vouchers are a separate thing and can be used on market-rate units and income-restricted units, but usually the voucher specifies max rent allowable.

Am a broker that does LIH, so there are probably operators that can point out the flaws in my points here. I always can learn something

I am presuming from the topic that you're looking at income-based rent? Are you talking about different Area Median Incomes, or just the general "how we figure your income for rent purposes"?