Definitions of Income

on Apr 15, 2013 by BH-Housing | No Comments »

1. The full amount, before any payroll deductions, of wages and salaries, overtime pay commissions, fees, tips and bonuses, and other compensation for personal services.

2. The net income from operation of business or profession (for this purpose, expenditures for business expansion or amortization of assets shall not be deducted to determine the net income from a business);

3. Interest, dividends, and other net income net of any kind from real or personal property (for this purpose, expenditures for amortization of capital indebtedness and an allowance for depreciation of capital assets shall not be deducted to determine the net income from real or personal property). Where the family has net family assets in excess of $5000. Annual Income shall include the greater of the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook saving rate as determined by HUD;

4. The full amount of periodic payments received from social security, annuities,
insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts, including a lump-sum payment for the delayed start of a periodic payment;

5. Payment in lieu of earnings, such as unemployment and disability compensation, worker’s compensation, and severance pay (but see paragraph (d)(3) of this section);

6. Welfare Assistance: If the welfare assistance payment includes an amount specifically designated for shelter and utilities that is subject to adjustment by the welfare assistance agency in accordance with the actual cost of shelter and utilities, the amount of welfare assistance income to be included as income shall consist of;

a. The amount of the allowance or grant exclusive of the amount specifically designated for shelter or utilities; plus

b. The maximum amount that the welfare assistance agency could in fact allow the family for shelter and utilities. If the family’s welfare assistance is ratable reduced from the standard of need by applying a percentage, the amount resulting from one application of the percentage;

7. Periodic and determinable allowances, such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling;

8. All regular pay, special pay, and allowance of a member of the Armed forces (whether or not living in the dwelling) who is head of the family, spouse, or other person whose dependants are residing in the unit (but see paragraph (d)(5) below); and

9. Any earned income tax credit to the extent it exceeds income tax liability.

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