Transcription of CHAPTER 5. DETERMINING INCOME AND CALCULATING …
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CHAPTER 5. DETERMINING INCOME AND CALCULATING …
HUD occupancy Handbook 5-1 6/07 CHAPTER 5: DETERMINING INCOME & CALCULATING Rent REV-1 CHAPTER 5. DETERMINING INCOME AND CALCULATING RENT 5-1 Introduction A. Owners must determine the amount of a family s INCOME before the family is allowed to move into assisted housing and at least annually thereafter. The amount of assistance paid on behalf of the family is calculated using the family s annual INCOME less allowable deductions. HUD program regulations specify the types and amounts of INCOME and deductions to be included in the calculation of annual and adjusted INCOME . B. Although the definitions of annual and adjusted INCOME used for the programs covered in this handbook have some similarities with rules used by the Internal Revenue Service (IRS), the tax rules are different from the HUD program rules. C. The most frequent errors encountered in reviews of annual and adjusted INCOME determinations in tenant files fall in three categories: 1.
6/07 5-4 HUD Occupancy Handbook Chapter 5: Determining Income & Calculating Rent 4350.3 REV-1 the year, the owner may add the total income for the months before, and the total for the months after the increase**. Example – Calculating Anticipated Annual Income A teacher’s assistant works nine months annually and receives $1,300 per month.
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