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.
accessibility of housing, the civil rights-related definitions apply. 2. When used in the context of eligibility under multifamily subsidized housing programs, the program eligibility definitions apply. NOTE: See the Glossary for specific definitions and paragraph 2-23 for an explanation of this difference. Figure 5-1: Key Terms • Adjusted income
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