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Technical Guide for Determining Income and …
Technical Guide for Determining Income and Allowances for the HOME Program Third Edition January 2005 Department of Housing and Urban Development Community Planning and Development Office of Affordable Housing Programs HOME Model Series Prepared for the Office of Affordable Housing Programs by ICF Consulting, Inc. Preface The HOME Investment Partnerships (HOME) Program is a flexible and versatile funding resource for affordable housing. A fundamental component of using HOME funds effectively is ensuring that they are targeted to households that are low- and very low- Income . The HOME Program requires that participating jurisdictions (PJs) use one of three definitions of annual Income in order to determine the Income eligibility of applicants to their programs. PJs can choose from these options: Annual Income as used in HUD programs like Section 8 and defined in 24 CFR , Annual Income as reported on the Census long form for the most recent decennial census, and Adjusted gross Income as defined by the Internal Revenue Service (IRS) Form 1040 series for individual Federal annual Income tax reporting purposes.
Technical Guide for Determining Income and Allowances for the HOME Program . Third Edition . January 2005 . U.S. Department of Housing and Urban Development
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