How is an applicants adjusted annual household income calculated?
For federally-assisted developments, a 12 month projection of the applicant’s household income is used with specific exclusions and deductions detailed in the HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. For non-federally-assisted developments, the actual adjusted federal gross income reported on the State (or federal) income tax return for the prior calendar year is used. The following deductions and exemptions are permitted: $17,000 (or wages, if less) for each secondary wage earner; $1,000 for each household member who filed a State income tax return and was not claimed as a dependent by another; and dependent exemptions, medical and dental expenses and taxable social security benefits actually claimed on the return.
For federally-assisted developments, a 12 month projection of the applicant’s household income is used with specific exclusions and deductions detailed in the HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. For non-federally-assisted developments, the actual adjusted federal gross income reported on the State (or federal) income tax return for the prior calendar year is used. The following deductions and exemptions are permitted: $20,000 (or wages, if less) for each secondary wage earner; $1,000 for each household member who filed a State income tax return and was not claimed as a dependent by another; and dependent exemptions, medical and dental expenses and taxable social security benefits actually claimed on the return.
Related Questions
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- How is an applicants adjusted annual household income calculated?
