Please use this link on how to calculate income per current rules.
Income calculations have recently changed. Please refer to the link below to learn more.
Section 8/Rental Assistance Voucher Policy: If you receive a Section 8 or a Rental Assistance Voucher you are NOT eligible for a “Very Low” income unit.
VERIFICATION INCOME: No documentation is required upon the submission of a Preliminary Application. All income and other pertinent information is verified by third-party sources at the time of Final Application. Attached, you will find a checklist that provides the basis of the documentation that is most often required. Please note, however, that additional documentation may be requested, depending on the program and the specific source of income that we are attempting to verify.
RECERTIFICATION: For most programs, once you qualify and are certified for an affordable home that you buy or lease, subsequent changes in your income will have little or no effect on your eligibility. Certain rental properties may require re-certification of household on an annual basis. A few will require you to pay a higher rent if your income increases to a certain level.
Application Update:
Some application forms indicate that, when calculating income from assets, expenses relative to the sale are deducted from the equity prior to imputing .45% interest, which is then added to gross annual income. However, most non-federally funded programs do not make that deduction from equity prior to imputing an income and the current rate has been adjusted so as to comply with the current HUD Passbook Rate, which is subject to change.
Financial Support Clarification
(This does not include Child Support or Alimony)
The definition of income was amended so as to clarify that one-time contributions are not considered income, while regular payments of financial support or gifts are counted as regular income for the purposes of assessing eligibility under UHAC regulations.
Changing Household Composition or Income
PRELIMINARY PHASE:
Our policies allow any applicant to change their household composition or income during the preliminary phase of the application process, as long as we are notified in writing. To process such changes, we will need your name, application number or numbers, the name or names of the properties for which you applied, and the details of the change that you are reporting.
FINAL APPLICATION PHASE:
We have a long-held policy that prevents applicants from changing their household composition and/or their income to meet the requirements of the affordable housing program, once they have submitted their Final Application. The purpose of this policy is to discourage applicants from making temporary or other unverifiable changes in their household composition or income.
The policy states, “Current gross income” and household composition are determined at the time that the Final Application is submitted. Once submitted, whether it be complete or not complete, the household composition and the sources and types of income may NOT be modified. In the event that the applicant changes their household composition and/or their employment or other circumstances after the submission of the final application, the new circumstances would be considered only after a re-submission of a Preliminary Application. The Waiting List policies and procedures would apply upon receipt of the Preliminary Application.
NOTICE:
We do our best to describe the regulations and policies that govern the determination of household membership and income. In the event that we have not set forth a policy or regulation that addresses a particular situation, we reserve the right to use the regulations set forth in the HUD Handbook 4350 to the extent that it is on point and does not conflict with the UHAC Regulations.