Affordable Housing Housing for which the occupant is paying no more than 30 percent of his or her income for gross housing costs, including utilities.
Income is a pointer to Annual Income Annual Income The HOME Program allows the use of three income definitions for the purpose of determining applicant eligibility:
1. annual income as defined in 24 CFR 5.609; or 2. annual income as reported under the Census Long Form for the most recent decennial census; or 3. adjusted gross income as defined for purposes of reporting under Internal Revenue Service (IRS) Form 1040 series for individual Federal annual income tax purposes.
(1 & 2 are gross income) Adjusted Income "Adjusted income" is "annual (gross) income" reduced by deductions (or allowances) for dependents, elderly households, medical expenses, disability assistance expenses, and child care. (The HOME Program allows the use of three definitions of "annual income.") Adjusted income is used only under the certain circumstances described in the "Calculating Income Eligibility" module.
All three income models, even adjusted, is pre-tax.
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Date: 2006-04-12 05:26 pm (UTC)HUG glossary:
http://www.hud.gov/offices/cpd/library/glossary/a/index.cfm
Affordable Housing
Housing for which the occupant is paying no more than 30 percent of his or her income for gross housing costs, including utilities.
Income is a pointer to Annual Income
Annual Income
The HOME Program allows the use of three income definitions for the purpose of determining applicant eligibility:
1. annual income as defined in 24 CFR 5.609; or
2. annual income as reported under the Census Long Form for the most recent decennial census; or
3. adjusted gross income as defined for purposes of reporting under Internal Revenue Service (IRS) Form 1040 series for individual Federal annual income tax purposes.
(1 & 2 are gross income)
Adjusted Income
"Adjusted income" is "annual (gross) income" reduced by deductions (or allowances) for dependents, elderly households, medical expenses, disability assistance expenses, and child care. (The HOME Program allows the use of three definitions of "annual income.") Adjusted income is used only under the certain circumstances described in the "Calculating Income Eligibility" module.
All three income models, even adjusted, is pre-tax.