Laserfiche WebLink
Search the Fed4p Register for changes to the Part Ainition of annual <br />(For best results, Indicate that all Federal Register editions should be searched by <br />the web site and type "24 CFR part 5", including the quotation marks, into the <br />Search Terms field on this web page.) <br />Welfare assistance is generally counted in the Part 5 definition of annual income. <br />Most PIS will therefore use the actual gross amount of welfare assistance the <br />household receives in the calculation of "annual income". However, in certain "as - <br />paid" localities a special calculation is required. <br />Part 5 Inclusions <br />This table presents the Part 5 income inclusions as stated in the Code of Federal <br />Regulations. <br />General <br />Category <br />Statement from 24 CFR 5.6o9 paragraph (b) (April 1, 1998) <br />1. Income from <br />wages, salaries, The full amount, before any payroll deductions, *of wages and salaries, overtime pay, <br />tips, etc. commissions, fees, tips and bonuses, and other compensation for personal services. <br />Net income from the operation of a business or profession. Expenditures for business <br />expansion or amortization of capital indebtedness cannot be <br />2. Business <br />Income <br />used as deductions in <br />determining net income. An allowance for depreciation of assets used in a business or <br />profession may be deducted, based on straight-line depreciation, <br />as provided in <br />Internal Revenue Service regulations. Any withdrawal of cash or assets from the <br />operation of a business or profession will be included in income, <br />except to the extent <br />the withdrawal is reimbursement of cash or assets invested in the operation <br />family. <br />by the <br />Interest, dividends, and other net income of any kind from real or personal properly, <br />Expenditures for amortization <br />Interest & <br />of capital indebtedness shall not be used as deductions <br />in determining net income. An allowance for depreciation is permitted only as <br />authorized in number 2 <br />. (above). Any withdrawal of cash or assets from an investment <br />Dividend Income will be included in income, except to the extent the withdrawal <br />is reimbursement of <br />cash or assets invested by the family. Where the family has net family assets in <br />excess of $5,000, <br />annual income shall include the greater of the actual income <br />derived from all net family assets <br />or a percentage of the value of such assets based <br />on the current passbook savings rate, as determined by HUD. <br />4. Retirement & <br />The full amount of periodic payments received from Social Security, annuities, <br />insurance policies, retirement funds, <br />Insurance <br />pensions, disability or death benefits, and other <br />similar types of periodic receipts, including a lump -sum amount <br />Income <br />or prospective <br />monthly amounts for the delayed start of a periodic payment (except as provided in <br />number 14 of Income Exclusions). <br />Payments in lieu of earnings, <br />unemployment & <br />Disaoility Income <br />such as unemployment and disability compensation, <br />worker's compensation and severance pay (except as provided in number 3 of Income <br />Exclusions). <br />Welfare Assistance. If the welfare assistance payment includes an amount specifically <br />designated for shelter and utilities that is subject to adjustment <br />by the welfare <br />assistance agency in accordance with the actual cost of shelter and utilities, the <br />amount of welfare assistance <br />6. Welfare <br />jAssistance <br />income to be included as income shall consist of: • the <br />amount of the allowance or grant exclusive of the amount specifically designated for <br />shelter or utilities; <br />1 <br />plus • the maximum amount that the welfare assistance agency <br />could in fact allow the family for shelter and utilities. <br />j <br />If the family welfare assistance <br />is ratably reduced from the standard of need by applying a percentage, the amount <br />calculated under this <br />paragraph is the amount resulting from one application of the <br />Percentage. <br />7. Alimony, Child <br />Periodic and determinable <br />Support, & Gift <br />Income <br />allowances, such as alimony and child su <br />and regular contributions or gifts received froOrt payments <br />m organizations <br />residing in the dwelling. or from snot <br />S. Armed Forces <br />Income�1 <br />All regular pay, special day and allowances of a member <br />of the Armed Forces (except <br />as provided in number 7 of Income Exclusions). <br />1 1, 25,`?002 <br />