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0 • <br />Exhibit 3.1 -- 24 CFR Part 5 Annual income Inclusions <br />1. <br />FA <br />The full amount, before any payroll deductions, <br />of wages and salaries, overtime pay, <br />commissions, fees, tips and bonuses, and <br />other compensation for personal services <br />Net income from the operation of a business or <br />profession. Expenditures for business <br />expansion or amortization of capital <br />indebtedness cannot be used as deductions in <br />determining net income. An allowance for <br />depreciation of assets used in a business or <br />profession may be deducted, based on <br />straight-line depreciation, as provided in <br />Internal Revenue Service regulations. Any <br />withdrawal of cash or assets from the operation <br />of a business or profession will be included in <br />income, except to the extent the withdrawal is <br />reimbursement of cash or assets invested in <br />the operation by the family. <br />Interest, dividends, and other net income of <br />any kind from real or personal property. <br />Expenditures for amortization of capital <br />indebtedness shall not be used as deductions <br />in determining net income. An allowance for <br />depreciation is permitted only as authorized in <br />number 2 (above). Any withdrawal of cash or <br />assets from an investment will be included in <br />income, except to the extent the withdrawal is <br />reimbursement of cash or assets invested by <br />the family. Where the family has net family <br />assets in excess of 55,000, annual income <br />shall include the greater of the actual income <br />derived from all net family assets or a <br />percentage of the value of such assets based <br />on the current passbook savings rate, as <br />determined by HUD. <br />The full amount of periodic payments received <br />from Social Security, annuities, insurance <br />policies, retirement funds, pensions, disability <br />or death benefits, and other similar types of <br />periodic receipts, including a lump -sum amount <br />or prospective monthly amounts for the <br />delayed start of a periodic payment (except as <br />provided in number 14 of Income Exclusions). <br />S. Payments in lieu of earnings, such as <br />unemployment and disability compensation, <br />worker's compensation and severance pay <br />(except as provided in number 3 of Income <br />Exclusions). <br />6. Welfare Assistance. If the welfare assistance <br />payment includes an amount specifically <br />designated for shelter and utilities that is <br />subject to adjustment by the welfare assistance <br />agency in accordance with the actual cost of <br />shelter and utilities, the amount of welfare <br />assistance income to be included as income <br />shall consist of: <br />• the amount of the allowance or grant <br />exclusive of the amount specifically <br />designated for shelter or utilities; plus <br />• the maximum amount that the welfare <br />assistance agency could in fact allow the <br />family for shelter and utilities. If the family <br />welfare assistance is ratably reduced from <br />the standard of need by applying a <br />percentage, the amount calculated under this <br />paragraph is the amount resulting from one <br />application of the percentage. <br />7. Periodic and determinable allowances, such as <br />alimony and child support payments, and <br />regular contributions or gifts received from <br />organizations or from persons not residing in <br />the dwelling. <br />B. All regular pay, special day and allowances of a <br />member of the Armed Forces (except as <br />provided in number 7 of Income Exclusions). <br />Technical Gude for Determining Income and Allowances for the HOME Program — 13 <br />