Determining Income Eligibility for the HOME Program
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1 Determining Income Eligibility for the HOME Program A Training Offered by Minnesota Housing Partnership With a grant from the U.S. Department of Housing and Urban Development
2 Trainer: Lyn Burton, Executive Director Affordable Housing Connections, Inc. Affordable Housing Connections is a 501c3 nonprofit organization that has served the housing industry since AHC provides due diligence reviews and compliance reports to local governments and the Federal Deposit Insurance Corporation for over 10,000 apartment units in Minnesota, which are occupied by low and moderateincome renters. AHC also provides training and technical assistance to owners and property managers on a variety of programs used to develop income or rent restricted housing, including Sec 42 low income housing tax credits, HUD HOME funds, and the FDIC affordable housing program. Contact Lyn at (651) or by at lyn@ahcinc.net Affordable Housing Connections Business Partner to the Housing Industry since 1989
3 Determining Income Eligibility for the HOME Program Contents: List of Tabs-Training Packet Contents Training Agenda Trainer Bio and Contact Information Tab 1 HOME Program Overview - Home Investments Partnership Program - HOME Benefits Low Income - Key HOME Definitions - Eligible Activities - Tenant Based Rental Assistance - Homeowner/Homebuyer Activities - Rental Housing Activities - Period of Affordability - HOME Program Matching Requirements - Additional HOME Requirements
4 Tab 2 Tab 3 Income Targeting and Tenant Selection - Definitions of Annual Income - HOME Income Targeting - Tenant Selection - Comparing Income to HOME Income Limits - HOME Rent Limits - Comparing High and Low HOME Rent Limits - HOME Rent and Utility Allowance Calculation (example) - HOME Rental Housing Rent Determination Chart 2 (UA) - Utility Allowance Sources - HOME Rental Housing Rent Determination Chart 3 (Rents) Household Composition - Determining Household Composition - Whose Income to Count? - Live-in Aides - Minors - Temporarily Absent Family Member - Permanently Absent Family Member - Adult Students - Persons with Disabilities
5 Tab 4 Annual Income - When to Determine Household Income - Initial Certifications - Part 5 Definition of Gross Income - 24CFR Annual Income Definition - Annual Income Inclusions (Exhibit 3.1 HUD Technical Guide, p. 20) - Annual Income Exclusions (Exhibit 3.2 HUD Technical Guide, p. 21) - Anticipating Income - Assessing Income Information For copies of HUD Occupancy Manual , call or go to Tab 5 Treatment of Income from Assets - Treatment of Assets - Asset Inclusions - Asset Exclusions - Annual Income Net Family Asset Inclusions and Exclusions (Exhibit 3.8 HUD Technical Guide, p.30) - Anticipating Asset Income - Computing the Value of Assets - Determining Asset Income-Assets With Little or No Income - Assets Sold Below Fair Market Value - Examples of Assets Sold Below Fair Market Value
6 Tab 6 Sample Verifications on HOME - Annual calendars ( - The Work Number (verification sample) - Verification of Employment - Verification of Income-New Business - Verification of Income-Existing Business - Verifications of Pensions and Annuities - Verification of Social Security Benefits - Verification of Social Security Benefits (COLA) - Verification of Unemployment Benefits - Verification of Veterans Administration Benefits - Verification of Public Assistance Income - Verification of Alimony or Separation Payments - Verification of Child Support Payments - Verification of Recurring Cash Contributions - Verification of Income From Military Service - Verification of Assets on Deposit - Verification of Student Status
7 Tab 7 Verifying Annual Income - Verifying Income - Third Party Verification - Obtaining Third Party Verifications - Verification Tracking Form - The Work Number Verification Service - Clarifying Third Party Verification - Verification of Employment - Record of Oral Verification -Third Party Verification Unavailable?
8 Tab 8 Calculating Adjusted Income - Calculating Adjusted Income - Adjustments to Income - Deductions from Income By Household Type - Elderly Households - Disabled Households - Definition of Disability - Family Households - Examples of Categorizing Households - Elderly Disabled Household Deductions - Dependent Deduction - Child Care Deduction - Medical Deduction - Anticipating Medical Expenses - Disability Deduction - Self-Sufficiency Incentives for Persons with Disabilities - Medical and Disability Deductions - Adjustments to Annual Income (sample) - Case Study: Verification of Income - Calculating Part 5 Annual Income From Tenant Application - Calculating Part 5 Annual Income Using HUD s On-Line Income Calculator
9 Tab 9 Tab 10 Tab 11 Computing Annual Income: Three Methods - Computing Census Long Form Annual Income - Computing IRS Form 1040 Adjusted Annual (Gross) Income - Computing Part 5 Adjusted Annual (Gross) Income Computing Annual Income: Case Studies - Case Study (T. Williams) - Case Study (Galvin) Recertifying the Household - Annual Income Recertifications - Rental Housing Recertifications - Recertification of Annual Income by Tenant Family - Recertification of Annual Income by Government Programs - Tenants Who Are Over-Income at Recertification - Completing Retroactive Certifications/Recertifications
10 Tab 12 Tab 13 Tab 14 Multiple Funding Sources - Other Programs Used With HOME Funding - Key Program Differences - Managing HOME With Multiple Funding Sources Record Keeping - General Record Keeping - Homeowner / Homebuyer - Rental Housing -TBRA HOME Guidance Documents - HOME Investment Partnerships Final Rule (12/22/04) - Technical Guide for Determining HOME Income and Allowances -List of HOME Publications (4/06) - Selected Homefires policy notices Rent and Income Limits - Blank HOME Forms - Acceptable Forms of Verification (HUD Occupancy Handbook Rev-1, Appendix 3 (5/03)
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