True or False: When determining the eligibility of a household to move into a Rural Development property, the household’s total gross income is compared to the appropriate income limit based on the household size.
Answer: False. Adjusted income is used to determine whether an applicant is income eligible to reside in multi-family rental housing or to receive rental subsidies. HB-2-3560 6.9 page 6-8
Cammie’s LIHTC certification will be effective January 1st. Her checking account balance is $1,234 with a 6 month average of $500 with 0% interest. The current value of her savings account is $60,000 with 1% interest.
What is the total imputed income?
Answer: B. $600
John live at a HUD property and is receiving Supplemental Security Income (SSI). The benefit letter states the Gross Monthly Amount is $752. $105 is being withheld for the Medicare premium resulting in a Net Payment of $647. Also, $25 is being withheld for 6 months due to a prior overpayment. What is John’s total annual income?
Answer: D. $8,874
$752 X 6 months = $4,512 / $727 X 6 months = $4,362 / $4,512 + $4,362 = $8,874
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