Jeffrey Promnitz - Housing Credit Connect - NCSHA
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True or False? HUD’s Office of Multifamily Housing Programs issued recent guidance to housing providers regarding counting income from the Federal Pandemic Unemployment Compensation (FPUC) unemployment benefits, and the monthly child tax credit, provided by the American Rescue Plan Act (ARPA) to be included when calculating annual income.
Both sources of income, the $300 per week Federal Pandemic Unemployment Compensation (FPUC) unemployment benefits, and the monthly child tax credit, up to $300 per week are excluded from the annual income calculation.
For a HOME assisted unit with no other program requirements, full 3rd party recertification is required:
B. Every 6th year of tenancy
C. Every 5th year of tenancy
D. Every 6th year of the affordability period
Answer: D. Every 6th year of the affordability period
HOME Compliance Manual Page 37 (varies by state)
Charmel makes $500 bi-weekly at her job. Her roommate Jackson also makes $500 per pay period, and is paid semi-monthly. What is their total annual income from these jobs?
Answer: C. $25,000
$500 X 26 = $13,000 + $500 X 24 = $12,000
$13,000 + $12,000 = $25,000
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