Code of Federal Regulations Title 24. Housing and Urban Development § 24.93.151 Income determinations

(1) When determining whether a family is income-eligible, the grantee must use one of the following two definitions of “annual income”:

(2) The grantee may use only one definition for each HTF–assisted program (e.g., down payment assistance program) that it administers and for each rental housing project.

(1) Tenants in HTF–assisted housing. For families who are tenants in HTF–assisted housing, the grantee must initially determine annual income using the method in paragraph (d)(1) of this section. For subsequent income determinations during the period of affordability, the grantee may use any one of the methods described in paragraph (d) of this section, in accordance with § 93.302(e).

(2) HTF–assisted homebuyers. For families who are HTF–assisted homebuyers, the grantee must determine annual income using the method described in paragraph (d)(1) of this section.

(1) Examine at least 2 months of source documents evidencing annual income (e.g., wage statement, interest statement, unemployment compensation statement) for the family.

(2) Obtain from the family a written statement of the amount of the family's annual income and family size, along with a certification that the information is complete and accurate. The certification must state that the family will provide source documents upon request.

(3) Obtain a written statement from the administrator of a government program under which the family receives benefits and which examines each year the annual income of the family. The statement must indicate the tenant's family size and state the amount of the family's annual income;  or alternatively, the statement must indicate the current dollar limit for very low- or low-income families for the family size of the tenant and state that the tenant's annual income does not exceed this limit.