The Section 8 Series (Parts 1, 2 & 3): Determining Income and Calculating Rent

Chapter 5 of the 4350.3 Rev-1

This course provides participants a detailed study of the contents of Chapter 5 of the 4350.3 Rev-1: Determining Income and Calculating Rent. We discuss the requirements regarding annual income and the process for calculating a family’s annual income to determine eligibility. This includes an expansive discussion of earned income and unearned income, including determining income from assets.

The course also covers the requirements for determining adjusted income based on allowable deductions as well as methods for calculating the tenant’s portion of rent under HUD’s Multifamily Project-Based Section 8 program. In addition, this course covers the requirements for verifying information necessary to determine income eligibility and rent. Throughout the course, participants are provided with opportunities to practice these skills.

Specific income and asset topics covered in this course include:

  • Annual Income Inclusions and Exclusions
  • Whose Income Is or Is Not Included
  • Methods of Calculating Income
  • Regular Employment Income
  • Sporadic Employment Income
  • Self-Employment
  • Alimony and Child Support
  • Annualizing Unearned Income Amounts
  • Unemployment
  • Social Security
  • Supplemental Security Income (SSI)
  • Adjustments to Annual Income after Prior Overpayment
  • Lump Sum Payments Included as Annual Income
  • Delays in Income versus Disputes in Income
  • Income from Training Programs
  • Zero Income
  • What Is and Is Not an Asset
  • Fair Market Value and Cash Value
  • Accurately Computing Cash Value of Assets
  • Imputed Income: What it is and When to Compute It
  • Divestiture of Assets
  • How to correctly compute specific types of assets, including Trusts, Annuities, Real Estate, Mutual Funds, and Stocks

Overlying Concepts
Introduction
The 4350.3 and HUD's Directive System
Types of Income, Eligibility, and Rent Calculations
Verification
Consent Forms
Acceptable Methods of Verification
Effective Term of Verifications
Specific Requirements for Verification
Annual Income
Calculating Gross Annual Income
Rounding Guidance
Income to be Counted
Topic Test
Calculating Earned Income
Employment Income
Calculating Gross Employment Income
Calculating an Anticipated Increase
Seasonal Employment
Employment Verification
Calculating Average Income from Verifications
Annual Income from Self-Employment and Business
Special Considerations for Military Pay
Topic Test
Unearned Income Excluding Income from Assets
Unearned Income
Unemployment Income
Child Support and Alimony
Social Security Benefits and Public Assistance
Lump Sum and Periodic Payments
Tenant Service Stipend
Income from Course Programs
Gifts and Contributions
Zero-Income Households
Topic Test
Asset Income
Unearned Income from Assets
Defining Assets
Determining Income from Assets
Calculating Income from Assets
Assets Disposed of for Less than Fair Market Value
Jointly Owned Assets
Key Aspects when Calculating Income from Assets
Checking, Savings and Certificates of Deposit
Direct Express Cards
Stocks and Mutual Funds
Annuities
Retirement and Pension Accounts
Trusts
Mortgages and Deeds of Trust
Real Estate
Life Insurance
Savings Bonds
Cash on Hand
Topic Test
Deductions and Adjusted Income
Deductions and Adjusted Income
Dependent Deductions
Child Care Deductions
Disability Assistance Expense Deduction
Disability Assistance Expense Relative to Auxiliary Apparatus
Medical Expense Deductions
Calculating a Medical Expense Deduction in Addition to a Disability Assistance Expense Deduction
Elderly Family Deductions
Topic Test
Rent Calculation
Calculating Total Tenant Portion
HUD Form 50059
Topic Test
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$499
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