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For the purpose of this program, adjusted gross family income is considered all income <br />from any source to any person residing in the applicant property. Income from wages, <br />salaries, tips, alimony, investment income and interest, retirement, social security, SSI, <br />veterans administration, public assistance such as unemployment compensation, welfare, <br />food stamps, Aid to Dependent Children, and other sources of public assistance will be <br />included in total annual income. <br /> <br />Exclusions include income of children under 18 years of age, foster care payments, <br />medical reimbursements, live-in aid, scholarships, hostile fire pay, training payments, <br />disabled PASS, gifts, and housing assistance payments. <br /> <br />Income of an occupant who is 18 years and under or is a full time student and is <br />not the primary income recipient will be deducted from the gross income to <br />determine adjusted gross income. <br /> <br />Non-recurring income will be deducted from gross income to determine adjusted <br />gross income. Examples of this income are the sale of property, stock, one-time <br />survivor benefits, etc. <br /> <br />Co <br /> <br />Additions and deletions from household income will be determined in accordance <br />with Section 8 guidelines including: <br /> <br />· $480 for each dependent under the age of 18 years of age; does not include <br /> head of household or spouse. <br />· $400 for any elderly family member (age 62 years of age or older). <br />,, Medical expenses in excess of 3 percent of annual income for handicapped or <br /> elderly households. <br /> <br />do <br /> <br />Both checking and savings bank accounts will be verified to determine if <br />applicant exceeds maximum cash assets of $25,000. Applicants whose income is <br />between 50 to 80 percent of the median income established for Martinsville by <br />HUD Section 8 Income Guidelines will be ineligible for rehabilitation assistance <br />if they have in excess of $25,000 in reserve, thereby permitting the structure to be <br />rehabilitated without CDBG assistance. <br /> <br />eo <br /> <br />Ten percent (10%) of liquid assets or actual interest earned shall be added to the <br />income in determining eligibility. <br /> <br />B. Property Eligibility <br /> <br />Property eligibility includes those structures "Suitable for Rehabilitation" that can be <br />brought up to HUD Section 8 Housing Quality Standards (HQS), including VDHCD <br />Supplemental Rehab Standards, within the allowable $25,000 (plus allowable exceptions) <br />in financial assistance available under this program. The unit must have a life expectancy <br /> <br /> <br />