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For purposes of determining your income from assets, HUD uses the following three-part definition for Family Assets:
(1) Net cash value after deducting reasonable costs that would be incurred in disposing of real property, savings, stocks, bonds, and other forms of capital investment, excluding interests in Indian trust land and excluding equity accounts in HUD homeownership programs.
NOTE: The value of necessary items of personal property such as furniture and automobiles shall be excluded.
(2) In cases where a trust fund has been established and the trust is not revocable by, or under the control of, any member of the family or household, the value of the trust fund will not be considered an asset so long as the fund continues to be held in trust. Any income distributed from the trust fund shall be counted when determining income from assets.
(3) In determining net family assets, Public Housing Agencies (PHAs) or owners, as applicable, shall include the value of any business or family assets disposed of by an applicant or tenant for less than fair market value (including a disposition in trust, but not in a foreclosure or bankruptcy sale) during the two years preceding the date of application for the program or reexamination, as applicable, in excess of the consideration received therefore. In the case of a disposition as part of a separation or divorce settlement, the disposition will not be considered to be for less than fair market value if the applicant or tenant receives important consideration not measurable in dollar terms.
Income from Assets - Section 8
Income Exclusions for Section 8
Financial Eligibility for Section 8
Code of Federal Regulations (CFR): 24CFR5.603
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