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Income from Assets - Section 8

If the value of your Assets is $5,000 or less, then WorkWORLD adds the actual income that your family realizes from your assets to your family's Earned Income and Unearned Income to calculate your family's gross annual income. (WorkWORLD then subtracts any income exclusions to calculate your Gross Non-Excluded Income.)

If the value of your Assets is greater than $5,000, then WorkWORLD multiplies the value of your assets by HUD's Passbook Savings Rate. (The result is called your "imputed" income from assets.) WorkWORLD then compares your imputed income to the income you actually receive. The higher of the two amounts is considered your family's Income from Assets for calculation purposes. It is the amount used to calculate your Gross Non-Excluded Income.

NOTE: In the Housing Numerical Results, WorkWORLD shows your actual income from assets, not your imputed income from assets. WorkWORLD allows you to compare your actual income and expenses across situations, not the income amounts used to calculate your Section 8 rent.

In 24CFR5.609(b) HUD specifies that your family's Income from Assets includes:

"…interest, dividends, and other net income of any kind from real or personal property. Expenditures for amortization of capital indebtedness shall not be used as deductions in determining net income. An allowance for depreciation is permitted only as authorized in paragraph (b)(2) of this section. Any withdrawal of cash or assets from an investment will be included in income, except to the extent the withdrawal is reimbursement of cash or assets invested by the family."

Paragraph (b)(2) says:

"An allowance for depreciation of assets used in a business or profession may be deducted, based on straight-line depreciation, as provided in Internal Revenue Service regulations."

NOTE: The Code of Federal Regulations (CFR) is available at: http://www.gpoaccess.gov/cfr/.

Source:

Code of Federal Regulations (CFR): 24CFR5.609(b)

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Section 8 Housing Overview

Federal Rent Assistance

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Income from Assets - Section 8

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