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anticipated annual household income for the remainder of the current calendar year. In the <br />event a household, and/or a household member, experienced a recent, significant increase in <br />monthly income, generally defined as an increase of 20%, annual household income will be <br />determined by projecting the new monthly income for a period of twelve months. <br />Determination of and applicant's annual income to establish eligibility shall be at the sole <br />discretion of the City/City's Program Agent and the applicant will be required to provide <br />documentation satisfactory to the City to establish eligibility. Income shall include the <br />following: <br />a) The gross amount, before any payroll deductions, of wages and salaries, overtime pay, <br />commissions, fees, tips and bonuses, <br />b) The net income from operation of a business or profession or from rental or real or personal <br />property (for this purpose, expenditures for business expansion or amortization of capital <br />indebtedness shall not be deducted to determine the net income from a business); <br />c) Interest and dividends; <br />d) The full amount of periodic payments received from social security, annuities, insurance <br />policies, retirement funds, pensions, disability or death benefits and other similar types of <br />periodic receipts; <br />e) Payments in lieu of earnings, such as unemployment and disability compensation, worker's <br />compensation and severance pay; <br />f) Public Assistance. If the public assistance payment includes an amount specifically <br />designated for shelter and utilities which is subject to adjustment by the public assistance <br />agency in accordance with the actual cost of shelter and utilities, the amount of public <br />assistance income to be included as income shall consist of: <br />(1) The amount of the allowance or grant exclusive of the amount specifically designated for <br />shelter and utilities, plus <br />(2) The maximum amount which the public assistance agency could in fact allow for the <br />family for shelter and utilities, <br />g) Periodic and determinable allowances such as alimony and child support payments, and <br />regular contributions or gifts received from persons not residing in the dwelling; <br />h) All regular pay, special pay and allowances of a member of the Armed Forces (whether or not <br />living in the dwelling) who is head of the family or spouse; <br />i) In addition to the above, to adhere to Title 25 California Code of Regulations Section 6914, <br />where a family has net assets in excess of $5,000 (after subtracting the allowable down <br />payment and closing costs to purchase the home), the applicants' annual income shall <br />include the actual amount of income derived from the asset(s), or 10% of the value of the <br />asset(s), whichever is greater. If the total assets are less than $5,000, the actual amount of <br />income derived from the asset will be included as income. For this section, assets is defined <br />as equity in real property, trust funds, savings, stocks, bonds or other investment instruments <br />such as mutual funds, certificates of deposit, etc. Assets do not include recognized <br />retirement plans such as IRA's, Keogh plans, and 401 K plans. Assets may not exceed the <br />program's limit. <br />2 of 6 <br />