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<br />the current calendar year to date (at the time of application submittal) plus the household's <br />anticipated annual household income for the remainder of the current calendar year. In the <br />event a household, and/or a household member, recently experienced a significant increase in <br />monthly income, generally defined as an increase of 20%, annual household income vvill be <br />determined by projecting the new monthly income for a period of twelve months. Income <br />shall include the follovving: <br /> <br />a) The gross amount:, before any payroll deduct:ions, of "Wages and salaries, overtime pay, <br />commissions, fees, tips and bonuses; <br /> <br />b) The net income from operation of a business or profession or from rental or real or <br />personal property (for this purpose, expenditures for business expansion or amortization <br />of capital indebtedness shall not be deducted to determine the net income from a <br />business); <br /> <br />c) Interest and dividends; <br /> <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 /> <br />e) Payments in lieu of eamings, such as unemployment and disability compensation, <br />vvorker's compensation and severance pay; <br /> <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 /> <br />(I) The amount of the allovvance or grant exclusive of the amount specifically designated <br />for shelter and utilities, plus <br /> <br />(2) The maximum amount vvhich the public assistance agency could in fact allovv for the <br />family for shelter and utilities; <br /> <br />g) Periodic and determinable allovvances such as alimony and child support payments, and <br />regular contributions or gifts received from persons not residing in the dvvelling; <br /> <br />h) All regular pay, special pay and allovvances of a member of the Armed Forces ("Whether <br />or not living in the dvvelling) vvho is head of the family or spouse; <br /> <br />4. The homebuyer shall use the home as its primary residence and the home may not be <br />rented to a second party. <br /> <br />5. Borrovver's total debt to income ratio may not exceed 40% of the borrovver's total <br />income. <br /> <br />2 <br />