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a household, and/or a household member, recently experienced a significant increase in monthly income, generally defined as an increase of 20%, annual household income will be determined by projecting the new monthly income for a period of twelve months. Income shall include the following: a) The gross amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses; b) The net income from operation of a business or profession or from rental or real or personal property (for this purpose, expenditures for business expansion or amortization of capital indebtedness shall not be deducted to determine the net income from a business); c) Interest and dividends; d) The full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts; e) Payments in lieu of earnings, such as unemployment and disability compensation, worker's compensation and severance pay; f) Public Assistance. If the public assistance payment includes an amount specifically designated for shelter and utilities which is subject to adjustment by the public assistance agency in accordance with the actual cost of shelter and utilities, the amount of public assistance income to be included as income shall consist of: (1) The amount of the allowance or grant exclusive of the amount specifically designated for shelter and utilities, plus (2) The maximum amount which the public assistance agency could in fact allow for the family for shelter and utilities; g) Periodic and determinable allowances such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling; h) All regular pay, special pay and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is head of the family or spouse; 4. The homebuyer shall use the home as its primary residence and the home may not be rented to a second party. 5. Borrower's total debt to income ratio may not exceed 40% of the borrower's total income. At the discretion of the City's Housine Division this minimum standard may be adjusted if extenuating circumstances exist (e :; buyer has minimal debt high FICO score down payment exceeding the 3% minimum etc L 6~Borrower may use a cosigner when qualifying for the first mortgage. The cosigner's total ~i-___ household income shall not be included as part of the household's total income when Deleted: <#>The first mortgage obtained for the purchase of the residence must be a Ca1HFA-approved mortgage (see www a hfacaggv/le~~ers) of a fixed interest rate with no negative amortisation, balloon payments or adjustable rate features. ¶ Formatted: Bullets and Numbering Deleted: However, t