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as dependents on federal tax forms, extended family members, and other adults who are also <br />purchasing the property. <br />Annual household income includes the income of all household members over the age of 18 <br />years who will be residing in the home. Annual household income includes all income for the <br />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 event <br />a household, and/or a household member, recently experienced a significant increase in monthly <br />income, generally defined as an increase of 20%, annual household income will be determined <br />by projecting the new monthly income for a period of twelve months. 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 <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 />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, <br />worker's compensation and severance pay; <br />fJ 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 <br />for 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 <br />or not living in the dwelling) who is head of the family or spouse; <br />2 <br />