Quiz 11/24/2018: New Income Exclusions

Our Blog just made available an Updated List of income inclusions and exclusions for affordable housing programs. It is available HERE. This week we test reader's knowledge of the changes. 1. The Job Partnership Training Act programs are gone and JTPA is thus removed from the new list of excluded income. True or False Bonus question: how is JTPA still relevant to the tax credit program? 2. For section 8 recipients, all student financial assistance from the Higher Education Act of 1965 is excluded as income. True or False 3. Of the following, which is excluded by the new regulations: A. Military hazardous duty pay. B. Amounts garnished from social security payments for past due alimony. C. R

Update Your Income List - With Bonus Download!

Question from a Blog Reader "I have heard that the HUD Handbook 4350.3 Exhibit 5-1 is out-of-date. Is this true? My state tax credit agency requires me to use this list. If the one in the Handbook is not accurate, where can I get an updated list?" Answer What you heard was correct. Exhibit 5-1 is an exact reproduction from the regulations, and lists what is legally counted and not counted as income for HUD housing programs. This Exhibit has not been updated for regulatory changes that were published in 2014 and 2016, which happened since the Handbook's 2013 Change 4 release. There are several new exclusions on the list and some obsolete exclusions have been removed (such as the extinct JTPA

Quiz 11/06/2018: Income for Dependents

$480 | $0 | Unlimited From the options above, select the correct answer for the described household member. 1. The maximum earned income counted for minor dependents. 2. Student financial assistance counted for adult dependents. 3. The maximum unearned and asset income counted for minor dependents. 4. The maximum earned income counted for adult dependents. 5. Student financial assistance for minor dependents. 6. The maximum unearned and asset income counted for adult dependents. CLICK HERE for answers to this week's quiz

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Costello Compliance

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