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Q & A | Updated Household Income List

income calculations q & a May 19, 2021

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"I have heard that the HUD Handbook 4350.3 Exhibit 5-1 is out-of-date.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 program). There is also clarification on student financial assistance income. Those regulations also legally apply to tax credit, tax-exempt bond, Rural Development, HOME, and National Housing Trust Fund programs. As such, it is important that we have up-to-date information. To provide a current list, HUD-CPD has released a version based on the up-to-date regulation for use by the HOME program. This document is a nice replacement to Exhibit 5-1 until it is updated. As a service to our readers, we have made this updated list available HERE. Enjoy! 


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