What Does Household Income Consist Of In Section 8?

You may wonder what your household income is and want to figure out what qualifies as Household Income. Don't worry! This passage can help resolve your confusions. Section 8 considers the following as Household Income:

1. Wages and salaries, overtime pay, commissions, fees, tips and bonuses and any other

compensation for personal services prior to payroll deductions. Notice that this applies to

all household members over 18 years old.

2. Recurrent payments from Social Security, annuities, insurance policies, retirement

funds, pensions, disability or death benefits.

3. Payments such as unemployment, disability, worker's compensation, and severance pay.

4. Welfare assistance, including payments made under other programs funded, separately or jointly, by federal, state, or local governments which are not excluded by Federal Statutes.

5. Allowances including alimony and child support payments, and regular contributions or gifts received from organizations or anyone that doesn't live in the home.

6. Net income from operation of a business or profession; interest, dividends, and other net income of any kind from real or personal property.

7. All regular pay, special pay and allowances of a member of the Armed Forces (Except Hostile Fire Pay).

8. Any earned income tax credit to the extent it exceeds income tax liability.

9. Your assets will also be accounted for household income by Section 8. They include:

1) Stocks, bonds, Treasury bills, certificates of deposit, money market accounts

2) Individual retirement and Keogh accounts

3) Individual retirement and Keogh accounts

4) Cash held in savings and checking accounts, safe deposit boxes, homes, etc.

5) Cash value of whole life insurance policies available to the individual before death

6) Equity in rental property and other capital investments

7) Personal property held as an investment

8) Lump sum receipts or one-time receipts

9) Mortgage or deed of trust held by an applicant

10) Assets disposed of for less than fair market value