Jeffrey Promnitz, Zeffert & Associates, Quizzle Answers 5/27/2022
Kyle is unemployed and receiving $362 per week. The verification from the unemployment agency states that Kyle has 8 weeks of benefits remaining and is not entitled to any extensions. Kyle has not secured another job at the time of the certification. How much income should be included from the unemployment benefits for Kyle?
C. $0 because it is ending
Answer: D. $18,824
$362 * 52 weeks = $18,824
We count the unemployment even though the agency states he is not entitled to any extensions. Per reference 4350.3 5-5/ 5-3 and 8823 Guide page 4-9, we always annualize unemployment unless a future job is verified. Please note, states differ on unemployment benefits so be sure to check with your state.
Jordyn is 15 and lives with her mother. Jordyn works part time at the local bakery and earns $3,000 annually. She also receives $932 per month in Social Security benefits from her disabled father who is not in the household. How much income should be included from Jordyn for this household?
Answer: C. $11,184
$932 * 12 months = $11,184
According to HUD’s income chart in the 4350.3 Figure 5-2 / 5-7, we do not count earned income for dependents under the age of 18, but we do count unearned income for dependents.
Actual income from assets is calculated based on which of the following items:
A. Income from assets is not counted unless assets exceed $5,000
B. Average Balance
C. Cash Value
D. Market Value
Answer: D. Market Value
Reference 4350.3 5-7 A 1 / 5-21 states that an asset has a market value and a cash value. The cash value is the market value, less the cost to turn the asset into cash. The market value is simply its dollar value on the open market.
Wheatley Lofts is a 100% LIHTC building going through an acquisition/rehab. ...
What is the maximum late fee amount you can charge at a HUD property?
When an asset is in the name of a minor child only, it is not counted as a...
Kyle is unemployed and receiving $362 per week. The verification from the un...
A tenant at Whispering Hollow apartments asks the property manager for permi...
A family who initially qualified is now over the 140% limit as of their May ...