10-29-1984 Council Packet - Laserfiche WebLink

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4. In cases where the Gross Income of the applicant's household is extremely low, the applicant must produce written verification of the monthly expenditures clearly itemizing the amount of money, and its source, spent on all of, but not necessarily only, the following applicable items: mortgage, contract for deed, insurance, loans, income and property taxes, transportation expenses, charge accounts, health costs, food, utilities, clothing, and entertainment. These expenses shall determine the household maintenance income. 5. Any income determination which results in a net LOSS of income must be considered as $O income. That is, an income loss from one source may not be subtracted from a separate source of income for the purpose o7 determining total household gross annual income. 6. Any educational grants, including VA benefits, which are paid directly to the individual must be included as income. Grants or scholarships which are paid -irectly to an educational institu- tion are not included as income, nor are educational loans. 7. Projected bonus and/or overtime will be determined by the grant administrator through contacting an employer. The amount may be based on prior years figures or average amounts awarded to other employees with the same status. The most recent IRS tax return may also be used for these purposes. 8. Self-employed persons must submit signed copies of IRS tax returns, as sent, for the previous two years. The grant adminis- trator will determine gross annual income by -raging the income of the last two years. Normal out-of-pocket ness expenses such as office rent, telephone, etc., are generclly deductible items. Property or equipment depreciation is not deductible. 9. income from rental properties, including rents from the property to be improved, shall be included in Gross Income. Expenses allowable for deduction for rental purposes include mortgage interest payment, utilities, taxes, insurance and maintenance. In no event shall such deductions exceed gross rental income. C. Asset Determination 1. "Gross assets" shall be defined as the current market value of an item listed minus existing indebtedness on that item. Assets shall include tFe following items: a. Cash on hand. b. Cash in checking accounts. c. Cash in savings accounts, including accounts held in trust. d. The cash value of lire insurance policies.