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PART I: ANNUAL INCOME <br />6-LA. OVERVIEW <br />The general regulatory definition of annual income shown below is from 24 CFR 5.609. <br />5.609 Annual income. <br />(a) Annual income means all amounts, monetary or not, which: <br />(1) Go to, or on behalf of, the family head or spouse or to any other family member (even if <br />temporarily absent); or <br />(2) Are anticipated to be received from a source outside the family during the 12-month period <br />following admission or annual reexamination effective date; and <br />(3) Which are not specifically excluded in [24 CFR 5.609(c)]. <br />(4) Annual income also means amounts derived (during the 12-month period) from assets to <br />which any member of the family has access. <br />In addition to this general definition, HUD regulations establish policies for treating specific <br />types of income and assets. The full texts of those portions of the regulations are provided in <br />exhibits at the end of this chapter as follows: <br />~ Annual Income Inclusions (Exhibit 6-1) <br />~ Annual Income Exclusions (Exhibit 6-2) <br />~ Treatment of Family Assets (Exhibit 6-3) <br />~ Earned Income Disallowance for Persons with Disabilities (Exhibit 6-4) <br />~ The Effect of Welfare Benefit Reduction (Exhibit 6-5) <br />Sections 6-I.B and 6-I.C discuss general requirements and methods for calculating annual <br />income. The rest of this section describes how each source of income is treated for the purposes <br />of determining annual income. HUD regulations present income inclusions and exclusions <br />separately [24 CFR 5.609(b) and 24 CFR 5.609(c)]. In this plan, however, the discussions of <br />income inclusions and exclusions are integrated by topic (e.g., all policies affecting earned <br />income are discussed together in section 6-LD). Verification requirements for annual income are <br />discussed in Chapter 7. <br />iii29iio Page 6-2 <br />