Laserfiche WebLink
EXHIBIT I <br />Chapter Three - Calculating Annual (Gross) Income <br />Exhibit 3.6 - Calculating Part 5 Annual Income - Example <br />Family Members Position In Family Age Income Sources <br />Murphy Brown Head 38 Earns $550 semi-monthly as a manager in the <br /> housewares department of the local Kmart, and <br /> receives $100/month in child support. <br />Eldon Bernakey Boyfriend 36 Earns $250/week as a part-time painting instructor <br /> at the local school for the 40 weeks/year when <br /> school is in session; attends evening classes at the <br /> Art Institute, which he pays with a State Student <br /> Incentive Grant of $3,500; and pays $50/month in <br /> child support for his twins - when he can. <br />Ave Brown Son 3 No income. <br />Under the HOME Program, the Income Limit for a family of three in the jurisdiction is $25,700. Is this <br />household eligible for HOME assistance? <br />ANTICIPATED ANNUAL INCOME <br />Family <br />Members a. Wages/ <br />Salaries b. Benefits/ <br />Pensions c. Public <br />Assistance d. Other <br />Income e. Asset <br />Income <br />Murphy $13,200 $1,200 Enter the <br />Eldon $10,000 greater of <br /> lines 4 or 5 <br /> from above <br /> in e. <br />6. Totals a. $23,200 b. C. d. $1,200 e. N/A <br />7. Enter total of items from 6a. through 6e. This is Annual Income ............................. 7. $24,400 <br />This family is eligible for assistance. Its total income is $24,400, which is below the Low- Income Limit. <br />Explanation <br />Murphy Murphy's annual wage income is $550 semi-monthly x 24 periods/year, or $13,200. In <br />addition, she receives $100/month x 12 months = $1,200/year. This is other income. <br />Eldon Eldon's wage income is based on 40 weeks of work: $250/week x 40 weeks/year, or $10,000 <br />annually. His scholarship does not count as income. The child support Eldon pays cannot <br />be deducted from his income. <br />Technical Guide for Determining Income and Allowances for the HOME Program - 27