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04 040113 HA ADMINPLAN EX 2
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04 040113 HA ADMINPLAN EX 2
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Last modified
3/28/2013 10:01:24 AM
Creation date
3/28/2013 9:36:46 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Date
4/1/2013
Destruction Year
2018
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While a family member is employed, only the amount the family member can withdraw without <br />retiring or terminating employment is counted as an asset [HCV GB, p. 5-26]. <br />After a family member retires or terminates employment, any amount distributed to the family <br />member is counted as a periodic payment or a lump-sum receipt, as appropriate [HCV GB, p. 5- <br />26], except to the extent that it represents funds invested in the account by the family member. <br />(For more on periodic payments, see section 6-I.H.) The balance in the account is counted as an <br />asset only if it remains accessible to the family member. <br />IRA, Keogh, and Similar Retirement Savings Accounts <br />IRA, Keogh, and similar retirement savings accounts are counted as assets even though early <br />withdrawal would result in a penalty [HCV GB, p. 5-25]. <br />Personal Property <br />Personal property held as an investment, such as gems, j ewelry, coin collections, antique cars, <br />etc., is considered an asset [HCV GB, p. 5-25]. <br />In determining the value of personal property held as an investment, SARA will use the family's <br />estimate of the value. However, SARA also may obtain an appraisal if appropriate to confirm the <br />value of the asset. The family must cooperate with the appraiser but cannot be charged any costs <br />related to the appraisal. <br />Generally, personal property held as an investment generates no income until it is disposed of. If <br />regular income is generated (e.g., income from renting the personal property), the amount that is <br />expected to be earned in the coming year is counted as actual income from the asset. <br />Necessary items of personal property are not considered assets [24 CFR 5.603(b)]. <br />Necessary personal property consists of items such as clothing, furniture, household furnishings, <br />jewelry that is not held as an investment, and vehicles, including those specially equipped for <br />persons with disabilities. <br />Life Insurance <br />The cash value of a life insurance policy available to a family member before death, such as a <br />whole life or universal life policy, is included in the calculation of the value of the family's <br />assets [HCV GB 5-25]. The cash value is the surrender value. If such a policy earns dividends or <br />interest that the family could elect to receive, the anticipated amount of dividends or interest is <br />counted as income from the asset whether or not the family actually receives it. <br />6-I.H. PERIODIC PAYMENTS <br />Periodic payments are forms of income received on a regular basis. HUD regulations specify <br />periodic payments that are and are not included in annual income. <br />Periodic Payments Included in Annual Income <br />Periodic payments from sources such as social security, unemployment and welfare <br />assistance, annuities, insurance policies, retirement funds, and pensions. However, periodic <br />payments from retirement accounts, annuities, and similar forms of investments are counted <br />only after they exceed the amount contributed by the family [24 CFR 5.609(b)(4) and (b)(3)]. <br />2/25/13 Page 6-16 <br />
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