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<br /> Administrative Plan 4/1/2016 GL-11 <br />Monthly adjusted income. One twelfth of adjusted income. <br />Monthly income. One twelfth of annual income. <br />Mutual housing. Included in the definition of cooperative. <br />National. A person who owes permanent allegiance to the United States, for example, as a result <br />of birth in a United States territory or possession. <br />Near-elderly family. A family whose head, spouse, or sole member is a person who is at least 50 <br />years of age but below the age of 62; or two or more persons, who are at least 50 years of age <br />but below the age of 62, living together; or one or more persons who are at least 50 years of <br />age but below the age of 62 living with one or more live-in aides. <br />Net family assets. (1) Net cash value after deducting reasonable costs that would be incurred in <br />disposing of real property, savings, stocks, bonds, and other forms of capital investment, <br />excluding interests in Indian trust land and excluding equity accounts in HUD <br />homeownership programs. The value of necessary items of personal property such as <br />furniture and automobiles shall be excluded. <br />- In cases where a trust fund has been established and the trust is not revocable by, or under <br />the control of, any member of the family or household, the value of the trust fund will not <br />be considered an asset so long as the fund continues to be held in trust. Any income <br />distributed from the trust fund shall be counted when determining annual income under <br />§5.609. <br />- In determining net family assets, PHAs or owners, as applicable, shall include the value of <br />any business or family assets disposed of by an applicant or tenant for less than fair market <br />value (including a disposition in trust, but not in a foreclosure or bankruptcy sale) during <br />the two years preceding the date of application for the program or reexamination, as <br />applicable, in excess of the consideration received therefore. In the case of a disposition as <br />part of a separation or divorce settlement, the disposition will not be considered to be for <br />less than fair market value if the applicant or tenant receives important consideration not <br />measurable in dollar terms. <br />Noncitizen. A person who is neither a citizen nor national of the United States. <br />Notice of funding availability (NOFA). For budget authority that HUD distributes by <br />competitive process, the Federal Register document that invites applications for funding. <br />This document explains how to apply for assistance and the criteria for awarding the funding. <br />Office of General Counsel (OGC). The General Counsel of HUD. <br />Overcrowded. A unit that does not meet the following HQS space standards: (1) Provide <br />adequate space and security for the family; and (2) Have at least one bedroom or <br />living/sleeping room for each two persons. <br />Owner. Any person or entity with the legal right to lease or sublease a unit to a participant. <br />PHA Plan. The annual plan and the 5-year plan as adopted by the PHA and approved by HUD. <br />3-441