Income
Foster Children and Foster Adults are now treated like?
Live in aides
Name the top way of verifying income that was previously not permitted.
The work number
What are the two types of assets?
Personal property and real property
What is the dependent and elderly deductions?
$480 and $525
Name two things that RD will be updating/developing?
Lease, MINC, RD certification
True/False
Non-monetary in-kind donations from a food bank or similar organization is now excluded from income.
True
How many paystubs are required to verify income?
Four
What are the two types of personal property?
Necessary and Non-necessary
What percentage is the eligible medical expenses going to?
10%
Name two forms that management will be updating.
Tenant Selection Plan, Under $50,000 form, Rental application, Renewal Application
Name two types of income that are now excluded.
Gifts for holidays, birthdays, significant events
Non-monetary in kind donations from food bank
Kinship or guardian care payments
Settlements for insurance or civil rights
Economic Stimulus payments
What is the name of the new type of verification that allows management to use another federal program verification for income?
BONUS: Name the one source that Virginia Housing will allow.
Safe harbor or means tested
BONUS: PHA
Name two types of assets that are now excluded.
Tax refunds, retirement accounts, irrevocable trusts, revocable trust not under the control of the family.
Childcare is available for children of what age?
12 and under
Name one reason CHP will not allow 2 paystubs as verification.
BONUS: name the second reason
Pay frequency cannot be determined and first stub may not reflect a full pay period if the job was just started.
When can the new income exclusions be implemented?
Now -- starting with 1/1/2024 certifications
When will one bank statement be allowed as verification of a checking account?
When all deposits on the statement can be attributed to verified income or exempt income.
When will income from assets be imputed?
When total assets are over $50,000 and the actual income from the asset is not known.
How often will the dependent deduction and elderly deduction be updated?
annually by September 1st
What will be the new imputed rate on assets?
.4%
How will income be calculated at move in and annual recertifications?
anticipated income for the upcoming 12 months
If additional deposits show on the bank statement, how many statements will CHP require?
Three
When can the new imputed rate be implemented?
When Voyager is updated.
When can the new deductions and 10% be implemented?
BONUS: explain why
When MINC is updated.
Why: because rent is not uploaded to MINC, just household information and MINC does the calculation.
Name one reason why safe harbor/means tested verification is not good.
BONUS: name the second reason
Does not show how much is employment income and cannot count childcare expenses.
Some sources do not include all income, SSI.