Saturday, October 23, 2021

Will this money affect our affordable housing rating?

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A. Congratulations on your new home. — Concerned

Included in the calculation would be wages and salaries, income from a business, interest, dividends, Social Security, annuity and pension payments and even unemployment, said Claudia Mott, a certified financial planner with Epona Financial Solutions in Basking Ridge.

The Housing and Urban Development (HUD) programs that support housing assistance have very detailed guidelines on what is considered income.

A detailed list can be located on the HUD.gov website, she said.

“There are some forms of income that are excluded and this would include the settlement payment for a personal or property loss,” Mott said. “A few of the other exclusions include inheritances, insurance payments, and student financial assistance.”

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.

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