Your bi-weekly paycheck isn't the only income that matters when applying for affordable housing. Here's what you need to know about how your household income is calculated.
What is considered household income?
Most affordable housing programs look at your household's gross annual income, meaning the income you earn before taxes and other deductions. However, your income isn't always limited to your regular paycheck. Depending on the housing program, several sources of income may be included when determining whether your household qualifies.
What counts as income?
Although requirements vary by program, unit, and the applicant, common sources of countable income include:
- Employment income
- Self-employment income
- Social security benefits
- Unemployment benefits
- Retirement income
- Child support and alimony
- Income from assets
Not everything counts as income
Not all deposits you receive count as income. For example, certain units and programs exclude some disability-related payments, and nonrecurring gifts. Loans and other forms of money may be excluded as well.
What if your income changes every month?
Not everyone receives the same paycheck every two weeks. If you're part-time, receive tips, earn commissions, or have seasonal jobs your income may frequently change. Affordable housing applications generally use your most recent pay stubs and applicable financial information to average out your annual income.
Roommates and income
Affordable housing eligibility is generally based on household income, not just the income of the person completing the application. If you're applying with other adult household members (18+), their income will be considered as part of your household's total income.
Required documents
Depending on the unit and application requirements, you may be asked to provide:
- Recent pay stubs or employment verification
- W-2 forms or tax returns
- Bank statements
- Social security or unemployment benefit statements
- Self-employment income records
- Documentation of other recurring income sources
- Other relevant documentation
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