Is HUD going to use the HUD-50058 to track EID?
Potentially. HUD will consider this suggestion for future edits to the form. Click here for additional FAQs on EID definitions, qualifying factors, exclusionary periods, and income of minors who turn 18.Top ASSETS AND INCOME FROM ASSETS 29. Question: According to 24 CFR 5.609, “Annual income also means amounts derived (during the 12-month period) from assets to which any member of the family has access.” How does HUD define assets and how are family assets treated in determining a family’s annual income? Answer: In general terms, an asset is cash or non-cash items that can be converted to cash, including real property, savings, stocks, bonds, and other forms of capital investment. Note that when assets are included in the calculation of annual income, as defined in 24 CFR 5.609, it is the income earned from the asset, not the value of the asset that is counted. If the value of net family assets is $5000 or less, the actual income from assets is included in the calculation of annual inc
Related Questions
- Has HUD developed a form to help PHAs calculate the amount excluded under the EID and track the time someone qualifies for the exclusion?
- Has HUD developed a form to help PHAs calculate the amount excluded under EID and track the time someone qualifies for the exclusion?
- Is HUD going to use the HUD-50058 to track EID?
