What is included in “Income” and “Net Worth” in reference to the Real Estate Advantage Program?
Total Gross Income includes the applicant’s income PLUS the income of relatives living in the dwelling; however, the first $10,000 of the relatives’ income (other than the spouse’s) will be excluded. Examples of income: salaries, wages, social security benefits, pension/annuity, interest income, dividend income, capital gains, business income, rents received, welfare and gifts, etc. The Net Worth includes checking and savings accounts, certificates of deposit, life insurance policies with a cash value, etc. The dwelling and up to ten acres of land on which the dwelling is located is excluded. For additional information, visit our website at www.co.henrico.va.us/finance/ or call (804) 501-4263.
