Page 16

2020 09/13/18 16 12. Rental Property Income, unless client also manages the property, this income is then earned income; 13. Contributions from friends, family and community agencies. 14. Lump sum payments for Social Security, SSI, Insurance settlements 15. Welfare/Cash Payments

5.4 Exempt Income

Exempt Income includes: 1. Earned Income Tax Credit (EITC); 2. All financial aid and scholarships both federal and private, such as PELL grants. 3. All loans (includes student loans and personal loans). 4. College work-study, must be coded as work study on pay stub. All other earned income is countable. 5. VA GI Bill for education expenses are exempt, monies paid as living allowances are countable income.

5.5 Projected Income:

Projected income is a best estimate of future month’s income based on the applicant’s statement of their future circumstances. Calculation of projected income requires determination of a full month’s income. Determining monthly income is dependent on the household’s future circumstances.

1. Households shall have their future months’ income calculated by using their prior months’ average income multiplied by the remaining months in the year. 2. Households with new sources of income or changes for the future months such as decreased hours, shall have their future month’s income calculated using hourly income multiplied by hours per week, multiplied by 4.3333 for weekly income, 2.6667 for biweekly income and 2 for income received twice a month.

3. To derive the remaining year’s projected income, multiply the monthly income by the remaining months in the year. 4. See the attached Chart.

Annual projected self-employment income: