New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 42 - STATE RENTAL ASSISTANCE PROGRAM › Subchapter 2 - TENANT SET-ASIDE › Section 5:42-2.2 - Tenant-based rental assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Annual income means
				all amounts, monetary or not, which go to, or on behalf of, the family head or
				spouse (even if temporarily absent) or to any other family member; or are
				anticipated to be received from a source outside the family during the 12-month
				period following admission or annual reexamination effective date. Annual income
				also means amounts derived (during the 12-month period) from assets to which any
				member of the family has access.
(b)
				Annual income includes, but is not limited to:
1.
				The full amount, before any payroll deductions, of wages and salaries, overtime pay,
				commissions, fees, tips and bonuses, and other compensation for personal
				services;
2. The net income from the
				operation of a business or profession. Expenditures for business expansion or
				amortization of capital indebtedness shall not be used as deductions in determining
				net income. An allowance for depreciation of assets used in a business or profession
				may be deducted, based on straight line depreciation, as provided in Internal
				Revenue Service regulations. Any withdrawal of cash or assets from the operation of
				a business or profession will be included in income, except to the extent the
				withdrawal is reimbursement of cash or assets invested in the operation by the
				family;
3. Interest, dividends, and
				other net income of any kind from real or personal property. Expenditures for
				amortization of capital indebtedness shall not be used as deductions in determining
				net income. An allowance for depreciation is permitted only as authorized in (b)2
				above. Any withdrawal of cash or assets from an investment will be included in
				income, except to the extent the withdrawal is reimbursement of cash or assets
				invested by the family. Where the family has net family assets in excess of $ 5,000,
				annual income shall include the greater of the actual income derived from all net
				family assets or a percentage of the value of such assets based on the current
				passbook savings rate, as determined by HUD;
4. The full amount of periodic amounts received
				from Social Security, annuities, insurance policies, retirement funds, pensions,
				disability or death benefits, and other similar types of periodic receipts,
				including a lump-sum amount or prospective monthly amounts for the delayed start of
				a periodic amount;
5. Payments in lieu
				of earnings, such as unemployment and disability compensation, worker's compensation
				and severance pay;
6. Welfare
				assistance. The full amount of the welfare grant is considered as household income;
				a household that is sanctioned under welfare rules will have the full grant amount
				(prior to sanctions) included as household income.
7. Periodic and determinable allowances, such as
				alimony and child support payments, and regular contributions or gifts received from
				organizations or from persons not residing in the dwelling; and
8. All regular pay, special pay and allowances of
				a member of the Armed Forces.