New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME
Section 5:80-20.4 - Calculation of income

Universal Citation: NJ Admin Code 5:80-20.4

Current through Register Vol. 56, No. 24, December 18, 2024

(a) Gross aggregate family income shall be calculated in accordance with applicable Federal regulations for families applying for admission to or occupying units that are assisted by HUD subsidies such as Section 8 and 236 or families occupying units within a housing project financed pursuant to former Section 103(b)(4) of the Internal Revenue Code, where such units are restricted to families of low and moderate income as defined in Section 103(b)(12)(C), or pursuant to current Section 142 of the Internal Revenue Code (or any other applicable provision of the Internal Revenue Code as it relates to tax-exempt housing bonds), or, with respect to an allocation of Federal low-income housing tax credits, are low-income units as defined in Section 42 of the Internal Revenue Code.

(b) For all other families, gross aggregate family income shall be calculated by the total annual income of all family members, from whatever source derived, including but not limited to, pension, annuity, retirement, and social security benefits. However, the calculation for gross aggregate family income shall not include such income as the Agency determines may be excluded. Such excludable income shall include, but is not limited to, the following:

1. Income from a dependent under 18 years of age, who is not the head of household or spouse of the head of household;

2. Lump-sum additions to family assets such as inheritances, capital gains, insurance payments included under health, accident, hazard or worker's compensation policies, and settlements for personal or property losses;

3. For income from dependents who are secondary wage earners but who are not included within (b)1 above, such wages up to a maximum of $ 3,000.

(c) The calculation of gross aggregate family income with regard to (b) above shall include an allowance of $ 480.00 for each dependent under 18 years of age who is not the head of household or spouse of the head of household.

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