Understanding applicant income requirements

Your income is an important part of your affordable housing application. Calculating your income using the HPD Applicant Income guide will let you know if you potentially qualify for the property you are interested in.

Affordable housing applicant Income calculation and applicant income guide.

What income is included?

There are 3 main kinds of income on the affordable housing application:

  1. Income from employment: Money you are paid by an employer. This includes tips, bonuses, overtime, and other kinds of pay. If you receive a W-2 tax form, that money is income from employment. On the application, include the amount before taxes or other money is taken out (gross income).
  2. Income from self-employeement: All of the money you receive in a year from working for yourself, freelancing, or being an independent contractor. On the application, include the amount after taking out business expenses and other deductions (net income).
  3. Income from other sources: All of the money you receive in a year that is paid on a regular basis, but not from working. For example, child support, social security, unemployment insurance, or interest payments. On the application, include income from other sources only if you receive it on a regular basis (weekly, monthly, yearly, etc.).

How to calculate?

See instructions on quickly calculate your annual income:

  1. You need to identify all of your income sources. Any income from employment, self-employment and other sources like social security should be included.
  2. Then, if you are getting paid on an hourly, weekly, monthly schedule, you need to total your income to an annual income.
  3. If you are self-employed, you should subtract any business expenses from your total self-employed income.
  4. If you have income from other sources on a regular basis, project the amount you would receive in a full year.
  5. Add all your income for your total annual income. When you are selected to an eligibility appointment, be prepared to show relevant document as proof of your income.

This income calculation guide provides a general guide on how to determine your income eligibility for the affordable housing project. However, income requirement varies from project to project, make sure you consult the marketing agent for the most accurate income requirement on the property you applied for. Once the application is submitted and your income appears to be eligible, you can expect communication from marketing agents with a detailed list requesting proofs of income. If you are determined to be ineligible based on income, you will also be offered the opportunity to appeal this decision.