Will this money negatively impact our affordable housing eligibility?
Q. My husband and I are in the process of closing on a condo under HUD Affordable Housing. My husband was in an automobile accident and will be awarded a small settlement in ten years or so. Will the settlement from this accident affect our HUD Affordable Housing eligibility after we take possession of the condo?
Congratulations to you for your new home, A.
The Housing and Urban Development (HUD) programs that provide housing assistance have very detailed guidelines on what is considered income.
Included in the calculation would be wages and salaries, income from a business, interest, dividends, Social Security, annuity, and pension payments, as well as unemployment, according to Claudia Mott, whose firm is certified financial planner at Epona Financial Solutions in Basking Ridge.
According to her, a more detailed list of the websites can be found on the HUD.gov website.
There are certain forms of income that are excluded, such as the settlement payment for a personal or property loss, Mott added. A few of the other exclusions include inheritances, insurance payments, and student financial assistance, according to the report.
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Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMonyhelp and follow NJ MoneyHelp at @njmoneyhelp. Find NJMoneyHelp on Facebook. Join NJMoneyHelp.com's weekly e-newsletter.