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Everyday Application of Income, Asset, and Expense Fundamentals
HUD Handbook 4350.3, Chapter 5
Accurate income, asset, and expense calculations are critical when determining eligibility for HUD subsidy and tenant rent. This class is designed for “boots on the ground” housing professionals that are either seasoned compliance managers looking for a review or new managers trying to develop these fundamental skills. The class will be divided into three segments: income, assets, and expenses.
During the first segment, the instructor will help participants learn what types of income do and don’t count and how to correctly annualize these figures using efficient verification techniques. The group will also explore student income, fluctuating income and self-employment scenarios and address when an asset converts to an income source.
Next, we will tackle current and disposed assets and the income they generate. What does and does not count as an asset and how are they verified? We will explore scenarios that illustrate different types of assets and their correct valuation and interviewing techniques that ensure all assets are being disclosed during the interview. Then, we will practice computing the actual and imputed income earned on these assets. Do you know the difference between the two and when to use which method?
In the final segment of this class, participants will learn about the different categories of deductions; which households are eligible for which deductions; and, of course, how to calculate them. We’ll dive into the “gray area” a bit to cover inclusions and exclusions, and what types of verifications are required to support medical, disability, and child care expenses. This session is filled with interview scenarios that keep you engaged and provide techniques to ensure your calculations are supported by documentation in the tenant file.
Nancy McIlhaney, Director of Compliance
Southwest Housing Compliance Corporation (SHCC)
Nancy has nearly 13 years of experience navigating HUD Multifamily affordable housing regulations. She currently oversees SHCC’s staff of Compliance Specialists that conduct Management and Occupancy Reviews (MORs) to assess owner/agent compliance with their HAP contract, HUD Handbooks, and related HUD guidance. Previously Nancy was responsible for SHCC’s Housing Assistance Payments (HAP) department, overseeing the release of HAP subsidy to HUD Multifamily owner/agents. Nancy is an experienced presenter and enjoys providing training and technical assistance to affordable housing providers both individually and at industry conferences. She has extensive knowledge of HUD’s leasing and occupancy requirements, most notably with regard to HUD Handbooks and HUD's EIV system.