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Memorandum February 5, 2002: Fact Sheets for Project-Based Assistance Programs

Assets Do Not Include:

HUD Handbook 4350.3 REV-1 — Occupancy Requirements of Subsidized Multifamily Housing Programs · 2026 edition · updated 2026-07-29 · United States

  • Necessary personal property (clothing, furniture, cars, wedding ring, vehicles specially equipped for persons with disabilities)

  • Interests in Indian trust land

  • Term life insurance policies

  • Equity in the cooperative unit in which the family lives

  • Assets that are part of an active business

  • Assets that are not effectively owned by the applicant or are held in an individual’s name but:

    • The assets and any income they earn accrue to the benefit of someone else who is not a member of the household, and

    • that other person is responsible for income taxes incurred on income generated by the assets

  • Assets that are not accessible to the applicant and provide no income to the applicant (Example: A battered spouse owns a house with her husband. Due to the domestic situation, she receives no income from the asset and cannot convert the asset to cash.)

  • Assets disposed of for less than fair market value as a result of:

2

  • Foreclosure

  • Bankruptcy

  • Divorce or separation agreement if the applicant or resident receives important consideration not necessarily in dollars.

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▸ Contents — HUD Handbook 4350.3 REV-1 — Occupancy Requirements of Subsidized Multifamily Housing Programs
HUD Handbook 4350.3 REV-1 — Occupancy Requirements of Subsidized Multifamily Housing Programs
  1. HUD Handbook 4350.3: Occupancy Requirements of Subsidized Mult…
  2. Exhibit 3-12: Section 8, RAP, and Rent Supplement Programs – S…
  3. Exhibit 3-13: Section 236 Without Additional Assistance – Spec…
  4. Exhibit 3-14: Section 236 With Benefit of Additional Assistanc…
  5. Document Package for Applicant's/Tenant's Consent to the Relea…
  6. Exhibit 7-2: Sample Annual Recertification First Reminder Notice
  7. Exhibit 7-4: Sample Annual Recertification Third Reminder Noti…
  8. SAMPLE TENANT CONSENT TO DISCLOSE EIV INCOME INFORMATION
  9. Applying the Model Lease for Subsidized Programs to Individual…
  10. Applying the Model Leases for Section 202 PRAC and Section 811…
  11. Sample Move-In/Move-Out Inspection Form
  12. ▸ Memorandum February 5, 2002: Fact Sheets for Project-Based Ass…
    Overview
    1. OAs’ Responsibilities:
    2. “HOW YOUR RENT IS DETERMINED”
    3. Office of Housing
    4. Residents’ Responsibilities:
    5. Why Determining Income and Rent Correctly is Important
    6. Income Determinations
    7. What is Annual Income?
    8. Below Market Interest Rate (BMIR) Rent Formula:
    9. Income and Assets
    10. Annual Income Includes:
    11. Assets Include:
    12. Assets Do Not Include:
    13. Exclusions from Annual Income:
    14. Federally Mandated Exclusions:
    15. Regulations:
    16. Handbook:
    17. Notices:
    18. For More Information:
    19. FACT SHEET For HUD ASSISTED RESIDENTS
    20. Project-Based Section 8
    21. Office of Housing
    22. Residents’ Responsibilities:
    23. Why Determining Income and Rent Correctly is Important
    24. Income Determinations
    25. What is Annual Income?
    26. What is Adjusted Income?
    27. Project-Based Section 8 Rent Formula:
    28. Income and Assets
    29. Annual Income Includes:
    30. Assets Include:
    31. Assets Do Not Include:
    32. Exclusions from Annual Income:
    33. Federally Mandated Exclusions:
    34. Deductions:
    35. Legislation:
    36. Regulations:
    37. Handbook:
    38. Notices:
    39. For More Information:
    40. FACT SHEET For HUD ASSISTED RESIDENTS
    41. “HOW YOUR RENT IS DETERMINED”
    42. Residents’ Responsibilities:
    43. Why Determining Income and Rent Correctly is Important
    44. What is Annual Income?
    45. What is Adjusted Income?
    46. Rental Assistance Payment (RAP) Rent Formula:
    47. Income and Assets
    48. Assets Include:
    49. Annual Income Includes:
    50. Assets Do Not Include:
    51. Exclusions from Annual Income:
    52. Federally Mandated Exclusions:
    53. Regulations:
    54. Handbook:
    55. Notices:
    56. For More Information:
    57. Deductions:
    58. “HOW YOUR RENT IS DETERMINED”
    59. Residents’ Responsibilities:
    60. Why Determining Income and Rent Correctly is Important
    61. What is Annual Income?
    62. What is Adjusted Income?
    63. OAs’ Responsibilities:
    64. Income and Assets
    65. Annual Income Includes:
    66. Assets Include:
    67. Assets Do Not Include:
    68. Exclusions from Annual Income:
    69. Federally Mandated Exclusions:
    70. Regulations:
    71. Handbook:
    72. Notices:
    73. For More Information:
    74. Deductions:
    75. FACT SHEET For HUD ASSISTED RESIDENTS
    76. Residents’ Responsibilities:
    77. “HOW YOUR RENT IS DETERMINED”
    78. Income Determinations
    79. Why Determining Income and Rent Correctly is Important
    80. What is Adjusted Income?
    81. Determining Tenant Rent
    82. OAs’ Responsibilities:
    83. Income and Assets
    84. Annual Income Includes:
    85. Assets Include:
    86. Assets Do Not Include:
    87. Exclusions from Annual Income:
    88. Federally Mandated Exclusions:
    89. Regulations:
    90. Handbook:
    91. Notices:
    92. For More Information:
    93. Deductions:
    94. FACT SHEET For HUD ASSISTED RESIDENTS
    95. Section 236
    96. “HOW YOUR RENT IS DETERMINED”
    97. June 2007
    98. Income Determinations
    99. Why Determining Income and Rent Correctly is Important
    100. What is Adjusted Income?
    101. Section 236 Rent Formulas:
    102. OAs’ Responsibilities:
    103. Income and Assets
    104. Annual Income Includes :
    105. Assets Include:
    106. Assets Do Not Include:
    107. Exclusions from Annual Income:
    108. Federally Mandated Exclusions:
    109. Regulations:
    110. Handbook:
    111. Notices:
    112. For More Information:
    113. Deductions:

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