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21. The income of a live-in aide is EXCLUDED from annual income.
22. A family who has qualified for the earned income disallowance will ALWAYS have the full amount of their employment income excluded during the initial 12 month exclusion.
23. The full amount of adoption assistance payments are EXCLUDED from annual income.
Social Security lump-sum payments for deferred periodic payments for EXCLUDED from annual income.
25. Andrea Marsala has two jobs. She is a teacher for nine months of every year an works part time in the summer for three months. How would the PHA calculate Andrea’s income?
26. Karen Schultz invested $12,000 in a 401k twenty years ago. That 401k now has a balance of $50,000 and will begin paying her monthly payments of $500 next month. The PHA verifies Karen’s initial investment. How long does it have to wait to begin counting the $500 a month as income.
27. Jennifer Powelson receives Social Security of $1,000 a month. The SSA has recently reduced her benefit to $900 to make up for a precious overpayment. The PHA verifies verification that Jennifer will receive $900 a month for the next two years. What does the PHA count for Jennifer’s social security income?
28. Megan McKee is a full-time student who is 25 years old, lives independently, and has 5-year-old child. Megan receives financial aid of $10,000 a year to cover her $5,000 per year of tuition and additional expenses. How much of Megan’s financial aid is included in annual income?
29. Which of the following is NOT an asset according to HUD?
30. Shelby’s certificate of deposit (CD) has a balance of $6,500. If she cashes in the CD, she will pay an early withdrawal penalty of $415. The CD pays 2.75% interest annually. The PHA-determined passbook rate is .0075. Shelby has no other assets. What is her final asset income?
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