Counting an Item as Income or an Asset

Counting an Item as Income or an Asset

If you own or manage a tax credit site, there may have been times when you had trouble deciding whether to count an investment or retirement account as income or an asset. That's probably because of the inconsistencies that appear in HUD's Occupancy Handbook 4350.3, REV-1, CHG-2, explains affordable housing consultant Elizabeth Moreland, an expert in HUD rules.

For example, Chapter 5, Paragraph 5-6, Section O, page 5-16, which discusses withdrawal of cash or assets from an investment, seems to contradict other regulations contained in the same chapter.

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