In­come lim­its for be­low-mar­ket-rate units

San Francisco Chronicle Late Edition - - FROM THE COVER -

This is how the San Fran­cisco Mayor’s Of­fice of Hous­ing and Com­mu­nity De­vel­op­ment cal­cu­lates house­hold in­come to de­ter­mine el­i­gi­bil­ity for its In­clu­sion­ary Hous­ing Be­low Mar­ket Rate Own­er­ship Pro­gram. For each house­hold, the of­fice will cal­cu­late in­come three ways and use the method that yields the high­est an­nual house­hold in­come. Method 1: Use the most cur­rent pay stub, di­vide the year-to-date gross in­come by the cur­rent pay pe­riod num­ber to get the pay pe­riod av­er­age. Mul­ti­ply the pay pe­riod av­er­age by the to­tal num­ber of pay pe­ri­ods in a year. Method 2: Use the most cur­rent pay stub (or the last pay stub re­ceived if the ap­pli­cant cur­rently re­ceives no in­come) to de­ter­mine the ap­pli­cant’s year-to-date gross earn­ings. Add the year-to-date earn­ings to the house­hold’s gross in­come from the most re­cent year’s in­come tax re­turn. Di­vide this num­ber by 12 (to ac­count for last year’s earn­ings) plus the num­ber of months the ap­pli­cant’s year-to-date in­come en­com­passes. This is the av­er­age monthly in­come. Mul­ti­ply this num­ber by 12. Method 3: Add the house­hold’s gross in­come from the two most re­cent in­come tax re­turns. Di­vide this num­ber by two.

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