Determination of Income. With respect to the occupancy of these units, household income shall be determined pursuant to regulations to be issued by the Secretary of the Treasury, in a manner consistent with determinations of lower income families and area median gross income under Section 8 of the U.S. Housing Act of 1937, as amended (the "Section 8 Program"); and, if the Section 8 Program is terminated, under the Section 8 Program regulations as in effect immediately before termination. Until the Secretary of the Treasury publishes these regulations, the income of individuals shall be determined in accordance with the Section 8 Program regulations.
Determination of Income. 18.1 Unless the Trustees shall otherwise determine all dividends and other income received by the Trustees shall be treated as income at the date of receipt whether or not such dividends or other income shall have been earned wholly or partially in respect of a period prior to the date of receipt.
Determination of Income. After the end of each taxable year, the Trustee shall determine for such taxable year the income of the Fund, the income per Fund Unit, and the income distributable to each beneficiary pursuant to Section 4.
Determination of Income. Excess Aggregate Contributions shall be adjusted for any income or loss during the Plan Year and, if elected by the Committee, during the period from the end of the Plan Year to the date of distribution. The income or loss allocable to Excess Aggregate Contributions for the Plan Year shall be determined (i) by multiplying the income allocable to Contribution Percentage Amounts for the Plan Year by a fraction, the numerator of which is the Excess Aggregate Contributions on behalf of the Participant for the Plan Year and the denominator of which is the sum of the Participant's account balances attributable to Contribution Percentage Amounts for all Plan Years on the last day of the Plan Year reduced by the gain allocable to such account balances for the Plan Year and increased by the loss allocable to such account balances for the Plan Year or (ii) by any other method permitted by regulations under section 401(m) of the Code. The income allocable to Excess Aggregate Contributions for the period between the end of the Plan Year and the date of distribution is determined (i) by multiplying the income for such period which is allocable to the Contribution Percentage Amounts by a fraction determined under the method described in the preceding sentence, (ii) by multiplying ten percent (10%) of the amount determined in the preceding sentence by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of distribution as a whole calendar month if distribution occurs after the 15th of such month, or (iii) by any other method permitted by regulations under section 401(m) of the Code.
Determination of Income. Excess Contributions shall be adjusted for income or loss during the Plan Year and, if elected by the Committee, during the period from the end of the Plan Year to the date of distribution. The income or loss allocable to Excess Contributions for the Plan Year shall be determined (i) by multiplying income allocable to the Participant's Elective Deferrals, and contributions treated as Elective Deferrals to determine the Participant's Actual Deferral Percentage, for the Plan Year by a fraction, the numerator of which is the Excess Contribution on behalf of the Participant for the Plan Year and the denominator of which is the Participant's account balance attributable to such contributions on the last day of the Plan Year, reduced by the gain allocable to such account balance for the Plan Year and increased by the loss allocable to such account balance for the Plan Year or (ii) by any other method permitted by regulations under section 401(k) of the Code. The income allocable to Excess Contributions for the period between the end of the Plan Year and the date of distribution is determined (i) by multiplying the income for such period which is allocable to Elective Deferrals, and contributions treated as Elective Deferrals to determine the Participant's Actual Deferral Percentage, by a fraction determined under the method described in the preceding sentence, (ii) by multiplying ten percent (10%) of the amount determined in the preceding sentence by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of distribution as a whole calendar month if distribution occurs after the 15th of such month, or (iii) by any other method permitted by regulations under section 401(k) of the Code.
Determination of Income. The Lend- er is responsible for determining the borrower’s annual and adjusted annual income as outlined in §§ 1980.347 and 1980.348 of this subpart. Income of all persons occupying the dwelling will be verified in accordance with § 1980.347 of this subpart.
Determination of Income. The amount of income allocable to each Fund Unit for any taxable year shall be determined by dividing the income of the Fund for such taxable year by the number of units in the Fund outstanding at the end of such taxable year, except that income shall be allocated to units outstanding during only part of such taxable year by taking into consideration the period of time such units are outstanding during such taxable year.
Determination of Income. ELIGIBILITY TOTAL ANNUAL HOUSEHOLD INCOME Unit Meets Federal FROM ALL SOURCES: Income Restriction at: From item (L) on page 1 $ 60% 50% RECERTIFICATION ONLY: Current Federal LIHTC Income Limit x 140%: $ Unit Meets Deeper Targeting Income Restriction at: Current Federal LIHTC Income Limit per $ Other % Family Size: Household Income as of Move-in: Household Size at $ Househ Move-in: old Income exceeds 140% at recertification: Yes No PART VI. RENT $ Tenant Paid Monthly Rent Monthly Rent Assistance: $ Monthly Utility Allowance $ Other Monthly non-optional charges: $ GROSS MONTHLY RENT FOR UNIT: Unit Meets Federal Rent Restriction at: (Tenant paid rent plus Utility Allowance & other non-optional charges) $ 60% 50% Unit Meets Deeper Targeting Rent Restriction at: Maximum Federal LIHTC Rent Limit for this $ Other: _% unit: PART VII. STUDENT STATUS *Student Explanation: ARE ALL OCCUPANTS FULL TIME STUDENTS? If yes, Enter student explanation* 1 AFDC / TANF Assistance (also attach documentation) 2 Job Training Program yes no 3 Single Parent/Dependent Child4 Married/Joint Return Enter 1-5 5 Former Xxxxxx Care PART VIII. PROGRAM TYPE Mark the program(s) listed below (a. through e.) for which this household’s unit will be counted toward the property’s occupancy requirements. Under each program marked, indicate the household’s income status as established by this certification/recertification.
a. Tax Credit See Part V above. b. HOME Income Status ≤ 50% AMGI ≤ 60% AMGI ≤ 80% AMGI OI** c. Tax Exempt Income Status 50% AMGI 60% AMGI 80% AMGI OI** d. AHDP Income Status 50% AMGI 80% AMGI OI** e. (Name of Program) Income Status OI** Based on the representations herein and upon the proof and documentation required to be submitted, the individual(s) named in Part II of this Tenant Income Certification is/are eligible under the provisions of Section 42 of the Internal Revenue Code, as amended, and the Land Use Restriction Agreement (if applicable), to live in a unit in this Project. SIGNATURE OF OWNER/REPRESENTATIVE DATE
Determination of Income. Excess Aggregate Contributions will be adjusted for any income or loss up to the end of the Plan Year and, at the discretion of the Administrator, may be adjusted for income or loss up to the date of distribution. The period between the end of the Plan Year and the date of distribution will be referred to as the gap period, and any income earned during the gap period will be allocated at the discretion of the Administrator applied consistently to all Participants and to all corrective distributions for the Plan Year. The income or loss allocable to a Participant’s Excess Aggregate Contributions will be the amount determined by either the method in subparagraph (1) or subparagraph (2) plus, if applicable, the amount determined under subparagraph (3):
(1) The amount determined by multiplying the income or loss allocable to the Participant’s Voluntary Employee Contributions, Matching Contributions (if not used in the ADP Test), Qualified Non-Elective Contributions and, to the extent applicable, Elective Deferrals for the Plan Year (and the gap period, if applicable) by a fraction, the numerator of which is such Participant’s Excess Aggregate Contributions for the year and the denominator of which is (A) the Participant’s Account balance(s) attributable to Contribution Percentage Amounts as of the beginning of the Plan Year, plus any additional amounts attributable to Contribution Percentage Amounts allocated to the Participant during such Plan Year and the gap period, if applicable, or (B) solely with respect to Plan Years beginning before January 1, 1992, the Participant’s Account balance attributable to Contribution Percentage Amounts as of the end of the Plan Year, reduced by any gain and increased by any loss allocable thereto during the Plan Year; or
(2) The amount determined by any reasonable method of allocating income or loss to the Participant’s Voluntary Contributions, Matching Contributions and Qualified Non-Elective Contribution for the Plan Year and for the gap period, if applicable, provided the method used is the same one used for allocating income or losses to Participants’ Accounts; and
(3) 10% of the amount determined under (1) multiplied by the number of whole months between the end of the Plan Year and the distribution date, counting the month of distribution if it occurs after the 15th of such month.
Determination of Income. THE EXCESS AGGREGATE CONTRIBUTIONS SHALL BE ADJUSTED FOR INCOME OR LOSS. UNLESS THE ADMINISTRATOR'S REPRESENTATIVE AND THE TRUSTEE AGREE OTHERWISE IN WRITING, THE INCOME OR LOSS ALLOCABLE TO EXCESS AGGREGATE CONTRIBUTIONS SHALL BE DETERMINED BY MULTIPLYING THE INCOME OR LOSS ALLOCABLE TO THE PARTICIPANT'S NONDEDUCTIBLE VOLUNTARY CONTRIBUTIONS AND EMPLOYER MATCHING CONTRIBUTIONS (TO THE EXTENT USED TO DETERMINE THE ELIGIBLE EMPLOYEE'S CONTRIBUTION PERCENTAGE UNDER SECTION 3), AND IF USED TO DETERMINE AN ELIGIBLE EMPLOYEE'S CONTRIBUTION PERCENTAGE UNDER SECTION 3, ELECTIVE CONTRIBUTIONS OR QUALIFIED NONELECTIVE CONTRIBUTIONS (WITHIN THE MEANING OF SECTION 401(m)(4)(C) OF THE INTERNAL REVENUE CODE), OR BOTH, FOR THE PLAN YEAR BY A FRACTION, THE NUMERATOR OF WHICH IS THE EXCESS AGGREGATE CONTRIBUTIONS ON BEHALF OF THE PARTICIPANT FOR THE PLAN YEAR AND THE DENOMINATOR OF WHICH IS THE SUM OF THE ACCOUNT BALANCES ATTRIBUTABLE TO NONDEDUCTIBLE VOLUNTARY CONTRIBUTIONS, EMPLOYER MATCHING CONTRIBUTIONS AND SUCH ELECTIVE CONTRIBUTIONS OR QUALIFIED NONELECTIVE CONTRIBUTIONS, OR BOTH, ON THE LAST DAY OF THE PLAN YEAR WITHOUT REGARD TO ANY INCOME OR LOSS OCCURRING DURING SUCH PLAN YEAR. ALSO, UNLESS THE ADMINISTRATOR'S REPRESENTATIVE AND THE TRUSTEE AGREE OTHERWISE IN WRITING, EXCESS AGGREGATE CONTRIBUTIONS SHALL NOT BE ADJUSTED FOR INCOME OR LOSS FOR THE PERIOD BETWEEN THE VALUATION DATE COINCIDENT WITH OR IMMEDIATELY BEFORE THE LAST DAY OF SUCH PRECEDING TAXABLE YEAR AND THE DATE OF DISTRIBUTION OF THE EXCESS CONTRIBUTIONS. IF THE ADMINISTRATOR'S REPRESENTATIVE AND THE TRUSTEE AGREE IN WRITING TO ADJUST FOR INCOME OR LOSS FOR THE PERIOD BETWEEN THE VALUATION DATE COINCIDENT WITH OR IMMEDIATELY BEFORE THE LAST DAY OF SUCH PRECEDING TAXABLE YEAR, THE INCOME OR LOSS ALLOCABLE FOR SUCH PERIOD SHALL BE EQUAL TO TEN PERCENT (10%) OF THE INCOME OR LOSS ALLOCABLE TO THE DISTRIBUTABLE EXCESS AGGREGATE CONTRIBUTIONS FOR THE APPLICABLE TAXABLE YEAR MULTIPLIED BY THE NUMBER OF WHOLE CALENDAR MONTHS THAT HAVE ELAPSED SINCE THE VALUATION DATE COINCIDENT WITH OR IMMEDIATELY BEFORE THE LAST DAY OF SUCH TAXABLE YEAR, INCLUDING THE MONTH OF DISTRIBUTION IF DISTRIBUTION OCCURS AFTER THE FIFTEENTH (15TH) OF SUCH MONTH.
