[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR954.302]

[Page 423-424]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 954_INDIAN HOME PROGRAM--Table of Contents
 
             Subpart C_Eligible Activities and Affordability
 
Sec. 954.302  Income determinations.

    Whenever a grantee makes a determination under this part based on 
family income or adjusted family income, it must use the definitions of 
annual income, adjusted income, monthly income, and monthly adjusted 
income, as those terms are defined in 24 CFR part

[[Page 424]]

950, except when determining the income of a homeowner for an owner-
occupied rehabilitation project, the equity in the homeowner's principal 
residence is excluded from ``Net Family Assets.''