[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR954.302]



[Page 417]

 

                 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 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.''