Programs following specific HUD household income calculations may need to apply the standard HUD income from assets calculation. Public House automates this calculation and adds it to the household income as part of the total.
The system determines Income from Assets by automatically applying either the income earned from an asset or the imputed income value of all household assets.
Applying the Income From Asset Calculation
Required Fields:
The Asset section must include the question “How much income do you expect to receive from this asset this year?” On the Service File, the Passbook Rate (%) must be populated and the Imputed Income Type set to Calculated.
Note: Staff can override individual calculated values by setting Imputed Income Type to Override and specifying a value in Imputed Income Override.
Income from Asset Calculation
- If total household assets are less than $5K: Expected Income from Assets (sum of income Applicants expect to receive this year for each Asset)
- If total household assets are greater than $5K: the greater of income earned OR Imputed Income (cash value of all Assets multiplied by the Passbook Rate)
The Passbook Rate is set to a default value on Service File creation and can be customized per location or program.
When Income from Asset is Recalculated
All updates are triggered by the creation/update of Asset records. Modifying Calculation Type, Override, or Passbook Rate on the Service File will not force a recalculation on its own — you must also update at least one Asset record.
Opting Out
If the HUD income from assets calculation does not apply, set Service Files to be created with Imputed Income Type = Override and Imputed Income Override = 0.