Assets & Imputed Income

HUD has updated the Passbook rate for 2024 to 0.40%

Calculating Income from Assets

Programs that follow specific HUD household income calculations may need to apply the standard HUD income from assets calculation. Public House makes this calculation simple, as the calculation is automated and added to the household income to incorporate as part of the total household income!

The system determines the Income from assets by automatically applying either the income earned from an asset or the imputed income value of all household assets as part of the total household income. The system creates a read-only income source in the application that displays the calculated value:

The system creates a read-only income source for Income from Assets so that it is considered in the total household income

Applying the Income From Asset Calculation

To take advantage of this Public House feature, clients must set-up specific application questions, passbook values and calculation types.

Required Fields

To utilize this asset calculation, the Asset section in the application needs to include the question “How much income to you expect to receive from this asset this year?”. This establishes the “income earned” for the calculation.

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:

Public House calculates this value based on the asset data inputted.

If total household assets are less than $5K:

Expected income from Assets

Expected Income from Assets is the sum of the income applicants expect to receive this year for each Asset.

OR if total household assets are greater than $5K, the value is the greater of income earned or the imputed income value:

Imputed Income

Cash value of all Assets multiplied by a regional rate determined by HUD (Passbook Rate). This is included in the calculation of annual income.

The Passbook Rate is set to a default value on the creation of the Service File. This can be customized to be location or program specific.

When Income from Asset Income Source is Calculated

All updates to the Income from Asset Income Source are triggered by the creation/update of Asset records. Modifying the Calculation Type, Override or Passbook Rate on the Service File will not force a recalculation.

If you need to see your changes propagated across multiple Service Files:

  1. Update the Imputed Income parameters on the Service File
  2.  Update at least one Asset record on the Service Files

For tips on updating many records at once, check out Tips on Mass Updates.

Opting out

If the HUD income from assets calculation does not apply, set your Service Files are created with Imputed Income Type = Override and Imputed Income Override = 0.