Chapter 1 - San Diego Housing Commission

Chapter 3 – Verification, Income, Assets, and Allowances
[24 CFR Part 5, Subparts D & E; Part 982, Subpart D & L]
completing and submitting a program application with proof of graduation from an eligible postsecondary
educational facility.
An applicant may be eligible for the monetary award upon graduating from one of the following
types of institutions of higher learning who:
• Awards a bachelor’s degree, or
• Provides a program of not less than 2 years that is acceptable toward a bachelor’s degree, and
are accredited or in pre-accredited status, or
• Accredited institutions that provide a one-year (or longer) program preparing students for
gainful employment, or
• Admits only students with a certificate of graduation from secondary school or the equivalent
of such a certificate, or
• Admits students who are beyond the age of compulsory school attendance.
Any adult family member in the assisted household (including the head, spouse, or co-head) is
eligible to receive the award. Live In Aides are excluded from participating in the Graduation
Incentive Program. An eligible program participant may receive only one award per lifetime for
acquiring a degree, diploma, or certificate of completion.
17. Moving Forward: Excluded Income Policy
SDHC will not verify, count, or report income amounts specifically identified by HUD as 100%
excluded from the income calculation process, as well as earnings for full time students ages 18 to
23, which are 100% excluded. Examples of 100% excluded income are earnings from minors, foster
care payments, amounts paid by a State agency to the family for the care of a family member with a
developmental disability, and food stamps.
L. VERIFICATION OF ASSETS [24 CFR 982.516]
Family Assets include:
- Checking and Savings Accounts
- Stocks
- Bonds
- Certificates of Deposit
- Money Market Funds
Current cash value of a family’s assets is the net amount the family would receive if the assets were
converted to cash. The current value of assets will be counted unless there is evidence provided by the
family that an average of the balance for the last 2-6 months is a better reflection of anticipated income.
Interest will be calculated based on the interest rate reflected on the most current statement, or on the
CD set rate, unless third party verification reflects a higher interest rate. For stocks, the asset income
will be based on the earnings for the most recent reporting period unless there is evidence provided by
the family that an average of the earnings for a prior 12 months is a better reflection of anticipated
income.
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