Section 42 Rent
They ask for sources of income. On my 1040, I have Social Security, tax-exempt interest, taxable interest and ordinary dividends. Adjusted gross is $21K.
Other assets include money market savings ($25k), Ameriprise account ($250K), Gradient account ($27K) and selling condo ($190K)
Does the value of my financial accounts figure in anywhere? Or is it strictly the income generated?
Thank you for your unput.
Terry Says
I confess, I’m not familiar with the requirements to qualify for Section 42 housing. HOwever a little research came up with this complete explanation:
https://www.redfin.com/blog/what-is-section-42-housing/?msockid=1de1229d2ff16a8f16892d1d2e596b0d
You’ll see that HUD calculates a different income AND asset limitation for each geographic location I suggest you search online for “HUD Section 42 limits” in your zipcode.
