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what percentage of your savings does hpd count as asset if any at all? what is the threshold of amount that you can have as savings before its counted as an asset?
The total asset cap I believe is somewhere between $55,000-$57,000, maybe now a little higher (do not have the marketing guide handy and have not kept up), excluding bona fide retirement accounts (401ks, all types of IRS). Savings accounts count 100% as do brokerage accounts (aside from retirement accounts--again, 401ks, IRAs) all count toward the asset cap. If you're older and collecting RMDs or any other distribution from your retirement accounts, these amounts are added to income. You should check out the most recent Marketing Guidelines (Google it) for the exact amount of the asset cap, as well as other things. Good luck.
right, but is a certain percentage counted towards income, for example if i have 2k in savings is the whole 2k counted as income or only a percentage? like the interest i make. also, if i have 2k in stocks is the whole 2k counted as income or how is it counted?
Stocks would count in the asset cap, but if you take any distribution from them, it's income. Read the Marketing Guidelines, it's all in there. If you have, say, $20,000 in a brokerage account that is not in a retirement fund, it's counted as assets.
Would incorporation help with attaining moderate income housing for the average 28 year old with say 250 net worth and a 70 salary? Can someone hide 200K in shell corporations to qualify?
Last edited by fatsquirrel; 04-12-2019 at 11:52 AM..
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