(A) The agency shall establish income eligibility ceilings for low- and moderate- income units for various sized households based upon United States Department of Housing and Urban Development “uncapped median income by family size” for Camden County and as adopted by COAH. No applicant with a household income in excess of these ceilings shall be eligible to rent the low- and moderate- income units.
(B) Upon annual adoption of updated income standards by COAH, the Housing Administrator shall modify its income eligibility ceilings accordingly.
(C) For purposes of determining income and eligibility, the Housing Administrator shall consider:
(1) All sources of income, whether taxable or nontaxable, including social security and pensions.
(2) Imputed income. For the purpose of determining eligibility and rents, interest on the present value of real property and extraordinary personal property owned by the applicant shall be imputed and deemed additional income. Interest shall be imputed at the average interest rate on money market accounts in the region as determined by the Housing Administrator.
(3) The income and assets of all members of the household as well as the income and assets of any individual who is expected to occupy the unit for which the household is seeking to qualify shall be included in the determination of eligibility and of rents. The form used for verification of household income shall include an affidavit attesting that the application contains the complete income of all current or anticipated household members.
('74 Code, § 131-83) (Ord. 15-1975, passed 8-11-75; Am. Ord. 369-1987, passed 7-27-87; Am. Ord. 699-94, passed 6-13-94; Am. Ord. 945-99, passed 9-13-99; Am. Ord. 43-04, passed 3-22-04; Am. Ord. 266-15, passed 5-11-15)