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If the borrower is able to document (per the table below) that the rental property was not in service the previous tax year, or was in service for only a portion of the previous tax year, the lender may determine qualifying rental income by using Schedule E income and expenses, and annualizing the income (or loss) calculation; or
(3) Issued by HUD effective 3/28/16. (6) Calculated at twice low HOME (50% median) rent. (1) Issued by HUD effective June 6, 2016, and calculated in accordance with the IRS guidelines for consistency with HOME & LIHTC Programs. (2) Income limits provided by HUD - March 28, 2016. Note, CDBG @80% moderate income is same as HOME Low Income. (3) Issued by the BRA for 2016.