MCL HOLDINGS, INC./MERITAGE HOMES

Home Browse Search

1.1.21 "Eligible Household" means a Household whose income does not exceed the "Very Low Income Household" qualifying limit as defined herein. 1.1.22 "First Lien" means the lien of the institution making the purchase money mortgage loan to Homebuyer for the purchase of the Property, 1.1.23 "Gross Household Income"means all income from whatever source from all adult Household members, which is anticipated to be received during the 12-month period following the date of the determination of Gross Household Income. The applicable sources of income are defined in California Code of Regulations Title 25 Housing and Community Development Section 5914. The definition includes the following specific requirements: (a) Except as provided in subdivision(b),all payments from all sources received by the head of Household(even if temporarily absent) and each additional member of the Household who is not a minor shall be included in the annual income of a Household. Gross Household Income shall include, but not be limited to: (i) The gross amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses; (ii) The net income from operation of a business or profession or from rental or real or personal property (for this purpose, expenditures for business expansion or amortization of capital indebtedness shall not be deducted to determine the net income from a business); (iii) Interest and dividends; (iv) The full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts (but see subdivision(2)(c)); (v) Payments in lieu of earnings, such as unemployment and disability compensation, worker's compensation and severance pay; (vi) Public Assistance. If the public assistance payment includes an amount specifically designated for shelter and utilities which is subject to adjustment by the public assistance agency in accordance with the actual cost of shelter and utilities, the amount of public assistance income to be included as income shall consist of: (1) The amount of the allowance or grant exclusive of the amount specifically designated for shelter and utilities, plus (2) The maximum amount which the public assistance agency could in fact allow for the Household for shelter and utilities. (vii) Periodic and determinable allowances such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling; Page 4 55394.00 10 1143423 340.1