DEFINITION OF INCOME
Low-Income Documents and Definitions

Definition of Income:
Gross income is defined by Internal Revenue Code, Sec 61 as the following: Except as otherwise provided in this subtitle, gross income means
all income from whatever source derived, including (but not limited to): Compensation for services, including fees, commissions, fringe benefits, and similar items; Gross income derived from business; Gains derived from dealings in property; Interest; Rents; Royalties; Dividends; Alimony and separate maintenance payments; Annuities; Income from life insurance and endowment contracts; Pensions; Income from discharge of indebtedness; Distributive share of partnership gross income; Income in respect of a decedent; and Income from an interest in an estate or trust.

"Low-income persons," as defined by Section 420.0004(10), Florida Statutes, means one or more natural persons or a family, the total annual adjusted gross household income of which does not exceed 80 percent of the median annual adjusted gross income for households within the state, or 80 percent of the median annual adjusted gross income for households within the metropolitan statistical area (MSA) or, if not within an MSA, within the county in which the person or family resides, whichever is greater.

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You will need to submit the following documentation to qualify as a low-income homeowner:
• A copy of your most recent signed tax return that was filed with the IRS along with completed W-2 and 1099 forms. If a household member did not file a tax return with the IRS then they should be required to state this in writing and explain why.

If a tax return is unavailable, you will need to submit one of the following documents:
• Pay stubs from the most recent past three months.
• Evidence documenting the type and amount of any state or federal assistance received.
• Evidence documenting the amount and type of Social Security and/or retirement benefits.
• Evidence documenting the amount and source of any regular payments from unemployment compensation, strike benefits from union funds, worker’s compensation, veteran’s payments, training stipends, alimony and military family allotments; private pensions, government employee pensions (including military retirement pay) and regular insurance or annuity payments; dividends, interest, net rental income, net royalties, periodic receipts from estates or trusts, and net gambling or lottery winnings.