CDBG Entitlement FAQ
Q

An applicant for a CDBG-funded housing program will be 59 and a half. Earlier in the year, this person withdrew $14,000 from an IRA. Should we include this as part of this person’s income?

Date Published: May 2015

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A

We recommend that you request to review the withdrawal document which should indicate if it was an early withdrawal (not a periodic payment and is not counted as income) or one of an annual series of withdrawals (a periodic payment which would be counted as income). If any of the $14,000 remains unspent, it counts as an asset that must be considered for the income review. Also, the IRA balance (after the $14,000 withdrawal) is an asset that must be included in the income calculation.


Tags: CDBG Entitlement Program Income Determination

FAQ ID:

2200