Define: Annual Household Income

How is Annual Household Income defined in a legal contract?

• Annual Household Income means the combined earnings of a person and all those who intend to live with them permanently in a specific residence, as accountable on the income certification statement provided by the [organization]. Seen in 62 SEC filings
• Annual Household Income means the total earnings of all adult occupants living in a dwelling unit as calculated according to [program] under [clause]. Seen in 9 SEC filings
• Annual Household Income means the combined earnings from all sources in the prior calendar year by all members of a household. This includes, but is not limited to, earnings from full-time and part-time employment, being self-employed, caretaking, public assistance, social security, pension, alimony, child support and interest from all assets. However, it does not include any rental assistance or food stamp payments. This income should be proved by the household's previous year's federal tax return and any other evidence if required. Seen in 4 SEC filings
• Annual Household Income means the total earnings, as indicated on line 150 of the previous year’s T1 General Income Tax return, of all eligible occupants of an affordable dwelling unit. Seen in 3 SEC filings
• Annual Household Income means the earnings as defined in regulations at 24 CFR 5.609. The property manager is in charge of verifying annual family income for every household applying for a new lease, and for every household renewing their lease, before such leases can be signed. Seen in 3 SEC filings

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of annual household income' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Annual Household Income means the total yearly earnings of an individual and the permanent residents within the same dwelling.

Relevant Contract Types

• Rental Agreement
• Mortgage Contract
• Loan Agreement
• Lease Agreement
• Purchase Agreement

Relevant Circumstances

• Determining the eligibility for rent-controlled housing
• Qualifying for a mortgage loan
• Assessing the rental price for properties
• Financial planning and loan applications

Relevant Sectors

• Real Estate
• Banking
• Finance

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Genie Definition 2

• Annual Household Income means the combined yearly earnings of all eligible occupants in an affordable dwelling, according to [governing law].

Relevant Contract Types

• Affordable Housing Agreement
• Subsidized Housing Contract
• Social Housing Agreement
• Rent Assistance Agreement

Relevant Circumstances

• Assessment for social housing programs
• Qualifying for housing allowances or subsidies
• Allocating affordable housing units

Relevant Sectors

• Social Services
• Public Administration
• Non-profit

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