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As a site owner or manager, you may have come across residents who receive annuities. If so, you must ask how the annuity should be treated—that is, as income or as an asset, or whether to exclude it entirely based on which it is, says affordable housing consultant Elizabeth Moreland, an expert in HUD rules.
According to HUD Occupancy Handbook 4350 REV-1, CHG 2, issued in 2007, annuities must be treated either as income or an asset, but never as both [Chap. 5, §5-7, par. G(2)]. Here are three rules to remember:
