The Under $5,000 form is a common form which is used at many but not all Tax Credit properties.
Generally speaking, those properties which don’t have access to this form on their eforms program are not required to use this form; you may disregard the balance of this message. But if your eforms program includes this form, read below for some helpful tips!
If your property’s eforms program includes the Under $5,000 Asset Certification Form, you are likely required to complete that form for each individual or household who has less than $5,000 in total assets.
Households which have more than $5,000 in assets (cash, stocks, savings, retirement accounts, etc) are not subject to completing this form.
Below are some of the critical elements of this particular form:
- Remember to always complete the lines at the top of the form where the form requests the Household’s Last Name, The Unit Number, The Property (Development) Name and the City in which the property is located.
- Check either one of the two boxes (as may be applicable) right near ‘question 1’ at the top of the form.
- For each and every blank in the field of the form, please put data. This data may be a zero or it may be a number. Either is fine, so long as every blank is completed.
- For ‘question 2’ toward the bottom of the form, choose one box or the other to check. The boxes are self-explanatory and the resident should be given the choice of which box to check. However, HINT: Most people check the top box indicating they didn’t have vast riches which they gave away recently.
- Finally — the most common oversight, involves making sure to complete the blank on question 3. This question may seem tricky at first but it is really pretty straight forward. This box asks for the amount if income the household earns from their assets which are disclosed above. This is almost always the exact same information the manager has documented on page 1 of the Tenant Income Certification — Section IV, Column I (Annual Income From Asset).
With those fields carefully completed, all that remains is a signature(s) and a date at the bottom of the form. Voila! The form is complete.