Enterprise Income Verification (EIV) System (2024)

FAQs

What does EIV income mean? ›

The purpose of the Enterprise Income Verification (EIV) function within the Real Estate Assessment (REAC) Center is to ensure that limited Federal resources are available to serve as many eligible families as possible by reducing the high incidence of program errors and to improve the integrity and accuracy of ...

The Income Report does not include other income the household may receive such as welfare benefits, most pensions, child support, etc. It should also be noted that a tenant may have wages that the employer did not report to the State Workforce Agency (SWA), therefore, not contained in the NDNH database.

If the tenant agrees with the social security benefit information on the EIV Income Report, the owner must use the EIV Income Report as third party verification, receiving social security benefits and also for calculating the tenant's annual income.

W2s or other wage statements. IRS Form 1099s. Tax filings. Bank statements demonstrating regular income.

Retain copy of Income Report and supporting documentation with applicable form HUD- 50059 for term of tenancy plus 3 years.

Also, in order to resolve an EIV income discrepancy, an Owner must investigate and document his/her findings in the tenant file (including applicable citations from the Handbook, Federal Register and/or 3rd party verifications) for all household members. Each and every EIV income discrepancy is unique.

Nontaxable income won't be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.

Three of the main types of income are earned, passive and portfolio. Earned income includes wages, salary, tips and commissions. Passive or unearned income could come from rental properties, royalties and limited partnerships. Portfolio or investment income includes interest, dividends and capital gains on investments.

The EIV can be calculated on the basis of publicly available information and the EIVs of ships that entered the fleet between 1999 and 2008 were used to calculate the reference values. The EIV is higher than the EEDI on average, meaning that ships are generally more fuel efficient than the EIV suggests.

How do banks verify self-employment income? ›

Many people who take out mortgages are self-employed. In this situation, lenders often require an Internal Revenue Service (IRS) Form 4506-T. This form is a request for "Transcript of Tax Return" and allows the lender to receive a copy of the borrower's tax returns directly from the IRS.

Self-employment Profit and Loss Statement or Ledger documentation (the most recent quarterly or year-to-date profit and loss statement, or a self-employment ledger). It must contain: The person's first and last name and company name. Dates covered and the net income from profit/loss.

Recertification in EIV

EIV Coordinators must recertify annually for continued access to EIV. Coordinators are to complete and submit on-line CAAF requests for re-certification to HUD's Multifamily Helpdesk for approval, through EIV. EIV Users must recertify every six (6) months.

WASS/EIV Coordinator: Complete Coordinator Access Authorization Form and fax to Multifamily Help Desk at 202-401-7984 or email to mf_eiv@hud.gov. Note: In order to be an EIV Coordinator you must also be a WASS Coordinator for your organization. HUD only allows 2 coordinator positions for each organization.

The Enterprise Income Verification (EIV) system is a web-based computer system that contains employment and income information of individuals who participate in HUD rental assistance programs. All Public Housing Agencies (PHAs) are required to use HUD's EIV system.

For employees, proof of income is straightforward. It's typically a combination of a W-2 form that is provided by the employer and your latest bank statements. The W-2 form is especially accurate since it shows your true income as a factor of your wages plus deductions.

Accessible income refers to the income that is available to an individual or household after taxes, deductions, and other expenses have been taken into account. It is how much money a person or family can use for their daily living expenses and discretionary spending.

Verifiable income is the amount of income a person receives that can be proven with official documentation. It is crucial for landlords to verify an applicant's income to ascertain their ability to pay rent.

Proof of income is a document or set of documents that someone, usually a lender or landlord, requests to verify your income and determine your qualifications for a mortgage, rental agreement or other loan or service. A lender or landlord may ask for some form of a proof of income letter.