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--- board_handbook:annual_income_verification [2025/05/19 18:20] – awhetter
+++ board_handbook:annual_income_verification [2025/05/21 04:08] (current) – Link to terminology page for definitions awhetter
@@ Line 1: / Line 1: @@
 ====== Annual Income Verification ======
-Annual Income Verification (AIV) is a yearly process that seeks to confirm the current income of members in affordable and subsidised units. It involves the collection of evidence to support member's application for continued residence in Housing Income Limits (HILs) and Lower-end-of-market (LEM aka Rent-geared-to-income) units (https://metrovancouver.org/services/housing/apply-for-housing).
+Annual Income Verification (AIV) is a yearly process that seeks to confirm the current income of members in affordable and subsidised units. It involves the collection of evidence to support member's application for continued residence in [[terminology#housing_income_limits_hils|Housing Income Limits (HILs)]] and [[terminology#lower_end_of_market_lem|Lower-end-of-market (LEM)]] units.
 ===== Timeline =====
-AIV is a crucial step in the [[budget|Budget]] process because we cannot
+AIV is a crucial step in the [[budget|Budget]] process. AIV is required to understand how many HILs and LEM units are in the building, and therefore which units have housing charges that are fixed and what those charges are. This information is required for us to understand what the housing charges will need to be for all other units.
+In short, we cannot draft and approve the Co-op's budget until AIV has been completed.
   * **1st April**: Members will be contacted with a list of documents necessary.
   * **30th April**: All documents submitted to the office by the end of April.
   * **1st - 31st May**: Office will process all information and send notices to members in the month of May. Including new housing charges to take effect on the 1st of August.