HOW RENT IS DETERMINED
Monthly rent is determined by income. Every form of income must be reported, as well as assets. Deductions for out-of-pocket medical premiums and expenses are also taken into account.
The rent a family will pay is the highest of the following amounts:
* 30% of the family's monthly adjusted income
* 10% of the family's monthly income
* $25.00 Minimum Rent
The anticiapted income, subject to exclusions and deductions the family will recieve duing the next twelve (12) months,
is used to determine the family's monthly rent.
Applicants will be required to provide accurate family composition information, report all income and assets* and sign consent forms for income verification.
*Assets include: Checking and savings accounts, retirement and pension funds, stocks, bonds, money market accounts, certificates of deposit, individual retirement and Keogh accounts, cash held in safe deposit boxes or at home, cash value of whole life insurance policies available to the individual before death, equity in rental property and other capital investments, personal property held as an investmnet, lump sum receipts of one-time receipts, mortgage or deed of trust held by an applicant, assets disposed of for less than fair market value.