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  • Responsibilities

    Owner or Agent’s Responsibilities:
     
    Obtain accurate income information
    Verify resident income and ensure residents receive the exclusions and deductions they are entitled to
    Accurately calculate Tenant Rent
    Provide tenants a copy of lease agreement and income and rent determinations
    Recalculate rent when resident income decreases
    Recalculate rent when resident income increases by $200 or more per month
    Provide information on Owner or Agent policies upon request
    Notify residents of any changes in requirements or practices for reporting income or determining rent
     
    Residents’ Responsibilities:
     
    Provide accurate family composition information
    Report all income
    Keep copies of papers, forms, and receipts which document income and expenses
    Report changes in family composition and income occurring between annual recertification
    Sign consent forms for income verification
    Follow lease requirements and house rules

  • Income Determinations

    The family’s anticipated income, subject to exclusions and deductions the family will receive during the next twelve (12) months is used to determine the family’s rent.
     
    Determining Tenant Rent
    Project-Based Section 8 Rent Formula:
     
    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

  • Income

    HUD assisted residents are required to report all income from all sources to the Owner or Agent.
    Exclusions to income and deductions are part of the tenant rent process.  When determining the amount of income from assets to be included in annual income, the actual income derived from the assets is included except when the cash value of all of the assets is in excess of $5,000, then the amount included in annual income is the higher of 2% of the total assets or the actual income derived from the assets.
     
    Annual Income Includes:
     
    Full amount (before payroll deductions) of wages and salaries, overtime pay, commissions, fees, tips and bonuses and other compensation for personal services
    Interest, dividends and other net income of any kind from real or personal property (See Assets Include/Assets Do Not Include below)
    Payments in lieu of earnings, such as unemployment and disability compensation, worker’s compensation and severance pay
    Welfare assistance
    Periodic and determinable allowances, such as alimony and child support
    All regular pay, special pay and allowances of a member of the Armed Forces
    Financial assistance

     

  • Assets

    Assets Include:
     
    Stocks, bonds, Treasury bills, certificates of deposit, money market accounts
    Individual retirement and Keogh accounts
    Retirement and pension funds
    Cash held in savings and checking accounts, safe deposit boxes, homes, etc.
    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 investment
    Lump sum receipts or one-time receipts
    Mortgage or deed of trust held by an applicant
    Assets disposed of for less than fair market value

  • Responsibilities

    Owner or Agent Responsibilities:
     
    Obtain accurate income information
    Verify resident income and ensure residents receive the exclusions and deductions they are entitled to
    Accurately calculate tenant rent
    Provide tenants a copy of lease agreement and income and rent determinations
    Recalculate rent when resident income decreases
    Recalculate rent when resident income increases
    Provide information on Owner or Agent policies upon request
    Notify residents of any changes in requirements or practices for reporting income or determining rent
     
    Residents’ Responsibilities:
    Provide accurate family composition information
    Report all income
    Keep copies of papers and forms which document income and expenses
    Report changes in family composition and income occurring between annual recertification
    Sign consent forms for income verification
    Follow lease requirements and house rules Income
    The family’s anticipated income, subject to exclusions and deductions the family will receive during the next twelve (12) months is used to determine the family’s rent.

  • Income Determinations

    The rent a family will pay is the highest of the following amounts:
     
    30% of the family’s monthly adjusted income and assets
    Residents are required to report all income from all sources to the Owner or Agent.
     
    Exclusions to income and deductions are part of the tenant rent process. When determining the amount of income from assets to be included in annual income, the actual income derived from the assets is included except when the cash value of all of the assets is in excess of $5,000, then the amount included in annual income is the higher of 2% of the total assets or the actual income derived from the assets.

  • Annual Income

    Annual Income Includes:
     
    Full amount (before payroll deductions) of wages and salaries, overtime pay, commissions, fees, tips and bonuses and other compensation for personal services
    Interest, dividends and other net income of any kind from real or personal property (See Assets Include/Assets Do Not Include below)
    Payments in lieu of earnings, such as unemployment and disability compensation, worker’s compensation and severance pay
    Welfare assistance Periodic and determinable allowances, such as alimony and child support All regular pay, special pay and allowances of a member of the Armed Forces
    Financial assistance
    Assets Include: Stocks, bonds, Treasury bills, certificates of deposit, money market accounts Individual retirement and Keogh accounts
    Retirement and pension funds
    Cash held in savings and checking accounts, safe deposit boxes, homes, etc.
    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 investment
    Lump sum receipts or one-time receipts
    Mortgage or deed of trust held by an applicant
    Assets disposed of for less than fair market value

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