8 in question is $60,001, then this household is not an at-risk household. If the annual income is equal to or less than the low income limit, then the household’s owner moves on to step 5 below. 5. Calculation of adjusted monthly income and rent burden. The owner adjusts the annual income by deducting $480 from the annual income for each dependent in the household and deducting $400 from the annual income if the head, household’s spouse, or sole member is a person with disabilities or is at least 62 years of age. The owner then divides this adjusted annual income by 12 to determine the household’s adjusted monthly income. The owner then divides the applicable monthly rent by the household’s household’s adjusted monthly income to determine whether the household qualifies as rent burdened. Families qualify as rent burdened if, in the absence of this voucher assistance, they would have to pay more than 30 percent of their adjusted monthly income for rent. For example, consider the following 2 different households: The adjusted monthly income is $3995 and the applicable monthly household’s rent is $1200. The owner divides $1200 by $3995, which equals approximately 0.3004. Because this household would have to pay more than 30 percent of their adjusted monthly income for rent, this household is an at-risk household. The adjusted monthly income is $4000 and the applicable monthly household’s rent is $1200. The owner divides $1200 by $4000, which equals 0.30. Because this household would not have to pay more than 30 percent of their adjusted monthly income for rent, this household is not an at-risk household. As discussed above, any resident who contests this determination will have the opportunity to have their income calculated for eligibility purposes by the administering PHA, should the request be selected for funding. owner’s Please note that the monthly means the proposed rents the owner “applicable rent” intends to charge after the mortgage maturity or affordability restriction expiration, except as follows: In the case of a mortgage maturity, rental assistance contract expiration, or affordability restriction expiration that happened before the owner submits the request for assistance, monthly means the rents the owner “applicable rent” charges as of the date of the request for assistance under this Notice. owner’s For properties undergoing renovation that will be completed by November 30, 2014, monthly means the rent the owner intends to charge “applicable rent” after the renovation is completed.
8 in question is $60,001, then this household is not an at-risk household. If the household’s annual income is equal to or less than the low income limit, then the owner moves on to step 5 below. 5. Calculation of adjusted monthly income and rent burden. The owner adjusts the annual income by deducting $480 from the annual income for each dependent in the household and deducting $400 from the annual income if the household’s head, spouse, or sole member is a person with disabilities or is at least 62 years of age. The owner then divides this adjusted annual income by 12 to determine the household’s adjusted monthly income. The owner then divides the household’s applicable monthly rent by the household’s adjusted monthly income to determine whether the household qualifies as rent burdened. Families qualify as rent burdened if, in the absence of this voucher assistance, they would have to pay more than 30 percent of their adjusted monthly income for rent. For example, consider the following 2 different households: The household’s adjusted monthly income is $3995 and the applicable monthly rent is $1200. The owner divides $1200 by $3995, which equals approximately 0.3004. Because this household would have to pay more than 30 percent of their adjusted monthly income for rent, this household is an at-risk household. The household’s adjusted monthly income is $4000 and the applicable monthly rent is $1200. The owner divides $1200 by $4000, which equals 0.30. Because this household would not have to pay more than 30 percent of their adjusted monthly income for rent, this household is not an at-risk household. As discussed above, any resident who contests this determination will have the opportunity to have their income calculated for eligibility purposes by the administering PHA, should the owner’s request be selected for funding. Please note that the “applicable monthly rent” means the proposed rents the owner intends to charge after the mortgage maturity or affordability restriction expiration, except as follows: In the case of a mortgage maturity, rental assistance contract expiration, or affordability restriction expiration that happened before the owner submits the request for assistance, “applicable monthly rent” means the rents the owner charges as of the date of the owner’s request for assistance under this Notice. For properties undergoing renovation that will be completed by November 30, 2014, “applicable monthly rent” means the rent the owner intends to charge after the renovation is completed.
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