The Department of Housing and Urban Development (HUD) sets income limits, which are used to determine who qualifies for housing. Gross annual income must not exceed the set limits which are available at the Housing Office. Income limits are subject to change.
Since the largest apartment size is 2 bedrooms, the maximum number of family members we will accept is 4.
Calculation of Rent…
Rent is based on income and is calculated in the following manner:
Gross Annual Income Less Allowable Deductions = Adjusted Annual Income
Adjusted Annual Income divided by 12 = Monthly Adjusted Income
30% of Monthly Adjusted Income = Rent
Persons who are elderly (age 62 or older), handicapped, or disabled, are allowed deductions for medical expenses not covered by insurance, over 3 % of their gross annual income.
Medical expenses include, but are not limited to, health or hospitalization insurance premiums, prescription drugs, dental exams, eyeglasses, hearing aids, etc. Documentation of income & expenses is required.
You may elect to take a flat rent, which is based on the market value rates for apartments. The advantage to this type of rent is that a review of your income is conducted only every three years. Flat rent amounts are as follows:
0 bedroom $325.00
1 bedroom $388.00
2 bedroom $498.00