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You will pay at least 30% of your adjusted monthly income towards the cost of your rent and utilities. Only the Mainstream Program allow participants to contribute more than 30% of their adjusted monthly income towards housing. You will be informed of the amount that you must contribute towards your housing at your initial orientation. If you are required to pay for your own utilities, your monthly Tenant Rent will be decreased by a calculated utility allowance so that you may pay your monthly utility bill.
Following is a sample Tenant Rent Calculation:
Household Gross Monthly Income |
$ |
674.00 |
Household Gross Annual Income
(Gross Monthly Income X 12) |
|
8,088.00 |
Less Allowable Deductions |
|
400.00 |
Household Adjusted Annual Income
(Gross Annual Income less Allowable Deductions) |
|
7,688.00 |
Household Monthly Adjusted Income
(Annual Adjusted Income divided by 12) |
|
640.67 |
Total Tenant Payment (TTP)
(30% of Monthly Adjusted Income) |
|
192.00 |
Less Utility Allowance |
|
60.00 |
Tenant Rent to Landlord |
$ |
132.00 |
The above rent calculation is a sample only. Your Tenant Rent will be based on your household composition, household income, assets and expenses, and the unit that you select to lease in the community. Your Housing Specialist at HOM, Inc. can perform a Tenant Rent calculation for you using your information.
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