Your rent, which is referred to as the Total Tenant Payment (TTP), would be based on your family’s anticipated gross annual income less deductions, if any.
HUD regulations allow TVRHA to deduct from annual income:
- $480 for each dependent
- $400 for any elderly family, or a person with disabilities
Some medical deductions for families headed by an elderly person or a person with disabilities.
Based on your application, the TVRHA representative will determine if any of the allowable deductions should be subtracted from your annual income.
Annual income is the anticipated total income from ALL sources received from the family head, spouse, and additional members of the family 18 years of age or older.
The formula used in determining the TTP is the highest of the following, rounded up to the nearest dollar:
- 30% of the monthly adjusted income. Monthly Adjusted Income is annual income less deductions allowed by HUD regulations;
- 10% of monthly income; or
- $50 Minimum Rent as set by TVRHA
TVRHA will pay the owner the difference between the family’s portion of the rent and the stated contract rent. The owner may not charge the family any amounts over and above the stated contract rent for the unit. The family’s portion of the rent will vary based on their level of income, the applicable payment standard for the family, the rent reasonableness of the contract rent, the type of utilities available at the chosen unit and the relationship of gross rent to the applicable payment standard for the family. If the gross rent for the family’s chosen unit exceeds the applicable payment standard for the family, the family’s portion of the rent is increased by the amount that exceeds the payment standard up to the stated contract rent.