ACOP - San Antonio Housing Authority

ACOP - San Antonio Housing Authority ACOP - San Antonio Housing Authority

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ix. attendant care (unrelated to employment of family members) c. These are expenses that are anticipated during the period for which Annual Income is computed and that are not covered by insurance. (24 CFR 5.603) 20. Medical Expense Allowance a. For purposes of calculating adjusted income for elderly or disabled families only, medical expense allowance means the medical expense in excess of 3% of Annual Income, where these expenses are not compensated for or covered by insurance. (24 CFR 5.611) 21. Minimum Rent a. $50.00 minimum rent established by the housing authority. This minimum rent is the Total Tenant Payment, which is reduced by an allowance for utilities where the resident pays part or all of the utilities. 22. Monthly Adjusted Income a. One-twelfth of Adjusted Income (24 CFR 5.603) 23. Monthly Income a. One-twelfth of Annual Income (24 CFR 5.603) 24. Negative Rent a. See Utility Reimbursement 25. Net Family Assets (24 CFR 5.603) a. The net cash value, after deducting reasonable costs (e.g., brokerage or legal fees, settlement costs, penalties for early withdrawal) that would be incurred in disposing of: i. Real property (land, houses, mobile homes) ii. Savings (CD, IRA or KEOGH accounts, checking and savings accounts, precious metals) iii. Cash value of whole life insurance policies iv. Stocks and bonds (mutual funds, corporate bonds, savings bonds) v. Other forms of capital investments (business equipment) excluding interests in Indian trust lands and excluding equity accounts in HUD home ownership programs b. In the case of a trust fund not revocable by or controlled by any members of the family or household, the value of the trust fund will not be considered an asset as long as the fund continues to be held in trust. Any income from the trust shall be counted as income. c. If a family disposed of an asset within the two years preceding the date of the application or re-certification at less than fair market value, the difference between what they received and what they would have gotten, had they received the fair market value, is counted as an asset for purposes of determining net family assets. d. In the case of a disposition as part of a separation or divorce settlement, the disposition will not be considered to be less than fair market value if the applicant or resident receives important considerations not measurable in dollar terms. 26. Spousal Support Payments a. Any payment made by a member of the family for the support and maintenance of any spouse or former spouse who does not reside in the household, except that the amount excluded under this clause shall not exceed the lesser of (I) the amount that such family member has a legal obligation to pay, or (II) $550 for each individual for whom such payment is made; except that this clause shall apply only to the extent approved in appropriations Acts. 27. Total Tenant Payment (TTP) a. Income-Based: TTP is the greater of 30% of the Monthly Adjusted Income (as defined in this Policy) and 10% of the Monthly Annual Income (as defined in this Policy), but never less than the Minimum Rent (except for Hardship Waivers). b. Flat Rent: TTP will be the Flat Rent if the family chooses Flat Rent instead of Income-based rent. (See Flat Rent) c. If the resident pays the utilities, the amount of the Utility Allowance is deducted from the TTP. TTP does not include charges for excess utility consumption or other miscellaneous charges. 28. Tenant Rent a. The amount payable monthly by the family as rent to the Authority. Where all utilities (except telephone) and other essential housing services are supplied by the Authority, Tenant Rent equals Total Tenant Payment. Where some or all utilities (except telephone) and other essential housing services are not SAHA ACOP Page 19 of 60 1/2012

supplied by the Authority and the cost thereof is not included in the amount paid as rent, Tenant Rent equals Total Tenant Payment less the Utility Allowance (24 CFR 5.603) 29. Very Low Income Family a. Family who’s Annual Income does not exceed 50% of the median income for the area. SAHA ACOP Page 20 of 60 1/2012

supplied by the <strong>Authority</strong> and the cost thereof is not included in the amount paid as rent, Tenant Rent<br />

equals Total Tenant Payment less the Utility Allowance (24 CFR 5.603)<br />

29. Very Low Income Family<br />

a. Family who’s Annual Income does not exceed 50% of the median income for the area.<br />

SAHA <strong>ACOP</strong> Page 20 of 60 1/2012

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