As will be explained below, if you move in to a USDA-RD Federaly Subsidized apartment complex and there is no Rental Assistance available or you don't qualify; your monthly rent payment will set at or between Basic and Note Rate Rent.
Property Type: USDA-RD
| Example Apartments |
1 BEDROOM |
2 BEDROOM |
|
Note Rate Rent
|
$385
|
$455
|
|
Basic Rent
|
$320
|
$380
|
|
Utility Allowance
|
$52
|
$59
|
Tenant: Ray Shoberges
Savings Account Balance: $3,260.00 Interest Rate: 0.50%
Six Month Average Checking Balance: $127.00 Interest Rate: 0.00%
Employment Wages: $1,564.00 Monthly
Co-Tenant: Ivy Shoberges
Savings Account Balance: Shared Savings
Six Month Average Checking Balance: $437.00 Interest Rate: 0.00%
Employment Wages: Unemployed
Household Income
|
Assets Income
|
$16.00
(From Interest on Savings)
|
|
Annual Employment Income
|
$18,768
|
Total Household Income: $18,784.00
Total Deductions: $0.00
Ray Shoberges' Adjusted Annual Income: $18,784.00
Ray Shoberges Adjusted Annual Income does not exceed the Income Limit for Example County and falls in the catigory of Very Low Income. Now to see if this couple qualifies for the available Rental Assistance in a two bedroom apartment.
Monthly Adjusted Income: $1,565.00 multiplied by 30% is equal to $470.00
30% of Ray's Adjusted Annual Income is More than the basic rent for a Two bedroom unit at Example Apartments; Ray and Ivy are Not eligable for Rental Assistance.
Ray and Ivy's monthly rent payments will be $470.00 minus the utility allowance of $59.00
They will pay $411.00 a month for Rent.
