Rent Calculation Exercise – Carlson Family

Situation: An interim reexamination in being conducted for Chloe Carlson because owner has proposed a rent increase.

Family Information:

Chloe currently has $2,918 in her savings account, earning 2.15 percent interest. The last six-month average balance on Chloe’s checking account is $89, that pays 1.1 percent interest annually. Cameron currently has $1,092 in his savings account, earning 2.25 percent interest.

Chloe works at a senior center earning $260 biweekly. She also receives child support in the amount of $140 per month.

Chloe’s annual prescription costs are expected to be $250. Cameron’s annual health card expenses are expected to be $800. None of these expenses are reimbursed.

The PHA determined passbook rate is 0.0075.

Unit Information:

• Unit Size: two bedrooms
• Family unit size (voucher size): two bedrooms
• Rent to Owner: $475
• Two-bedroom payment standard: $450
• Two-bedroom utility allowance: $15

PHA Policy:

• The PHA’s minimum rent is $25
• In determining the cash value of assets, the PHA calls for using:
  • The current balance of savings accounts
  • The average six-month balance for checking accounts

Complete the following Sections of the 50058:

• Section 6 – Assets
• Section 7 – Income
• Section 8 – Expected Income Per Year
• Section 9 – Total Tenant Payment (TTP)
• Section 12 – Housing Choice Vouchers: Tenant Based Vouchers

Note: When inputting your answers, exclude dollar signs ($) and commas (,) from your answers.