Rent Math: Account for Annuities, Trust Funds, Stipends, Childcare Deductions, and More!
It is up to you—property owners and agents— to calculate income and assets to determine if you’re charging low-income residents the correct rent. Easier said than done!
The sticking point comes when tenants have assets that must be included in their income totals. “Wait!” you’re saying, “No sweat—I use software to tabulate those totals.” Not so fast: Even if you’re relying on software, the U.S. Department of Housing and Urban Development (HUD) expects you to double check those numbers. In other words, you’d better know whether those critical calculations are correct.
Join HUD policy and training expert Debbie Hixon in this virtual boot camp to learn how to determine correct rent calculations—without your computer! Yes, you’ll get the training you need to make sure your software is generating correct tenant rent and assistance payments. Hixon will walk you through every deduction you must consider, including childcare, healthcare, and auxiliary apparatus maintenance expenses. You’ll also find out how to determine if a household qualifies as “elderly” and how to take that factor into account.
After attending this comprehensive session, you will be set to calculate tenant rents with confidence. Most importantly, you’ll be on the right side of HUD’s Section 8 rules and well prepared if (or when!) HUD decides to conduct a Management and Occupancy Review of your properties.
Here is a taste of what you will learn:
- How to identify income exclusions
- What is needed to calculate rental income from real estate
- How to calculate income from resident stipends
- How to calculate withdrawal of cash or assets from an investment
- How to calculate trust funds and annuities
- How many types of deductions are available
- What those deductions are
- How to calculate childcare deductions
- How to separate time-at-work childcare expenses from time-at-school expenses
- What an auxiliary apparatus is and if deductions can be made for its maintenance
- How to calculate medical expenses as a percentage of annual income
- How to determine if a household qualifies as “elderly”
This boot camp will help participants learn how to correctly calculate subsidized housing rents. It will consist of two sessions:
Part-1: How to Calculate Income and Assets
Time: 12 noon EST – 1:15 p.m. EST
- What are exclusions from income?
- How to calculate trust funds, asset or cash investment withdrawals, and annuities?
- How to calculate resident stipends?
- What is needed to calculate rental income from real estate?
Break: 15 minutes
Part-2: How to Calculate Expenses and Deductions
Time: 1:30 p.m. EST – 2:45 p.m. EST
- How many types of deductions are available?
- How to calculate a childcare deduction?
- How to separate time-at-work childcare expenses from time-at-school expenses?
- What is an auxiliary apparatus and can deductions be made for its maintenance?
- What percentage of annual income on medical expenses is used?
- Can a household without an elderly person be termed an elderly household?
Question & Answer period: 15 minutes
Who Will Benefit
- Anyone calculating Form 50059 in HUD-subsidized multifamily affordable housing
- Anyone inputting data from Form 50059 calculations
- Public housing property management agents
- Housing executive and deputy directors
- Occupancy specialists
- Leasing personnel
- Compliance staff