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Adjusted Gross Income - Housing Assistance - Iowa

Adjusted income is also referred to as Adjusted Gross Income (AGI). Income amount which is used to determine the resident’s portion of rent in HUD assisted housing programs. The resident’s portion of the rent is based on 30% of the adjusted income. (30% x AGI/12 = monthly rent amount from resident) If a resident has a AGI of $12,000 per year (or $1,000 per month) the resident would pay $300 per month of rent.

Certain kinds of income are excluded when determining AGI. (See Income & Income Exclusions for Housing Assistance for a list of the exclusions.)

The following items are deducted from the remaining non-excluded income to determine the adjusted income:

·           $480 for each dependent

·           $400 for each elderly or disabled family member

·           Disability and medical expenses exceeding 3% of the family’s income to care for a family member.

·           Child Care Expenses: Child care must be necessary for employment and be reasonable.

(Please refer to regulations for a more detailed description of these calculations)

See Also:

·           Housing Supports - Overview

·           Welcome and Introduction to Benefits in Iowa

 

Regulations regarding this program can be found at 24 CFR 5.611


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