N.J. Admin. Code § 5:42-2.8

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:42-2.8 - Subsidy calculations

(a) The calculation of tenant portion of rent and S-RAP subsidy is as follows:

1. Determine the total gross annual income for the household.

2. Allow a deduction of $ 480.00 for each minor dependent (under 18 years of age as provided in 24 CFR 5.611(a)(1), incorporated herein by reference, as amended and supplemented).

3. Allow a deduction of $ 400.00 for a head of household who is 62 and older, or disabled, as provided in 24 CFR 5.611(a)(2), incorporated herein by reference, as amended and supplemented.

4. After any deductions this amount is the adjusted annual income.

5. Divide adjusted annual income by 12 to obtain the monthly adjusted income.

6. The tenant will pay 30 percent (elderly)/25 percent (disabled) of his or her adjusted income for his or her portion of the rent, minus the applicable utility allowance; and the difference between the payment standard and the contract rent.

7. The S-RAP subsidy is the difference between the tenant rent and either the applicable payment standard or contract rent whichever is less.

N.J. Admin. Code § 5:42-2.8

Amended by 50 N.J.R. 1209(a), effective 5/7/2018