Rent at Centennial Village is calculated at 30% of Adjusted Gross Income. A quick way for you to estimate what your rent might be would be to take all of your gross monthly income, add it together, and multiply it by 0.3. That number would be an estimate for your monthly rent.
Example:
Let's say you receive $582 a month from Social Security. Let's also say that you have a pension or retirement fund from which you receive $68 a month, and that you have no other sources of income. Add those two incomes together ($582 +$68 = $650), and multiply that amount by thirty percent ($650 x 0.3 = $195). $195 would be the estimate for your monthly rent.
You should keep in mind that other factors will play into your actual rent calculations, such as income derived from assets, assets given away or disposed of for less than fair market value, and certain medical expenses. If you would like to read more about the subject of rent calculation, you can find HUD's brochure entitled "How Your Rent is Determined" here. Needless to say, should you choose to make Centennial Village your home, we will gladly spend some more time explaining how your rent is determined when we are completing your rent certification.
Example:
Let's say you receive $582 a month from Social Security. Let's also say that you have a pension or retirement fund from which you receive $68 a month, and that you have no other sources of income. Add those two incomes together ($582 +$68 = $650), and multiply that amount by thirty percent ($650 x 0.3 = $195). $195 would be the estimate for your monthly rent.
You should keep in mind that other factors will play into your actual rent calculations, such as income derived from assets, assets given away or disposed of for less than fair market value, and certain medical expenses. If you would like to read more about the subject of rent calculation, you can find HUD's brochure entitled "How Your Rent is Determined" here. Needless to say, should you choose to make Centennial Village your home, we will gladly spend some more time explaining how your rent is determined when we are completing your rent certification.
