COS Income Calculations & Rent Determination 5

Question 1

Which of the following is the correct formula for calculating adjusted income?

Accepted Answer

Annual income − allowable deductions

Answer

Adjusted income = annual income minus all HUD-allowable deductions (dependents, elderly, medical, childcare, disability assistance).

Question 2

A live-in aide's income is:

Accepted Answer

Excluded from household annual income

Answer

Income of a live-in aide is excluded from annual income because the aide is not considered a household member for income purposes.

Question 3

A tenant's TTP is less than $25. What minimum TTP applies under public housing rules?

Accepted Answer

$25

Answer

Under HUD public housing rules, the minimum tenant rent is $25/month unless the family is granted a hardship exemption.

Question 4

Income received from the Department of Veterans Affairs (VA) disability compensation is:

Accepted Answer

Included in annual income

Answer

VA disability compensation is a regular periodic payment and is included in annual income.

Question 5

A household's utility allowance ($150) exceeds their TTP ($100). What happens to the $50 difference?

Accepted Answer

The owner pays the household a utility reimbursement of $50

Answer

When utility allowance exceeds TTP, the owner must pay the household a utility reimbursement for the difference.

(COS) Certified Occupancy Specialist Practice Test