5-31 Procedures for Calculating Rent

• A. Owners must calculate tenant rent payments electronically using on-site software or a service provider. Data used to determine the rent are based on information certified as accurate by the family and independently verified.

• B. The owner’s computer software calculates rent based on the appropriate formulas for the tenant’s unit and produces a printed copy of the HUD-50059 to be signed by the tenant and the owner. The owner must produce a printed report in an easily read and understood format that contains all of the information used to calculate the tenant’s rent.

• C. The tenant and the owner sign a copy of the report containing a statement certifying the accuracy of the information. The certification statements are provided on the form HUD-50059 in Appendix 7-B.

• D. The owner must give a copy of the printed HUD-50059 with the required signatures to the tenant and place another copy in the tenant file.

• E. The HUD-50059 is then transmitted electronically to TRACS either directly or through the Contract Administrator.

• F. In all cases, the computer generated HUD-50059 must include the required tenant signatures and owner signatures prior to submitting the data to the Contract Administrator or HUD. The owner may consider extenuating circumstances when an adult family member is not available to sign the HUD50059, for example, an adult serving in the military, students away at college, adults who are hospitalized for an extended period of time, or a family member who is permanently confined to a nursing home or hospital. The owner must document the file why the signature(s) was not obtained and, if applicable, when the signature(s) will be obtained.

HUD Occupancy Handbook Chapter 5: Determining Income & Calculating Rent

6/07

5-80

Exhibits

4350.3 REV-1