A NEW INCOME

A New Income Q&A

Q: What is my monthly adjusted income amount? (requires knowledge of math)?

OK, these are the facts: 1) I live in subsidized housing. That means your rent is based on your income. I am temporarily disabled so my income is kind of low, $782 a month. My rent is $151. 2) This past week apt. manager told me I owed them a portion of money I had earned back in 2008 since the apts are subsidized and based on your income. The amount they said I OWED them was quite alot, $1,296.00. (one thousand two hundred ninety six dollars.) 3.) They said they would break it down into 12 payments at $105 per month. It would be called my "monthly repayment" and it would be added to my current rent. So $151 plus $105 made my new rent $246 a month. 4.) Today received a letter from apt. manager saying they had made a mistake in the calculation for the amount I should be paying back (called 'the monthly repayment') each month for earned income in 2008. That $105 was too high. 5.) They said, "The monthly repayment plus the amount of the rent the tenant/family pays at the time of the repayment agreement is executed should not exceed 40 percent of the family's monthly adjusted income". ~*~*~*~*~*~*~*~*~*~~*~*~*~*~*~*~*~*~*~… So looking at #5..if the monthly repayment plus the amount of the rent I am paying now is not to exceed 40% of the family's monthly adjusted income, HOW MUCH SHOULD I BE PAYING BACK? If $105 is too high, how much then? What is the "family's adjusted income"? I cannot figure out how much I have to pay back now. It was $105, but you see the line in #5 and I can't figure this out! I am thrown off by what they refer to as "adjusted income". What should I be paying back? Please help

A: First of all in your paragraph 3, $151 plus $105 is $256 not $246. #5. 40% of $782 is $312.80. But I don't understand what is meant by "adjusted income". You would be wise to ask them what that means.

A New Income Q&A A New Income