Family Self-Sufficiency (FSS)-ANSWER KEY 2 FSS Calculations

ANSWER KEY 2 FSS Calculations

Pdf Summary

The document presents detailed financial profiles and reexaminations for four different families participating in housing assistance programs, focusing on their income, expenses, and rent calculations under the Family Self-Sufficiency (FSS) program.

1. <strong>Hernandez Family:</strong> David Hernandez is a single father of three working as a security guard at $13/hr (later increased to $17/hr) with child support and seasonal bonuses. His annual income after promotion is $37,190 with deductions for dependents and childcare, resulting in an adjusted income of $33,950. His Total Tenant Payment (TTP) is calculated at $849 monthly. An escrow credit of $188 is available based on his income growth since entering FSS.

2. <strong>Smith Family:</strong> A married couple with two young children; Jennifer receives disability benefits and self-employed income, John earns a $30,000 salary. Adjusted annual income is approximately $37,944 with deductions for disability, dependents, and medical expenses. Their monthly TTP is $949 with no increase in earned income since contract start, resulting in zero escrow credit.

3. <strong>Chinn Family:</strong> Emily Chinn, a single adult, works part-time and receives income from special projects and a CD investment. After a layoff, her income dropped to unemployment benefits totaling $11,200 annually. Her adjusted income is $11,200 with a monthly TTP set at $280 and no escrow credit due to decreased earnings.

4. <strong>White Family:</strong> India White, a single mother of four, receives TANF and partial employment income from seasonal work, plus financial aid and childcare stipend. After accounting for childcare costs and dependents, adjusted income is $7,947, and her TTP monthly is $199. Due to increased earnings post-FSS contract, she qualifies for an escrow credit of $127.

Each family’s income sources, deductions, and credits are thoroughly analyzed to assess their financial obligations, eligibility for escrow savings under FSS, and capacity for rent payments within the public housing or Housing Choice Voucher programs. This analysis supports their goals, such as homeownership or education, while factoring in changes like raises, job loss, or increased benefits.

Keywords

Family Self-Sufficiency program

Housing assistance

Income calculation

Total Tenant Payment

Escrow credit

Public housing

Housing Choice Voucher

Financial profile

Child support

Adjusted income