Aspen Tower

Aspen Tower is an elderly, handicapped/disabled apartment building located in Olean, New York. We have a variety of 1 & 2 bedroom apartments that come with all of the features needed for you to live comfortably. Our convenient location, along with community amenities makes Aspen Tower apartments an enjoyable place to live. From elevator access to bingo and holiday parties, we offer comfort and convenience better than anyone else.

 

Aspen Tower Owner or Agent’s Responsibilities

o Obtain accurate income information at move-in, at each annual review, and during the year if a change occurs

o Verify Tenant income to ensure each resident receives all the exclusions and deductions they are entitled to

o Accurately calculate each Tenant’s Rent

o Provide each Tenant a copy of the Lease Agreement 

   o Including House Rules, Pet Policy, and income/rent determination requirements

o Recalculate rent when a Tenant’s income decreases by more than $50 

   o Except when change is expected to be temporary

o Recalculate rent when a Tenant’s income increases by more than $200 

   o Except when the change is expected to be temporary

o Provide information on Owner or Agent Policies upon request

o Notify Tenants of any changes in requirements or practices for reporting income or determining rent

Tenant’s Responsibilities:

o Provide accurate family composition information

   o Report any changes throughout the year

o Report all income 

   o Report any income changes throughout the year

o Keep copies of papers, forms, and receipts which document income and medical expenses

o Sign consent forms for income verification

o Follow all Lease Agreement Requirements

   o Including House Rules and Pet Policy

INCOME DETERMINATION:

The households anticipated annual income, subject to exclusions and deductions, will determine the Tenant’s rent

· Determining Tenant Rent

   o Project-Based Section 8 Rent Formula

       30% of the household monthly adjusted income

       o Income

           HUD Assisted Tenants are required to report all income, from all sources, 

           to the owner/tenet.

           Exclusions to income and deductions are part of the Tenant rent         

           determination process.

· When determining the amount of income from assets to be included in annual income, the actual income derived from the assets are included except when the cash value of all of the assets are in excess of $5,000. If the assets exceed $5,000, then the amount included in annual income is the higher of .06% of the total assets or the actual income derived from the assets.

o Annual Income Includes:

 Wages/Salaries

    · Gross wages (before payroll deductions)

    · Overtime

   · Commissions

   · Fees

   · Tips and Bonuses

Interest, dividends and other net income of any kind from real or personal property

   · See Assets below

Payments in lieu of earnings

   · Unemployment

   · Disability Compensation

   · Worker’s Compensation

   · Severance Pay

Welfare Assistance

Periodic and determinable allowances

   · Alimony

   · Child Support

All regular pay, special pay, and allowances of a member of the Armed Forces

Financial Assistance

   o Assets

       Stocks

       Bonds

       Treasury Bills

       Certificates of Deposit 

       Money Markey

       Annuities

       Trusts 

       Individual Retirement Accounts and Keogh Accounts

       Retirement and Pension Funds

       Cash held in savings accounts, checking accounts, safe deposit boxes, homes, etc.

       Cash value of whole life insurance policies available to the individual before death

       Equity in rental property and other capital investments

       Personal property held as an investment

       Lump sum receipts or one-time receipts

       Mortgage or deed of trust held by a Tenant

       Assets disposed of for less than fair market value (within the past 2 years)