Rental Terms

Rent Calculation
How is rent calculated?
In general, participants within the Housing Choice Voucher Program pay thirty percent of their monthly-adjusted income toward rent and utilities.

Household Assets
All Housing Authority of Joliet housing assistance programs take into consideration total household assets when calculating a household’s annual income amount. The actual value of the assets held by a household is not included in the calculation of annual income, but the income that is earned from the assets held by a household is included in annual income. For example, if a household has money set aside in a savings account, that money will not be added into a household’s annual income, the interest that is earned from the money in the savings account is what is considered part of a household’s annual income.

Lease Duration
The initial lease term that will be entered into with your landlord will be for a one year period. At the start of the second year period, the lease term will become an agreed upon term, i.e. month to month or six months, etc.

Security and Pet Deposits
All Housing Choice Voucher Program applicants and transferring program participants will pay a security deposit to their landlord prior to leasing a rental unit. A landlord will hold the security deposit during the period a program participant occupies the landlord’s rental unit. The amount of a rental unit’s security and/or pet deposit is specified within a landlord’s lease agreement. For the Housing Choice Voucher Program a rental unit security deposit may not exceed the dollar value of one month’s rent. Program participants should not assume that their security deposit can be used to pay for rent or other charges while they reside in the landlord’s rental unit.

Current program participants who elect to transfer to a new rental unit must be able to pay their new landlord the appropriate security deposit for the new rental unit prior to transferring to the new location. Many landlords often do not refund a tenant’s security deposit until thirty (30) calendar days after the tenant has vacated a rental unit. Transferring program participants may have damage charges or delinquent rent owed to the prior landlord deducted from their security deposit. Additionally, if a security deposit is insufficient to cover damages or delinquent rent owed to a prior landlord, the landlord may file a civil action against a tenant and seek a civil judgment in order to recoup money owed to the landlord.