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Transitional Housing Program Description <br />February 27, 2004 <br />Page 3 <br />Amount of Revenue Collected <br />From 80% of Rent from 3 Houses and <br />Returned to HOME Program <br />Amount of RentlHouse Monthl Yearl 5 Years* <br />$566.00 <br />(Paid by current $453.00 $5,436.00 $27,180.00 <br />program participant) <br />$ 545.00 <br />(Average between $436.00 $5,232.00 ,$26,160.00 <br />$450.00 and $640.00)* <br />$ 545.00 <br />(Average between $436.00 $5,232.00 $26,160.00 <br />$450.00 and $640.00) <br />Totals $1,325.00 $15,900.00 $79,500.00 <br />Amount of Participant Savings <br />From 20% of Rent <br />Amount of Rent Monthl Yearl 5 Years <br />$450.00 $90.00 $1,080.00 $5,400.00 <br />(Minimum Required) <br />$640 $128.00 $1,536.00 $7,680.00 <br />(Highest rent paid <br />currently in housing) <br />*Participants paying rent of $450.00 and above are eligible for the program; currently $640.00 is the highest paid <br />rent in public housing. Presently, 9 public housing residents are eligible for the program. <br />**Five years is the maximum time a participant can remain in the program. <br />In regard to the self-supporting aspect, with the acquisition of 10 houses, it is conceivable that <br />the revenue collected over one year might range between $43,200 and $61,440 (based on the <br />minimum rent requirement and current highest rent paid in public housing); and, over five years <br />it might range between $216,000 and $307,200. <br />