Proposed Rule Amendments Governing Rents for RPTL 421-a Affordable Units in Multiple Dwellings Subject to Housing Assistance Payments Contracts
Proposed Rules: Closed to Comments
Agency:
- Department of Housing Preservation and Development
Comment By:
Monday, April 3, 2017
Keywords:
Download Copy of Proposed Rule (.pdf):
HPD’s proposed rule amendment would, under very limited circumstances, allow new multiple dwellings that have a project-based Section 8 contract for subsidies from the United States Department of Housing and Urban Development (“HUD”) that would cover the difference between the tenant’s payment (30% of such tenant’s income) and 120% of HUD Contract Rents to register 120% of HUD Contract Rents as the State Division of Housing and Community Renewal legal regulated rent, which would be above the current cap of 30% of the applicable AMI.