Rents in 421-a Affordable Units in Multiple Dwellings with HAP Contracts

Adopted Rules: Closed to Comments

Agency:
Effective Date: 
Sunday, May 14, 2017

The rule amendments would, under very limited circumstances, allow certain projects with Housing Assistance Payments Contracts 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 rent cap of 30% of the applicable Area Median Income. This would allow owners to collect the full subsidy available from HUD through the Housing Assistance Payments Contracts.