Rents for Mandatory Inclusionary Housing (MIH) Affordable Housing Units
Rule status: Adopted
Agency: HPD
Effective date: December 19, 2021
Proposed Rule Full Text
HPD-Proposed-Amendment-of-Inclusionary-Housing-Rules-for-publication.pdf
Adopted Rule Full Text
Final-Amendment-of-MIH-HAP-Rule-Legal-12139793_1-1.pdf
Adopted rule summary:
The rule amendments allow Mandatory Inclusionary Housing (MIH) affordable housing units in buildings that are subject to Housing Assistance Payments (HAP) Contracts, to register HUD Contract Rents as the Legal Regulated Rent, which could be above the current cap of 30% of the applicable Income. This would allow owners of such projects to continue to collect the full subsidy available through the HAP Contract.
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