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Process for Rent Increases for Units in Mitchell-Lama Developments with Rental Subsidy

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Rule status: Adopted

Agency: HPD

Effective date: February 15, 2024

Proposed Rule Full Text

Adopted Rule Full Text

Hearing transcript

Adopted rule summary:

The adopted rule amendment authorizes a Mitchell-Lama housing company or HPD itself to seek rent increases for tenants whose rent is paid by a rental assistance subsidy, pursuant to an application from the Mitchell-Lama housing company that includes, among other things, a three-year projection of operations on a cash flow basis and the most recent annual audited financial statement. The implementation of rent increases for subsidized tenants can occur more often than every two years. Housing companies, which benefit from the additional cash flow available through the rental assistance subsidy programs without imposing any increased rental burden on the residents, can thus achieve this result on an expedited, more frequent basis.

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