FLAT RENT. Instead of an income-based rent, Tenant may choose for each year to pay a “Flat Rent” which is equal to the maximum rent for Tenant’s unit under the Low Income Housing Tax Credit Program. On Tenant’s request, Landlord will provide sufficient information for an informed choice by Tenant. Tenant may switch from a flat rent to an income-based rent during a lease year only in the event of financial hardship, as determined in accordance with written policies of the PHA.
FLAT RENT. Instead of an income-based rent, Tenant may choose for each year to pay a “Flat Rent” which is equal to the maximum rent for Tenant’s unit under the Federal Low Income Housing Tax Credit Program, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended. Upon Xxxxxx’s request, Xxxxxxxx will provide sufficient information for an informed choice by Xxxxxx. Tenant may switch from a flat rent to an income-based rent during a lease year only in the event of financial hardship, as determined in accordance with written policies of the Chicago Housing Authority.
FLAT RENT i. The flat rent is based on the market rent charged for comparable units in the private unassisted rental market. It is equal to the estimated rent for which the Landlord could promptly lease your unit after preparation for occupancy.
FLAT RENT. Rent determined by the LCHA determining the average rent being advertised in the local LaCrosse Tribune based on bedroom size. This is done annually on or about Oct. 1st.
FLAT RENT. 1. Income reviews are required every third year for tenants choosing the flat rent option.
FLAT RENT. Income reviews will be held every three (3) years if Xxxxxx has elected to pay a flat rent. Tenant will be notified at the appropriate time for this review. Tenant may request to change his/her rent choice option to income-based rent at any time if payment of the flat rent is a financial hardship. The flat rent amount is determined pursuant to BHA's Schedule of Rents.
FLAT RENT. In federal public housing developments, a flat rent may be paid. This is the amount that could be charged if the unit was available on the private rental market. Authority may adjust the flat rent amount at any time for any development(s) based on a market analysis of rent in the jurisdiction. Any new flat rent schedule for a development(s) must undergo a 30- day tenant review and comment period and Board approval. ⭘ Residents who are currently paying a flat rent will be charged the new flat rent amount only at their next annual reexamination if they choose to continue the flat rent option. Tenants who have chosen the flat rent option may request a reexamination and change to the formula-based method at any time if the family’s income has decreased, their on- going expenses for such purposes as child care and medical care have changed, or any other circumstances exist that create a hardship for the family that would be alleviated by a change. ⭘ All other residents will be offered the option to pay the flat rent at the annual reexamination.
FLAT RENT. Instead of an income-based rent, Tenant may choose for each year to pay a “Flat Rent” which is equal to the maximum rent for Tenant’s unit under the Low Income Housing Tax Credit Program. On Tenant’s request, Landlord will provide sufficient information for an informed choice by Xxxxxx. A Tenant who opts for flat rent may at any time request a switch to payment of income-based rent if they experience a decrease in income or increase in expenses. If the reduction in income will last more than 30 calendar days, the property manager will perform an interim re-examination of income and must reduce rent to the income-based rent, based on verified income information.
