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Q&A
Explanation of new rent determination process
0:17:28
ยท
42 sec
Kerry LaBotz from HPD explains how new rents will be determined for the rehabilitated building. The process involves using term sheet guidelines and considering tenants' incomes to ensure affordability.
- Rents for existing tenants will typically be set no higher than 60% AMI
- Vacant units have a maximum rent set at 120% AMI
- Tenants will not be rent-burdened, with rents capped at 30% of their income
- Individual rent setting is based on tenant income, with a maximum of 60% AMI
- Section 8 vouchers may be used to bridge any gaps if necessary
Kamillah Hanks
0:17:28
Thank you.
0:17:28
How will new rents be determined?
Kerry LaBotz
0:17:31
So, term sheet will give guidelines for the rents.
0:17:35
Tenants in place will typically have rents set no higher than 60% AMI.
0:17:40
For vacant units, we have a max of 120% AMI.
0:17:44
No tenants will be rent burdened as part of the rent setting.
0:17:48
So, tenants are offered a preferential rent up to 30% of their income capped by 60% AMI in terms of their individual rent setting.
Kamillah Hanks
0:17:58
And that individual rent setting is based on their income?
Kerry LaBotz
0:18:01
That's right, with a maximum of 60%.
Kamillah Hanks
0:18:03
With a maximum, okay, thank you.
Arvind Sindhwani
0:18:04
Sharon, also, I'd start
Derrick Lovett
0:18:05
to interrupt.
Arvind Sindhwani
0:18:05
We would also use resources like Section eight vouchers to bridge any gaps if necessary.