Rent Increases

Section 380.307  Rent Increases Upon request from an LAA or a Developer, Agencies may allow an annual increase in the rent for Units, not to exceed the existing rent multiplied by the most recent Annual Adjustment Factor, except as otherwise permitted by Section 380.306(c).  Rent increases shall be subject to the availability of funds in Annual Receipts.  In making this determination, the Agency shall review comparable rents in the market area, operating expenses of the building in which the Unit is located, and any other information the Agency deems relevant.  Any rent increase shall not increase the Tenant Contribution.  If approved, rent increases shall take effect either at the time the lease for the Unit is renewed or, if a lease is not renewed, in the first month Rental Assistance is subsequently provided for a new Tenant for the Unit.