Examples of Gross Rent in a sentence
Since the rent limitation under this Section of the Notice may result in a family’s TTP equaling or exceeding the gross rent for the unit, for residents living in the Converting Project prior to conversion and who will return to the Covered Project after conversion, HUD is waiving both of these provisions and requiring that the unit for such families be placed on and/or remain under the HAP Contract when TTP equals or exceeds the Gross Rent.
The Fair Market Rent or exception rent, as appropriate, may only be exceeded when the PHA deter- mines in accordance with paragraph (d)(1) of this section that it will be nec- essary for the revised Gross Rent to ex- ceed the Moderate Rehabilitation Fair Market Rent or exception rent.
The initial Gross Rent for any Moderate Rehabilitation unit must not exceed the Moderate Rehabilitation Fair Mar- ket Rent applicable to the unit on the date that the Agreement is executed except by up to 10 percent as provided in paragraph (b) of this section.
Also, a PHA must remove a unit from the contract when no assistance has been paid for 180 days because the family’s TTP has risen to a level that is equal to or greater than the contract rent, plus any utility allowance, for the unit (i.e., the Gross Rent)) (24 CFR §983.258).
The Gross Rent Floor also limits potential future rent reductions due to decreases in the applicable median area income limits.