Adjustment of Income Eligibility and Affordability Levels. Approval of an adjustment to income eligibility or affordability requirements requires a determination by the OH Director that: (1) in the case of Replacement Housing units, a reduction in Federal Operating Subsidies has made such funding, together with permitted rental income, insufficient to maintain the income restrictions on the Replacement Housing units at 30 percent of AMI; (2) in the case of 60% of AMI Housing units, the permitted rent levels are insufficient to operate and maintain the units or to meet any required debt coverage ratios as required by financing; (3) other funding sources are not available to maintain the otherwise required affordability levels; (4) the proposed number of units with adjusted affordability has been minimized to the extent practical, and (5) an agreement is entered into between the housing owner and the OH Director committing the housing owner to the new affordability requirements. Any adjustment may be made subject to conditions that the OH Director determines are appropriate to protect tenants or to ensure the provision of the maximum amount of housing for households with incomes at or below 30% of AMI, or 60% of AMI, as applicable.
