Common use of ADJUSTMENT OF RENT TO OWNER Clause in Contracts

ADJUSTMENT OF RENT TO OWNER. a. PHA determination of adjusted rent 1. At each annual anniversary during the term of the HAP contract, the PHA Previous editions are obsolete shall adjust the amount of rent to owner, upon request to the PHA by the owner, in accordance with law and HUD requirements. In addition, the PHA shall adjust the rent to owner when there is a five percent or greater decrease in the published, applicable Fair Market Rent in accordance with 24 CFR 983.302. 2. The adjustment of rent to owner shall always be determined in accordance with all HUD requirements. The amount of the rent to owner may be adjusted up or down, in the amount defined by the PHA in accordance with HUD requirements.

ADJUSTMENT OF RENT TO OWNER. a. PHA determination of adjusted rent 1. At each annual anniversary during the term of the HAP contract, the PHA Previous editions are obsolete shall adjust the amount of rent to owner, upon request to the PHA by the owner, in accordance with law and HUD requirements. In addition, the PHA shall adjust the rent to owner when there is a five percent or greater decrease in the published, applicable Fair Market Rent in accordance with 24 CFR 983.302. 2. The adjustment of rent to owner shall always be determined in accordance with all HUD requirements. The amount of the rent to owner may be adjusted up or down, in the amount defined by the PHA in accordance with HUD requirements.