INITIAL RENTS; RENT ADJUSTMENTS; UTILITY ALLOWANCE. (a) With respect to the initial rents, Grantee and Owner agrees that in no circumstance may the initial RAC rent level exceed the applicable Section 8 Fair Market Rent (FMR) level as determined by HUD, unless such rent level is substantiated by a market study that has been prepared in accordance with the requirements of a state housing agency, Chapter 9 of HUD’s Section 8 Renewal Guide or as approved by HUD. In cases where the initial RAC rent level exceeds applicable Fair Market Rent, Exhibit 1 shall identify how the initial rent settings were determined, as approved by HUD.
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Samples: Cooperative Agreement, ohiohome.org, Cooperative Agreement
