HPD Supportive Housing Loan Program: A Guide to Tenant Eligibility and Rent Setting FINAL JULY 2011

Hpd supportive housing loan program a guide to tenant eligibility and rent setting final july 2011 l.jpg
1 / 28
0
0
1409 days ago, 612 views
PowerPoint PPT Presentation

Presentation Transcript

Slide 1

HPD Supportive Housing Loan Program: A Guide to Tenant Eligibility and Rent Setting FINAL JULY 2011 A Guide to Tenant Eligibility and Rent Setting

Slide 2

Supportive Housing Loan Program: A Guide to Tenant Eligibility and Rent Setting This booklet gives a diagram of lease and pay qualification necessities for proprietors of steady lodging ventures. These prerequisites will fluctuate from venture to extend, in view of the mix of subsidizing sources, rental appropriations and venture points of interest. A wide range of sets of directions may apply to a specific venture. If you don't mind contact Supportive Housing Loan Program staff with inquiries and for elucidation. It would be ideal if you take note of that HPD gathers and shows this data as a civility. It is the proprietor's duty to utilize the right pay cutoff points and most extreme rents dictated by the subsidizing sources utilized for a specific venture. Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 3

Supportive Housing Loan Program: A Guide to Tenant Eligibility and Rent Setting For introductory lease up of new structures/remodel ventures : Upon achieving 75% development fulfillment, audit pages 4–10 and contact Yolanda Gibbs, Section 8 Coordinator, to plan an arrangement to talk about lease setting techniques for your venture. For steady lodging ventures in continuous operations : Sponsors ought to survey these directions every once in a while as they consider lease increments, take after the techniques laid out on pages11–13 and contact the fitting offices to intermittently expand rents. For set up occupants with salaries more than 60% of AMI, please counsel the venture's administrative understanding. Supports considering remodeling a working with existing occupants ought to contact David Rouge, Director of Operations, right on time in predevelopment. These activities regularly include remarkable lease organizing and different procedures that must be tended to right on time in the improvement procedure. Contacts: Yolanda Gibbs, (212) 863-7661, Section 8 Coordinator David Rouge, (212) 863-6469, Director of Operations Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 4

Supportive Housing Loan Program: Tenant Income Eligibility Requirements *In assess credit applications, backers may guarantee to serve bring down pay inhabitants at lower rents than are required by these arrangements. Supports that do as such are held to those stricter assentions if the venture gets a duty credit assignment. **See joined "HOME Limits" diagram to decide the quantity of HOME units in a given venture. *** HUD Project-Based Section 8 rules allow vouchers for 25% of the units of a qualified venture in addition to units lodging handicapped or elderly people. **** For HOME + charge credit extends before July 31, 2008, the necessity is 25% of HOME units must win ≤ half of AMI. The Tax Code representing Tax Credits (Section 42) contained an arrangement requiring that 25% of occupants in "mixed" activities be at ≤ half of AMI. This arrangement was canceled by The Housing and Economic Recovery Act (HERA) of 2008, PL 110-289, 122 State 2878-2880. Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 5

Supportive Housing Loan Program: Maximum Collectible Rent This graph records the greatest lease including utilities a proprietor is permitted to gather under program directions (known as the most extreme collectible lease). A proprietor is constantly permitted to set lease levels underneath the greatest. *See HUD, "FAQs: Fair Market Rents and Payment Standards." <http://www.hud.gov/workplaces/pih/programs/ph/rhiip/faq_gird.cfm#fmraps>. See likewise HUD, Title 24, Part 982, Section 8 Tenant Based Assistance, < http://edocket.access.gpo.gov/cfr_2008/aprqtr/24cfr982.503.htm >. **See joined "HOME Limits" outline to decide the quantity of HOME units in a given venture. Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 6

2010-2011 Maximum HOME Program Rents Effective 07/13/11 *Please take note of that in spite of the fact that the most extreme lease is 30% of 65% of AMI, the salary qualification for low wage units is topped at 60% AMI. See HPD: "Engineers—Housing Finance Programs." 2010 HOME Rent & Income Limits for NYC . 2010. http://www.nyc.gov/html/hpd/downloads/pdf/2010-Home-Rent-Income-Limits.pdf Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 7

2011 SHLP Regulatory Agreement Rents Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 8

2010-2011 Fair Market Rents & Section 8 Utility Allowances Effective [10/1/2010] McKinney (Shelter Plus Care) subsidizing gives installments at the Fair Market Rent (FMR) for the New York SMSA.* If the inhabitant pays the utilities, the Fair Market Rent is diminished by the relating utility allowance(s). Take note of: The suitable FMR for any venture based contract is set by the rate successful on the date the agreement was issued. * See HUD: "Last FY 2010 Fair Market Rent Documentation System." http://www.huduser.org/entrance/datasets/fmr/fmrs/FY2010_code/2010summary.odn?inputname=METRO35620MM5600*New+York%2C+NY+HUD+Metro+FMR+Area&data=2010&fmrtype=Final . Applies to new PBV ventures March 2011. Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 9

2010-2011 Payment Standards & Utility Allowances Effective 10/1/2010 Housing Choice Voucher subsidizing gives installments at 110% of Fair Market Rent (FMR) for the New York SMSA.* If the occupant pays the utilities, the Payment Standard is diminished by the comparing utility allowance(s). Take note of: The fitting FMR for any venture based contract is set by the rate compelling on the date the agreement was issued. *See HUD: "Last FY 2010 Fair Market Rent Documentation System." http://www.huduser.org/gateway/datasets/fmr/fmrs/FY2010_code/2010summary.odn?inputname=METRO35620MM5600*New+York%2C+NY+HUD+Metro+FMR+Area&data=2010&fmrtype=Final . Source: DTR Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 10

Low Income Housing Tax Credit-Rent Limits for New York City 2011* Effective 06/01/11 *For structures set in administration after December 31, 2008. Structures set in administration prior to December 31, 2008 must utilize distinctive points of confinement. See HPD: "Designers—Housing Finance Programs." 2010 LIHTC Rent & Income Limits for NYC . 2010. http://www.nyc.gov/html/hpd/downloads/pdf/2010-LIHTC-Rent-Income-Limits.pdf Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC Julyl 2011

Slide 11

2010-2011 HOME Limits The quantity of HOME Units in a venture is computed by separating the HOME endowment by the fitting HOME Limit figure underneath. The HOME Unit include is utilized lease setting and for deciding the pay prerequisites of a venture using HOME assets without duty credits. Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 12

Supportive Housing Loan Program: Registering Legal Rents with DHCR Pursuant to the HPD Regulatory Agreement, all units in a strong lodging venture are liable to lease endless supply of development. This implies a Legal Rent for every unit must be built up and enrolled with DHCR. The Legal Rent speaks to the greatest measure of lease that can be charged for a unit under the Rent Stabilization Law. Rental appropriation installments to proprietors may not surpass the enlisted Legal Rent, regardless of the possibility that the controls of the sponsorship program may take into consideration a higher installment. The NYC Rent Guidelines Board sets and distributes most extreme rates for Legal Rent increments once per year. For the duration of the life of a venture, the proprietor must assume liability to enlist yearly increments in the Legal Rent with DHCR. Enlisting Initial Rents with DHCR: ▪ At 75% development finish, contact HPD SHLP Section 8 Coordinator Yolanda Gibbs (212-863-7661) to plan a meeting and talk about lease setting. Under the Regulatory Agreement, the Legal Rent is the more prominent of a) the FMR or b) a sum in light of obligation administration and working expenses. ▪ Complete and return DHCR enlistment frames. Directions and structures can be found at: http://www.dhcr.state.ny.us/ora/bars/html/reginsinitial.htm . ▪ so as to advise occupants about their rights, you should join Rent Stabilization Lease Riders to the inhabitant's leases before marking. The layout can be downloaded from the DHCR site at: www.dhcr.state.ny.us/ora/shapes/pdf/ralr1.pdf After introductory enrollment: ▪ Legal Rents must be enlisted every year with DHCR. Structures and guidelines can be found at the DHCR site. ▪ Follow DHCR Rent Regulations to enlist increments in Legal Rent. ▪ When asking for an expansion in Legal Rent, make certain to finish a Renewal Lease Form and give to occupants as per guidelines on the shape. The Renewal Lease Form can be found at: http://www.dhcr.state.ny.us/ora/frames/pdf/rtp8.pdf . Division of Special Needs Housing, NYC Department of Housing Preservation and Development, 100 Gold Street, NYC July 2011

Slide 13

Sponsors are in charge of enlisting yearly increments in the Legal Rent for all units as per DHCR rules. For units with rental appropriations, backers are likewise in charge of asking for increments in the Maximum Collectible Rent from HPD when relevant (e.g., when the FMR or Payment

SPONSORS