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Other Affordable Housing Affordability Period


If your project uses funds from an affordable housing program other than the HOME Program, some units may carry rent and occupancy restrictions that apply for the duration of an affordability period. The Template requires data on this affordability period to calculate rents for other affordable units. NOTE THAT, ON THE PRO-FORMA TAB OF THE TEMPLATE, OTHER AFFORDABLE UNITS BEGIN TO CHARGE MARKET RATE RENTS WHEN THEIR AFFORDABILITY PERIOD EXPIRES.

Check with the Federal, State, or local agency that administers the affordable housing program for more information on their minimum affordability periods. Enter that Other Affordable Housing Affordability Period into the Template in years.

Note that if you choose to leave this field at 0 years, the Template assumes your other affordable units will charge only "other affordable rents" (to be entered on the Rents and Income tab) and never begin to charge market rate rents.


 
Content current as of 14 July 2010   Follow this link to go  Back to top