Common use of Affordability Clause in Contracts

Affordability. LHA will insure affordability by monitoring the lease for the HOME-assisted units. The affordability period will be equal to the lease period. The level of assistance provided will be determined based on the same payment requirements used in LHA’s Housing Choice Voucher Program. Assisted households will pay 30% of their adjusted gross income for rent and utility allowances. A copy of the policy that determines the amount to be paid by individual tenants for rent and utilities will be retained at LHA. The payment standard for the level of rent paid will be equal to the Housing Choice Voucher Program’s Voucher Payment Standard, not to exceed HOME Rents, as determined by HUD. Exception rents equal to 110% of the Fair Market Rents may be approved for up to 20% of the units leased under this program. All rent increases for any units under this program must be approved by LHA. The standards for determining the number of bedrooms that a household is eligible to lease will be the same standards as currently used by LHA for the Housing Choice Voucher Program. A written copy of these standards shall be retained at LHA.

Affordability. LHA will insure ensure affordability by monitoring the lease for the HOME-assisted units. The affordability period will be equal to the lease period. The level of assistance provided will be determined based on the same payment requirements used in LHA’s Housing Choice Voucher Program. Assisted households will pay 30% of their adjusted gross income for rent and utility allowances. A copy of the policy that determines the amount to be paid by individual tenants for rent and utilities will be retained at LHA. The payment standard for the level of rent paid will be equal to the Housing Choice Voucher Program’s Voucher Payment Standard, not to exceed HOME Rents, as determined by HUD. Exception rents equal to 110% of the Fair Market Rents may be approved for up to 20% of the units leased under this program. All rent increases for any units under this program must be approved by LHA. The standards for determining the number of bedrooms that a household is eligible to lease will be the same standards as currently used by LHA for the Housing Choice Voucher Program. A written copy of these standards shall be retained at LHA.