HAP Commitment Subsidy Clause Samples
The HAP Commitment Subsidy clause defines the financial assistance provided under a Housing Assistance Payments (HAP) contract to subsidize a tenant's rent. This clause typically outlines the calculation method for the subsidy, the responsibilities of both the housing authority and the landlord, and the conditions under which the subsidy is paid. For example, it may specify that the subsidy covers the difference between the tenant's contribution and the approved contract rent. Its core practical function is to ensure affordable housing for eligible tenants by bridging the gap between what they can pay and the market rent, thereby facilitating stable housing arrangements.
HAP Commitment Subsidy. Agency’s promise and commitment to provide the gap subsidy payments described in the immediately preceding paragraph is herein referred to as the “HAP Commitment Subsidy.”
HAP Commitment Subsidy. For disbursements of the HAP Commitment Subsidy pursuant to the Agency Commitment and subject to the annual submittals required pursuant to Section 203 above, Developer shall have submitted a request for payment to Executive Director in the form set forth in Attachment No. 5 and incorporated herein, at least thirty (30) business days prior to the requested monthly disbursement. Developer’s submission to Executive Director shall include information relating to the month for which payment is sought, including: specific information regarding the number of Housing Units that will continue to be occupied by eligible, existing Extremely Low Income Household tenants, the Affordable Rent payable for each such Housing Unit, the household size and income of each such existing Extremely Low Income Household, along with a monthly Certification of Continuing Program Compliance in a form provided by Authority and Agency certifying that Developer is in compliance with all requirements set forth in this Agreement and the Regulatory Agreement.