Request for rent increases Clause Samples

Request for rent increases. An owner may submit to the PHA a re- quest for rent increase because of in- creases in operating cost, when the rents to the owner, after adjustments based on provisions in the lease, are in- sufficient to provide decent, safe and sanitary housing. Such a request shall be supported by an audited financial statement, and the data shall clearly show that failure to obtain additional revenue will result in deterioriation of units and loss of decent, safe and sani- tary housing for low-income families. The PHA shall inspect the units to ▇▇- ▇▇▇▇▇▇▇ whether the units are decent, safe and sanitary. Where the need for an adjustment under this paragraph is shown: (1) Subject to available contract au- thority and prior approval by the HUD Field Office, the PHA may grant an ad- justment to the extent documented and justified for those items of expenses (excluding debt service) for which the owner is responsible under the lease. (2) The amount of the adjustment must be reasonable when compared with similar items under the Section 8 Existing Housing program. (3) The adjusted amount for expenses shall not exceed the result of applying the appropriate Section 8 Existing Housing Annual Adjustment Factor (24 CFR part 888) most recently published by HUD in the FEDERAL REGISTER to the appropriate expense base in effect under the lease prior to this adjust- ment. (4) The adjustment shall not be retro- active to pay for costs that the owner had previously incurred. (5) The adjustment shall be effective for a period not to exceed one year. [44 FR 28276, Nov. 14, 1979, as amended at 60 FR 34694, July 3, 1995] PHAs receiving financial assistance under this part are subject to audit re- quirements in 2 CFR part 200, subpart F . [50 FR 39091, Sept. 27, 1985; 51 FR 30480, Aug. 27, 1986; 80 FR 75941, Dec. 7, 2015] Subparts B–C [Reserved] SOURCE: 47 FR 34379, Aug. 9, 1982, unless otherwise noted.