What is the 3-Year Compliance Period for Rental Property Owners?

What is the 3-Year Compliance Period for Rental Property Owners?

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For a period of three (3) years from the date of clearance, owners of a rental property agree to:

  • Maintain rents at or below Fair Market Rent
  • Occupy or make the units available to families with children under the age of 6.
  • Occupy or make the units available to low-income families that meet the following criteria:
    • 51% of units at or below 50% AMI and remaining units at 80% AMI
    • Exception: Buildings with 5 or more units may have 20% of the units occupied by families above 80% AMI.