Rents
The unit rent must be based on the local rental housing market. HAWC staff will compare rent costs to the HUD-established fair market rents (FMRs) for the community and to the payment standards that HAWC adopts (based on the FMR rents). If the rent + utilities for a unit is less than the payment standard, the tenant will pay 30% of their monthly income for rent and the program will pay the rest. If the rent + utilities is higher, the tenant must make up the difference. In the first lease term a tenant is not allowed to pay more than 40% of family income for rent.
Rents may be increased annually on the anniversary date of the contract. When the annual inspection is due, landlords will receive a copy of the inspection notice. The notice is a reminder that any request for a rent increase must be submitted in writing to HAWC, and we must receive it 60 days prior to the anniversary date. The increased rent amount must still be reasonable when compared to similar units in the community.