![]() Landlords will see that their tax abatement credits will be based upon the preferential rent amounts. For current Rent Freeze Program participants: If your frozen rent is based upon the legal regulated rent, the next time you renew, if you continue to meet all eligibility criteria, your rent may be re-frozen at the preferential rent amount on the lease in effect June 14, 2019.The tax abatement credit issued to landlords will be based upon rent guidelines board increases to the preferential rent amount New Rent Freeze applicants who have a preferential rent agreement and meet all program eligibility criteria can have their rent frozen at their preferential rent amount.Under the new rent regulation laws passed in 2019, tenants who have a preferential rent agreement can continue to pay their preferential rent amount for the duration of their tenancy. There is an exception where the building is subject to a regulatory agreement and it receives federal rental assistance.Ĭhanges for leases beginning on or after June 14, 2019: The tenant’s current lease starts on or after Jand indicates a preferential rentĪugust 2019 Preferential Rent Freeze Policy Update.The tenant lives in a Low-Income Housing Tax Credit (LIHTC) unit, is paying an amount less than the legal regulated rent, and submits the required LIHTC rider document. ![]() The tenant is paying an amount that's less than the legal regulated rent (preferential rent) under a written agreement with their landlord and the written agreement (rider) states that the preferential rent is what the tenant will pay for the “life of the tenancy" or.The tenant's rent will not be frozen at the preferential rent amount unless: This is often referred to as preferential rent. Some landlords charge rent-regulated tenants less than the legal regulated rent amount. ![]() The Rent Freeze Program freezes rent at either the tenant's prior legal rent amount or one-third of the monthly total household income, whichever is greater.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |