Topic: Can an income restricted property raise rent 3x during a current lease on a resident?

Ashlee Partin's Avatar Topic Author
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Posted 1 week 3 days ago
Last edit: by Amanda HIll.
Elaine Bishop's Avatar
Elaine Bishop
Rent is what it is for the entire lease term. Can't raise rent unless it's a lease renewal or a month to month lease. Depending on where you are it's a 30 or 60 day notice to increase also.
Posted 1 week 3 days ago
Chad Christian's Avatar
Chad Christian
Not always true. LIHTC leases allow for rent to be increased during the lease term
Posted 1 week 3 days ago
Tony Leon's Avatar
Tony Leon
What is a LIHTC lease?
Posted 1 week 3 days ago
Chris Peterson's Avatar
Chris Peterson
Low Income Housing Tax Credit
Posted 1 week 3 days ago
Angie Roth Fuller's Avatar
Angie Roth Fuller
Not if you are in an ad busk lease - most income restricted properties have a one year lease and then roll month to month - if that’s the case then yes
Posted 1 week 3 days ago
Anonymous's Avatar
Anonymous
The answer to this probably is dependent on a number of factors.
Has ownership changed?
Has the property been reclassified? What state is this? Is the property a HUD subsidized site? Is the whole property subsidized or only a portion of the the community?
When was the last rate increase?
How much notice was provided?
Was a reason for the increase provided?
Posted 1 week 3 days ago
Stephanie Shavonne's Avatar
Stephanie Shavonne
I’ve never heard of raising the rent in the middle of a lease term
Posted 1 week 3 days ago
Andrea Holaday Bradham's Avatar
Andrea Holaday Bradham
Our Tax Credit lease says we can raise rent with a 30 day notice.
Posted 1 week 3 days ago
JM Espinal's Avatar
JM Espinal
Don't know what State you are. DC, MD and VA is illegal and you'll get in serious trouble. Here all tax credit leases are considered for a year, even month to month. You also need HUD's allowed increase for the year.
Posted 1 week 3 days ago
Nichole Culverhouse's Avatar
Nichole Culverhouse
TN allows increase with 60 day notice at any time.
Posted 1 week 3 days ago
Michelle Fountain-Ahmed's Avatar
Michelle Fountain-Ahmed
No. Not during the current lease period..
Posted 1 week 3 days ago
Nikki Kritner's Avatar
Nikki Kritner
If it’s income based and that residents income changed and that person was required to do an interim, then yes.

For those saying no, that might be true on conventional. But it can be changed if it’s a tax credit property and the person failed to report their new income. EIVs get pulled and the resident gets busted not reporting their higher income, it gets refactored and they are responsible for the new payment and repayment of whatever they should have owed had they reported it properly. We had people busted who owed from the entire previous year because they didn’t report the sons wages in the household.
Posted 1 week 3 days ago
Alysha Lorraine's Avatar
Alysha Lorraine
This is not a yes or no question. Lots of factors to consider
Posted 1 week 3 days ago
Sydney Parmalee's Avatar
Sydney Parmalee
Depends on the state you reside in and the lease verbiage.
Posted 1 week 3 days ago
David B Boley's Avatar
David B Boley
As long as the contract rent remains the same. If it's a subsadized like section 8, the portion of that rent can change depending on the income of the household. If their income increases, their portion will, and the subsadized portion will decrease
Posted 1 week 3 days ago
Diana Russell's Avatar
Diana Russell
No not during a lease term....but if MTM a 30day notice of rent change is all that is needed and it can be sent at anytime
Posted 1 week 3 days ago
Celesta Marker's Avatar
Celesta Marker
If your income changes, hoh members decrease, gross rent (utility subsidy changes) there are all kinds of reasons. So, YES..it could happen!
Posted 1 week 3 days ago