Operations Handbook for Mortgage Loan Financing of Multi-Dwelling Housing Final

Cover Operations Handbook for Mortgage Loan Financing of Multi-Dwelling Housing Final
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they must be such as to insure a fiscally sound project; b. they must be subject to periodic increases when necessary to insure that they are not less than one-seventh the annual income of the respec- tive tenants.
The establishment of these rent levels will depend in part on the skewing plan adopted by the applicant and in part upon such other public subsidies as the applicant expects to use. Where other subsidies are to be used, further instruc- tions should be secured from MHFA regarding the
... mechanics of computing the "subsidized rental" referred to in the regulations above.
The following example may be of some assistance in doing the income limits required in the Tenant Selection Plan: Example: The total number of units in the submission from All -Good - Things Development Company is 100. The breakdown in bedroom sizes is: 35 1 BR 35 2 BR 15 3 BR 15 4 BR APPENDIX 3 Page 2 In order to meet MHFA's statutory requirements, 25 units will be leased under the federal program to the Local Housing Authority.


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