TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 380 RENTAL HOUSING SUPPORT PROGRAM
SECTION 380.307 RENT INCREASES


 

Section 380.307  Rent Increases

 

Upon request from an LAA or a Developer, Agencies may allow an annual increase in the rent for Units, not to exceed the existing rent multiplied by the most recent Annual Adjustment Factor, except as otherwise permitted by Section 380.306(c).  Rent increases shall be subject to the availability of funds in an Appropriation.  In making this determination, the Agency shall review comparable rents in the market area, operating expenses of the building in which the Unit is located and any other information the Agency deems relevant.  Any rent increase shall not increase the Tenant Contribution.  If approved, rent increases shall take effect either at the time the lease for the Unit is renewed or, if a lease is not renewed, in the first month Rental Assistance is subsequently provided for a new Tenant for the Unit.