Section 17-2031-103 - Re-determining rent to owner - rent reasonableness(a) Contract rents will be adjusted only by HUD's OCAF at each anniversary of the HAP contract, subject to the availability of appropriations for each year of the contract term. (1) OCAF means "an operating cost adjustment factor established by HUD that is applied to the current contract rent, less the portion of the rent paid for debt service".(b) The rent to project owner may at no time exceed the reasonable rent charged for comparable unassisted dwelling units in the private market, as determined by the authority in accordance with 24 CFR 983.303, as it existed on October 20, 2022. However, the rent to project owner shall not be reduced below the initial rent to owner for dwelling units under the initial HAP contract.Haw. Code R. § 17-2031-103
[Eff 12/31/2022] (Auth: HRS §3560-13) (Imp: HRS § 356D-13; HUD Notice H-2019-09 PIH-2019-23(HA) issued 9/5/2019 (RAD Notice) section 1.6.B.6)