New Hampshire Revised Statutes 204-C:22 – Rent Levels
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With respect to mortgage loans made by the authority under N.H. Rev. Stat. § 204-C:15, the authority shall, pursuant to rules adopted by it, make the following initial rental determinations for the dwelling units included in rental multi-family housing financed under this chapter:
I. The rent or carrying charge to be charged to eligible persons and families other than elderly and low income persons and families, which together with subsidies, if any, shall not be lower than the economic cost of such housing and be sufficiently high to achieve and maintain a sound development; and
II. The rent or carrying charge to be charged to elderly and low income persons and families which rent shall be sufficiently low in the judgment of the authority for at least a reasonable number of the dwelling units, but in no event fewer than
1/8 of such units, to be provided by such housing to enable such persons and families to occupy such units without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased or based on the federal requirement, if applicable.
I. The rent or carrying charge to be charged to eligible persons and families other than elderly and low income persons and families, which together with subsidies, if any, shall not be lower than the economic cost of such housing and be sufficiently high to achieve and maintain a sound development; and
Terms Used In New Hampshire Revised Statutes 204-C:22
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Economic cost: shall mean cost of operating housing, including debt service, finance charges, management fee, heat, utility, maintenance, replacement reserve, on-site management and janitorial costs and other operating expenses approved by the authority, and, with respect to any rental housing, the maximum annual equity distribution on a cumulative basis permitted by the authority with respect to such housing. See New Hampshire Revised Statutes 204-C:1
- Elderly: shall mean a person who qualifies to live in housing for older persons, as defined in N. See New Hampshire Revised Statutes 204-C:1
- Eligible persons and families: shall mean a person or persons, and families of 2 or more persons, irrespective of race, creed, national origin, sex, or gender identity, determined by the authority to require assistance under this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows: (a) the amount of the total income of such persons and families available for housing needs; (b) the size of the family; (c) the cost and condition of housing facilities available; (d) the ability of such persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and (e) if appropriate, standards established for various federal programs determining eligibility based on income of such persons and families. See New Hampshire Revised Statutes 204-C:1
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
II. The rent or carrying charge to be charged to elderly and low income persons and families which rent shall be sufficiently low in the judgment of the authority for at least a reasonable number of the dwelling units, but in no event fewer than
1/8 of such units, to be provided by such housing to enable such persons and families to occupy such units without the expenditure of more than 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased or based on the federal requirement, if applicable.