Households in affordable housing units are required to certify their eligibility according to applicable program requirements. The Metropolitan will be funded with a new round of Low Income Housing Tax Credit (LIHTC) equity. In order to comply with the LIHTC program requirements, all households currently residing in LIHTC-assisted units must complete an updated eligibility certification. This certification is required to verify continued eligibility and ensure the property meets all program compliance requirements under the new tax credit program.
What is the Low Income Housing (LIHTC) Tax Credit program?
The Low Income Tax Credit Program is one of the federal government’s primary policy tools for encouraging the development and rehabilitation of affordable rental housing as it helps create affordable apartment communities with lower than market rents.
Will the property have LIHTC and project-based voucher (PBV) units after renovation?
Yes. The Metropolitan will continue to have income-restricted affordable units after the renovation. As part of the renovation, the property is entering a new LIHTC compliance period. Under the new LIHTC program, 92 units will continue to be set aside for residents at 25%–50% of the Area Median Income (AMI). Additionally, 20 Project-Based Voucher (PBV) units will be placed at the property.
Will rent for all market units of the same type be equal?
Once the renovation is complete, certain units may be subject to a rental premium, as is currently the case. The premium will vary based on the unit’s location and other characteristics such as floor level, layout, views, amenities, etc.
Can I enter into a multi-year lease to protect my current rent?
Market rate residents have the option of entering into a two-year lease if they so choose. Leases for affordable rate units must be renewed on a yearly basis pursuant to mandated affordable housing program requirements.
Can I choose to not renew my lease in response to the announced rent changes?
Yes. Residents will receive at least 90 days’ advance notice of any rent adjustments in accordance with their lease agreements, allowing sufficient time to evaluate their options and decide whether they wish to renew or explore other housing options.
Where will I live while my unit is being renovated?
HOC’s intention is to temporarily relocate all residents in all phases so that they may remain on site at the property. However, if a comparable on-site unit is not available an alternate offsite accommodation will be made available. The Metropolitan property management staff, in coordination with HOC, will work with each family to find the best temporary housing options to meet their needs.
Can I stay with my family or friends while you renovate my unit?
Residents may choose to stay with family, friends or in an offsite location during the renovation of their unit. All furniture and personal belongings must be removed from the unit and will be placed in storage with one of our moving companies. HOC will not coordinate the move of furniture or personal items to locations outside of the HOC provided temporary housing and storage options. Please notify the Metropolitan property management team as soon as possible if you are choosing this option.
Will I still pay my rent?
Yes, you will continue to pay your rent as you currently do according to your lease. Residents who temporarily transfer to a smaller bedroom size unit during the renovation period will receive a concession for the difference in the rent for the smaller unit for the actual days that they are in the temporary unit. Residents who stay with friends or family during the renovation period will receive a concession for the actual days that they are out of their unit.
Do I have to sign a lease for my temporary unit?
Residents will sign a Temporary Occupancy Agreement for the temporary units and the original lease will remain in effect during the temporary relocation period.