Section 204-C:22 Rent Levels.
With respect to mortgage loans made by the authority under RSA 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 25 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.
Source. 1981, 466:2. 1983, 468:11, eff. June 30, 1983.