Moderate Income Program RentalMAKING HOUSING DREAMS COME TRUEWHAT IS MIHUMIHU ISA law that requires a portion of newly constructed houses and apartments be made affordable for income eligible resident ID: 859065
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1 Moderate Income Housing Unit Program
Moderate Income Housing Unit Program (Rental) MAKING HOUSING DREAMS COME TRUE WHAT IS MIHU… MIHU IS… A law that requires a portion of newly constructed houses and apartments be made affordable for income eligible residents. This is d
2 one by reducing the cost of homes for
one by reducing the cost of homes for sale and reducing the rent in participating communities MIHU Program Information Why are MIHU’s Reqired in Howard Co? To help bridge the “affordability gap” IT IS THE LA
3 W in Howard County and it is intended
W in Howard County and it is intended to provide a level of affordability to moderate income individuals and families. To integrate affordable housing opportunities throughout the county How is “Moderate Income” for RENTAL opportunit
4 ies A “hosehold of moderate inco
ies A “hosehold of moderate income” is one whose household income does not exceed 60% of the Howard County median income. Example 4 Person Household - Median Income: $115, 576 4 Person Household – MODERATE Income: $69,346 Moderate
5 Income Eligibility Requirements for Re
Income Eligibility Requirements for Rental Opportunities Household Size Maximum Permitted Income by Family Size (Effective January) Homeownership Rent 1 $64,723 $48,542 2 $73,969 $55,476 3 $83,215 $62,411 4 $92,461 $69,346 5 $99,858 $74,893 6 $
6 107,255 $80,441 7 $114,651 $85,989 8+ $1
107,255 $80,441 7 $114,651 $85,989 8+ $122,048 $91,536 What are the MIHU Rental Rates Unit Size Studio 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms Maximum Rent* $1214 $1300 $1560 $1803 $2011 • Rent amounts differ for each community access link
7 to participating communities MIHU Rent
to participating communities MIHU Rental Communities How do I become and MIHU Renter? MIHU Apartment Rental Process Rental Process One step Process Step 1: Contact Rental Communities to inquire about MIHU availability Access the link
8 below for a list of participating commu
below for a list of participating communities, contact information and community descriptions: MIHU Rental Communities Approval Process IF MIHU UNITS ARE AVAILABLE…… ❑ Leasing Agents will accept MIHU and standard rental application
9 s ❑ Leasing Agents will determine MIHU
s ❑ Leasing Agents will determine MIHU eligibility based on total household income and household size ❑ Leasing Agents will determine if income, credit and other requirements are sufficient for approval ❑ If so, leasing agents will initi
10 ate a 1 year lease with a renewal optio
ate a 1 year lease with a renewal option based on MIHU eligibility How do MIHU’s differ from market rate apartments Income and household size eligibility certification is required each year for lease renewal MIHU renters are abl
11 e to remain in a MIHU if the renter mee
e to remain in a MIHU if the renter meets eligibility. If income exceeds eligibility standards at the time of lease renewal, tenants’ rent is adjusted to market rate All other rules, regulations and fees for the apartment community ap
12 ply (i.e. application fees, pet fees, v
ply (i.e. application fees, pet fees, valet trash fees, etc.) For More Information ❑ See FAQ’s on this webpage under the Workshop tab. ❑ Contact MIHU Participating communities: MIHU Rental Communities ❑ Call (410) 313 - 6318 /Option