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04 040113 HA ADMINPLAN EX 2
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04 040113 HA ADMINPLAN EX 2
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Last modified
3/28/2013 10:01:24 AM
Creation date
3/28/2013 9:36:46 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Date
4/1/2013
Destruction Year
2018
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PART V: COOPERATIVE HOUSING <br />[24 CFR 982.619] <br />15-V.A. OVERVIEW <br />This part applies to rental assistance for a cooperative member residing in cooperative housing. It <br />does not apply to assistance for a cooperative member who has purchased membership under the <br />HCV homeownership option, or to rental assistance for a family that leases a cooperative <br />housing unit from a cooperative member. <br />A cooperative is a form of ownership (nonprofit corporation or association) in which the <br />residents purchase memberships in the ownership entity. Rather than being charged "rent" a <br />cooperative member is charged a "carrying charge." <br />When providing HCV assistance in cooperative housing, the standard form of the HAP contract <br />is use . <br />15-V.B. PAYMENT STANDARD, UTILITY ALLOWANCE AND HAP CALCULATION <br />The payment standard and utility allowance are determined according to regular HCV program <br />requirements. <br />The HAP for a cooperative housing unit is the lower of the payment standard minus the TTP or <br />the monthly carrying charge for the unit, plus any utility allowance, minus the TTP. The monthly <br />carrying charge includes the member's share of the cooperative debt service, operating expenses, <br />and necessary payments to cooperative reserve funds. The carrying charge does not include <br />down payments or other payments to purchase the cooperative unit or to amortize a loan made to <br />the family for this purpose. <br />15-V.C. HOUSING QUALITY STANDARDS <br />All standard HQS requirements apply to cooperative housing units. There are no additional HQS <br />requirements. <br />7/02/12 Page 15-9 <br />
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