§ 42-11.2-9. Fair market rent.
The executive department shall determine a fair market rent for each unit assisted under this chapter in an amount that is no greater than the maximum fair market rent for the particular size unit as established by the U.S. Department of Housing and Urban Development for the Section 8 existing housing program under U.S.C. § 1437f at the time that the unit first receives assistance under this chapter. The executive department shall further establish a schedule of rent increases that fairly provide for demonstrated reasonable increases in operating expenses associated with the units assisted under this chapter; provided, however, that the fair market rent for any unit may not, at any time, exceed the then-current maximum fair market rent for the particular size unit as established by the U.S. Department of Housing and Urban Development.
History of Section.
P.L. 1988, ch. 579, § 1.