November 27th , 2013 11:27 am Leave a comment

Housing agency approves flat rent rates for coming year

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The Elizabethton Housing and Development Agency Board of Commissioners has approved the flat rent rates, utility allowances and maintenance charges for residences for the upcoming year.

The flat rates for the upcoming year were set at $280 for a studio, $300 for a one-bedroom, $355 for a two-bedroom, $415 for a three-bedroom, $475 for a four-bedroom and $525 for a five bedroom. EHDA Director Kelly Geagley said the rates remain the same from this year.

To determine the rates, the agency uses the Rent Reasonableness Study from Section 8, the department of Housing and Urban Development fair market value rents and comparisons for local apartments in classifieds.

Residents choose each year on their application for continued occupancy if they want to use the flat rate or an income-based rent rate. When this option is selected, the resident will pay the highest of either 30 percent of their monthly adjusted income, 10 percent of the monthly annual income or a minimum rent of $25.

Residents are not allowed to change their rent rate option from flat rate to income-based rates within the year except in the cases of financial hardship.

Financial hardship is a loss of employment, a death in the family or reduction of earnings or assistance. It can also include an increase in medical care costs, child care costs or transportation and education costs.

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