Sec. 112. Fair market rent appeal
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/bill/116/s/3452/is/section-112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The term fair market rent means the applicable fair market rental established under section 8(c) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(c) ). The term successful fair market rent appeal means a reevaluation of a fair market rent resulting in a revised fair market rent that is not less than 3 percent higher than the fair market rent for the preceding year. In the case of an appeal made by a public housing agency of a fair market rent established by the Secretary, the Secretary shall— calculate and publish estimates of historical underfunding over the preceding 10-year period due to fair market rents that are below true market value; and if the Secretary determines that the fair market rent calculation was below true market value, reimburse the public housing agency or nonprofit owner of a residential dwelling unit subject to fair market rent an amount equal to 75 percent of the estimated underpayment caused by the inaccurate fair market rent calculation.
The Secretary shall enter into a memorandum of agreement with a State housing finance agency to conduct a statewide rental market survey if a State experiences more than 2 successful fair market rent appeals within the preceding 5 calendar years. The Secretary shall grant an amount equal the actual direct expenses incurred by a public housing agency associated with a successful fair market rent appeal. There is authorized to be appropriated such sums as may be necessary to carry out this section for each of fiscal years 2021 through 2030.
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Sec. 112
Fair market rent appeal
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