rent control

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rent control,

in economics and law, government regulation of rent to prevent unreasonable or excessive increases. In the United States, the federal government imposed rent control (and other price controls) during World War II, and continued it in several cities after the war because of housing shortages. It was later turned over to the control of individual states and municipalities and has since ended in most locations.
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42 has rent restrictions that establish the amount of rent that can be charged, based on the set-aside elected for the project.
Assessment of low-income housing must consider rent restrictions on the property
Most developers would opt out of the rent restrictions and seek higher-income tenants who could pay more in rent," explained Ron Orgel, Phoenix Realty Group (PRG) managing director.
Also addressed is the valuation of stabilized LIHTC properties for property tax purposes when the owner essentially loses the reversion proceeds due to the state's right to select a nonprofit purchaser after rent restrictions end.
An apartment building's real estate tax assessment should have taken into account rent restrictions pursuant to a federal program that encouraged the building of housing for low-income families, according to the Court of Appeals of North Carolina.
This provided an excellent opportunity for continued operation as an apartment building without rent restrictions, or alternatively, a conversion to a cooperative, a condominium or embassy housing.
The Board of Tax Appeals (BTA) should have taken rent restrictions into account in valuing low income housing projects, according to the Court of Appeals of Washington.
This provided an excellent opportunity for continued operation as an apartment building without rent restrictions, or alternately, conversion to a cooperative, a condominium or embassy housing.
Tax credits are issued over a ten-year period, but project rent restrictions must have a 15-year minimum duration.